How to Determine the Value of Your Indianapolis House
The moment you decided to part with your house, you will begin to think about selling. Many of us will meet with local We Buy Houses Indianapolis agents to begin the marketing and sales process, though you may decide to just do it by yourself. Either way, there are several things to consider in selling your home. First, you have to find out the current value of the other homes in your neighborhood. There are several ways to find out your home’s value:
1. Go to a real estate agent.
Agents can take a quick look at your home and give you an apples-to-apples comparison of other homes in the area that are for sale. This will usually be free, since the agent is trying to get your signature on a contract. Now might be a good time to interview a number off real estate agents and see which one suits you best. This is your first initial step.
2. Option 2:
Take a drive through the neighborhood and around the house to see if you have an accurate idea of its value. There are a number of factors that can effect the value of your home, so be sure to look at things like how attractive the house is, whether there are currently a lot of for sale signs on your street, what types of improvements have been made to the property, and whether or not there are other homes of similar age and square footage nearby.
3. Option 3:
Your home is appraised, and unfortunately, it’s not at the top of the market range. However, the value has already may have been based on your neighborhood. Since a house north, east, or south of your house is likely to have been more effected by whatever caused your home’s value to decline, the appraisal might not be very accurate.
4. Options 4 and 5:
You live in an area that typically appreciates in value about every five to ten years. So by that standard, your house is probably valued at the top of the market range. However, it’s good to know that you still have some equity in it because there are some resources you can turn to for help. A real estate savvy investor is more likely to be able to help you than you are.
It’s hard not to notice there are ways the average homeowner can lower the value of their house and maximize the sale price. As a real estate investor, you might not have the right answer, but it does not mean that you cannot sell your home as is and make a good deal. If you’re looking to sell and move to a new area, it could be a good idea to try to get creative.
There are even cases when no matter how low the market value may be, between 5% and 10% still doesn’t give you enough room for comfort. Also, you will not be able to sell a house if your potential buyer is unable to obtain financing. Anything you can do to unblock the deal could save you a lot of money in the end. Some ways to do that would involve extending your financing to a month where your potential buyer could get a mortgage to pay for the home. Secondly, you can also agree to owner financing. You will have to return their down payment and their interest as income to you, but in that scenario, the mortgage is your responsibility. We Buy Houses Indianapolis IN!
However, all mortgage payments to them will be your responsibility. While you cannot require a credit score as part of the sale agreement, you can do require a credit score to help you further unblock the deal. It can actually take a great deal of concern on the buyer’s part to explain away a bad credit report, but if you make it easier for them it will be a win for you as well. One other alternative could be taking the home into a rent-to-buy situation where you would often contract your house with a renter (for a period 2 to 3 years) and then give them an option to buy the house during the term of the lease or even refinance the rent when they have fully paid the down payment. We Buy Houses Indianapolis IN!
All of these scenarios essentially work out the same way: You would need to unblock the deal by finding a creative way to finance the deal for your potential buyer. This will be well worth a little research on your part as well. You may even consider talking to a creative real estate attorney to help you execute any of these options as well. Remember that, whatever way you choose to finance the deal is, for all intensive purposes, yours.
We buy houses Indianapolis IN 46201 and all surrounding areas in Indiana. If you need to sell your house fast in Indiana, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂