Flickering lights, smoking outlets, a circuit breaker that trips with every storm: You’re sick of dealing with electrical problems like these and want to sell your home ASAP. You wonder, “How can I sell my house fast in Memphis without spending a fortune on electrical repairs?”
Learn all you need to know about selling a house with electrical problems below.
Why Electrical Code Violations Make a Home Difficult To Sell
Of the many home inspection issues out there, electrical problems are one of the worst because electrical problems can be downright dangerous. If you’ve got sparking outlets or outdated wiring, for example, your property is at risk of starting a fire.
Most buyers won’t touch such a house with a 10-foot pole. They want a safe house that they can move into right away, not a project that costs thousands to fix. And if you don’t meet disclosure requirements by telling the buyer about any electrical problems, they could sue you for damages if they’re able to prove that you knew of the issues before selling.
Additionally, some lenders won’t provide a mortgage for a home with known electrical issues, limiting your buyer pool to only those who can pay in cash.
Selling a Home With Electrical Issues the Traditional Way
Can you sell a house with electrical problems? You can, but you’ll have to proceed differently compared to selling a house that’s problem-free.
The first thing to do is order a home inspection. This will reveal exactly what’s wrong with your home’s electrical system, and you can then decide whether you want to fix the issues or sell as-is. For example, if your home has a few outlets that don’t work, repairing them is relatively inexpensive. But if your house’s wiring is outdated and dangerous, you might decide that the cost of rewiring is more than you can stomach.
If you want to sell as-is, you’ll need to tell potential buyers about the electrical problems. You might also have to offer an incentive to get buyers to bite. For instance, during buyer negotiations, you could discount the house or offer some money for the buyer to make repairs.
Skip the Stress and Sell Your Home to a Cash Buyer
It’s possible to find a buyer for your house on the open market, but it won’t be easy. You might need to wait months for the right buyer to come along, and that’s unwelcome news when you want to sell your Memphis house fast.
If you’re interested in selling a house with electrical problems quickly, the best option is to sell to a cash buyer, such as Alan with Pyramid Properties. Cash buyers will take houses in any condition, including properties that need major electrical work, so you won’t have to worry about repair costs or haggling for the best deal.
Are you ready to get a fair offer for your Memphis home? Call Alan with Pyramid Properties at (901) 504-5555 or keep reading to learn about the best time to sell your house.