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What Does “Physically Distressed” Really Mean?

Physically distressed properties can come in many forms, from minor cosmetic damage to severe fire damage and everything in between.  In real estate terms, a fixer is usually defined as any property that does not qualify for traditional bank financing.  That lack of financing can make selling a challenge, but at Fair Share Properties none of it scares us off.  We’ll buy homes in any condition and make the entire transaction as smooth as possible for you.  Here are some types of “physical distress” that we’ve encountered:

Some homes just need a quick cosmetic fix.  Then there are those that are so far gone that they are considered “tear-downs” or unsellable.  With properties that reach this state, finding a buyer with the confidence and the finances to tackle this kind of challenge can be difficult.  What you need is a buyer who will deal in cash on an as-is basis, without the need for traditional financing from a bank.  That’s where Fair Share Properties comes in.  We have the experience to handle even the toughest repairs and renovations and the financial security to take on that kind of fixer without worries.  There is very little we haven’t seen over the years and we’ve learned to look past it all to find the diamond in the rough.

While the Seattle area is certainly beautiful, it also comes with its own set of challenges for homeowners thanks to its extremely damp climate.  That excess moisture can cause damage to properties such as dry rot, settling foundations, water damaged roofs and other moisture related issues.  Issues like these can put lenders off, but we don’t have financing problems since we deal in cash.  And we’ve been handling properties in this area for many years, so we know exactly what it entails. 

The extreme wetness can also lead to unstable soil or even soil absorption issues that can affect the condition of a property.  Again, we don’t let these problems put us off.  We’re ready for the challenge, no matter how complicated it might get.

Sometimes problems with a property stem from the environment rather than the building itself.  Leaking oil tanks, faulty septic systems or collapsed sewer lines can all cause nightmares for homeowners. These kinds of problems can be challenging and expensive to address, but we have a full support system that includes third-party engineers and contractors to help us handle the job.  Don’t assume that environmental issues will make your home impossible to sell.  We can quickly assess the issue and will still purchase the home if we feel the transaction makes sense.

When fire strikes a home or building it can have devastating long-term effects.  Often, homes that are heavily damaged by fire are considered unsellable, but that’s only because most people don’t have the expertise to look past the damage and see the potential.  But we’re not most people.  We know exactly what it takes to fix a fire damaged home and we know how to deal with structural and engineering issues, code and permit requirements, city inspections and the unique challenges of repairing fire damage.  None of it puts us off and it shouldn’t stop you from selling your fire damaged home to us.

At Fair Share Properties there isn’t much we haven’t encountered in our years of buying and repairing homes and that includes dealing with extreme odors.  Pets, chemicals and other sources can leave some homes smelling less than ideal but we know exactly how to address them in the most cost-efficient and thorough manner. We’ll never let a bad smell drive us away from buying a house and neither should you.

Another side effect of extreme moisture is the development of mold.  The dangers of mold exposure have made headlines recently and they can scare off potential buyers. Mold problems may require exhaustive testing and expensive remediation that heavily delay real estate transactions. At Fair Share Properties we don’t panic at the first sight of mold.  As with any other environmental concern, we assess the scope of the problem, figure out a fix and weigh the costs before going ahead with our offer.  You still need to sell your home and mold shouldn’t get in your way.

Often, the physical issues that stand between you and a successful sale are just the result of deferred maintenance.  It’s all too easy for home owners to let things like outdated furnaces, worn carpet, dated fixtures and other everyday items get away from them, but when it comes time to sell your house, those little issues can add up to one big mess.  With the real estate market as tight as it is, even the least bit of deferred maintenance can have a huge effect on a sale.  Many buyers see a laundry list of needed fixes and believe it’s too much for them to handle.  That’s not the case with us.  We’ve learned to look past the surface and see the potential and we won’t let any amount of deferred maintenance turn us away.  We’ll make a thorough assessment of your home and pay you a fair price, no matter what the condition.

Are you trying to sell a severely distressed or fixer property in the Tacoma area and don’t think you can find a buyer?   Well think again, because we’ll take even the most extreme property off your hands. Just call Fair Share Properties today at (253) 236-0400.  

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