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Hi there, I'm here to talk to you about how to sell a property that needs repairs when you don't have the money to fix it up.

It's important to know what your options are so that you can make the right decision and move on from the property and not have to worry about wasting any more money, paying taxes, and insurance for a property that you may no longer want or maybe you can't afford to keep it up anymore.

So how do you sell a property that needs repairs when you don't have the money to fix it up? I'm going to talk about five options to consider which are:

  1. For sale by owner

  2. Selling to a real estate investor

  3. Donating

  4. Lease option

  5. Seller financing

Notice, I didn't mention listing it on the real estate market. That's not going to be included as an option here because typically most realtors will not list a property that requires a certain amount of repairs.

Now, if it's just cosmetic updates, yes, you probably still can list that. But if it's more structural things or a lot of extensive repairs you're most likely not going to be able to list that on the market. So that's why I don't have that included as an option.

So before I dive into the details, I want to give you a quick intro about me. For those of you wondering who the heck I am, I'm Lindsay Sharma and I'm a real estate investor. I buy properties from folks like you who may not be able to or may not want to, list the property on the market with a realtor. Most of the people I work with want a quick hassle-free way to sell the property and move on with their lives.

First, let's discuss the concept of "For Sale By Owner." With this option, you may be able to get the most money for your property, but it requires a lot of time and effort. To successfully market the property, you will need to take on various tasks. This includes putting up signs and listing it online to attract potential buyers. Handling inquiries and engaging with interested parties will also be your responsibility. Furthermore, you will be responsible for conducting property viewings and completing necessary paperwork, which may require some guidance. From start to finish, you will be in charge of every step of the sale.

One alternative is to sell your property to a real estate investor or someone like me. These investors possess expertise in purchasing properties that require repairs and they often renovate and sell or rent them out. They have the financial resources to buy the property and will handle all the necessary paperwork on your behalf. However, it's important to note that when selling to an investor, the price you receive may not be at market value. Nevertheless, this option offers a convenient and hassle-free sale, as they take care of practically everything for you.

Consider the possibility of donating the property instead. If you do not require the funds from a sale, you have the option to donate it to a charitable cause. Additionally, you may qualify for a tax deduction, alleviating some of the financial implications. I have observed individuals opting for this approach with properties in significantly dilapidated conditions.

Now, let's delve into the lease option, an advanced strategy that may suit individuals with prior landlording or real estate experience. This approach entails leasing the property, allowing for gradual income generation. However, it's important to consider associated risks, such as conducting thorough background checks on potential tenants and the possibility of payment disruptions. Additionally, with this option, one remains connected to the property; therefore, if your goal is to sever ties completely, this may not be the ideal path to pursue.

Another option that parallels the lease option is seller financing. Here, you play the role of the buyer's private lender. Essentially, you sell them the property and carry the note. Typically, they provide a down payment and make monthly payments to you. This approach may attract buyers open to undertaking a project. Like the lease option, it's advisable to engage an attorney for the paperwork, although you can handle it yourself. Unlike a cash sale with a lump sum payment, you generate income gradually over time. However, there are risks involved as you're dealing with borrowers rather than tenants. If they fail to make payments, you may need to go through the foreclosure process. It's important to note that you remain connected to the property, which may not be ideal if you're seeking to separate yourself from it, as mentioned earlier.

I hope you have found this information valuable for your decision-making process regarding the sale of your property that may require repairs. It is understandable if you are lacking the time, resources, or energy to undertake these repairs.

Looking to sell your home? Our team at Lindsay Sharma Property Buyers is ready to make this process as smooth and low stress as possible for you.

Don't delay, the real estate market waits for no one. Click the "Book Call” button below to meet with our seasoned experts who will guide you through every step of your selling journey.

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