How do i fix this hole ?

I would cut the sheetrock so you have nice square edges. Replace with a new piece of sheetrock - screw it to the studs, mud/tape and sand. Once it's smooth, prime and paint.

I would take the loose pieces out and square off the area and fit a new piece of sheet rock or even a piece of plywood. Fill in the seams with wood filler and paint.

Is this a basement? If so you may want to move the outlet up when you fix it, in case of flooding. It seems very low

I would replace the outlet it looks old and may not be up to code like the newer ones. Then replace the drywall around it Here is info for you

https://www.youtube.com/watch?v=VFLz4czAMPc

Why don't you just request that the seller fix this before you buy the place?

Cut out the drywall square. Remove the outlet if you can. The tabs on top and bottom go against the drywall tight. Cut a fresh piece of drywall to fit your square cutout. You will need to cut a hole in it the size of the outlet box. Screw the drywall patch into studs. Reinstall the outlet if you removed it.

I would remove the pieces of drywall and replace with nice new piece. Home improvement stores sell drywall repair kits. The outlet might have to be replaced during the process.

Take the outlet out, fill in hole with drywall. Patch any seams with drywall mud and then sand smooth once it dries. Then you can replace the outlet and put a proper outlet cover on it.

Caulk around the edges of wall and brick with clear color caulking when you're finished.

That being said, if you haven't completed the purchase, ask the seller to make sure this is fixed before you complete purchase.

You'll need to replace the sheetrock. I would put an outlet cover over it, too.

Hello. In a situation like this it’s easier to cut out a rectangle in the shape of your area and replace it cleanly rather than trying to patch something so broken and uneven. Using a utility knife to make the uniform cut out in your drywall and exactly mirror that with new sheet rock. Mud -tape and paint.

You could plaster around it but you need to build it up maybe put some wood around it

Cut away the area and replace with a small piece of drywall. Screw into place. Then you can putty and sand until smooth and paint.

This should be fixed by the seller before the closing, should not pass inspection before selling.

Here are 4 easy methods to fix holes in sheet rock: https://www.youtube.com/watch?v=uvQK7WTkKpI

This shows how and you could cut out a hole for the outlet: https://www.youtube.com/watch?v=N-Kt3eUbia4

Can you describe a bit better .. picture is not telling the whole story

Is that concrete or tile

Carefully trim the existing into some straight lines and then cut a new piece of drywall the same shape. Hopefully there's something behind to screw it to, then patch with joint compound and paint. Or, if this is overwhelming, call up a handyman.

I think it would be best to just cut th damaged sheetrock then replace it with a new piece of sheetrock having to screw it to the studs, tape, and sand.

Looks like you need to do some sheetrock work. Cut a nice square around the outlet and do a sheet rock patch. This repair kit works well.