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I live in Canton and need to sell my home by September due to a divorce. I've done some work; however, wonder how many improvements to do-weighing the cost of selling as a tear down. I have a decent size lot in a desirable locale but have a septic system and electric heat (solar panels defray the cost).
Haven't contacted a realtor yet and probably will not contact "We Buy Ugly Houses" or equivalent. I do not want to go forward with Title V or a home inspection if the home will be marketed as a "tear down". Built in '66-many betterments made but more needed.
Seems it would be attractive to a buyer to put in additional upgrades rather than completely tear down the house-I have a 30K multi level deck and stone patio that's only a few years old and should be preserved.
I'm sure advice here will be to contact a few realtors; haven't done so yet but plan to soon.
Unless you're going to only sell to cash buyers, you're most likely going to have to do the Title V. Do you have equity in the house? There are septic companies out there that will allow you to pay them when you close, out of the proceeds of the sale, if you don't have the cash on hand to pay upfront. When was the spetic done? There's always the chance that it will pass and won't be an issue!
General rule I've heard is clean and nothing obviously broken, but engaging a professional is probably a good idea. 1966 is practically new for around here, so I'm surprised you think it's a tear down. I didn't think Canton real estate had gotten so crazy as to make tearing down serviceable older (and 1966 isn't really even older in my book) homes something that happened regularly.
General rule I've heard is clean and nothing obviously broken, but engaging a professional is probably a good idea. 1966 is practically new for around here, so I'm surprised you think it's a tear down. I didn't think Canton real estate had gotten so crazy as to make tearing down serviceable older (and 1966 isn't really even older in my book) homes something that happened regularly.
1866 or 1766 might be a little old, though.
There's been a lot of new construction in Canton so if his lot is big enough for 2 houses then the tear down scenario is more likely if the house is in bad shape. Otherwise a rehabbing seems more likely.
I'm sure advice here will be to contact a few realtors; haven't done so yet but plan to soon.
That's solid advice. An agent can certainly help you determine who the most likely buyer of your home is whether that's a developer who will tear it down, one who will "flip" it, or an end user.
Word advice . . . don't let any of the agents talk you into selling your property directly to a builder they work with. Even if you have to pay a little more in commission to get it listed, my observation has been that you'll net more in the end. Of course, the agent would prefer you sell it to their builder client so that they can get the listing of the new construction house(s).
Quote:
Originally Posted by Dm84
If you won't do Title V then you're going to have a hard time selling unless you mark it down severely.
Not necessarily. If you're selling to someone who will tear down the house then the buyer likely won't care if the septic works or not. Chances are they're putting in a larger house which will need a larger system anyway.
Quote:
Originally Posted by jan0105
Unless you're going to only sell to cash buyers, you're most likely going to have to do the Title V. Do you have equity in the house? There are septic companies out there that will allow you to pay them when you close, out of the proceeds of the sale, if you don't have the cash on hand to pay upfront. When was the spetic done? There's always the chance that it will pass and won't be an issue!
A lot of people don't understand that the law only provides that a Title V inspection be performed. If the system fails the law states that it must be repaired and pass a test (or receive a waiver from the local health department) within two years of that fail. You can actually pass title on a property with a failed system. The hard part is finding a lender who will give you money to buy it. If you're taking out a construction loan or a home improvement loan and the construction plan shows that you are repairing the system as a part of the project then you can get a loan typically. So, you don't need a cash buyer although they are certainly helpful to have.
Quote:
Originally Posted by Dm84
There's been a lot of new construction in Canton so if his lot is big enough for 2 houses then the tear down scenario is more likely if the house is in bad shape. Otherwise a rehabbing seems more likely.
I've been seeing some teardowns in Canton but "flips" are much more common. There's still some developable land left in the town (as evidenced by the new Toll Brothers development they've been building with 20+ homes) so there's not the need to teardown that there is in a Needham/Newton/Wellesley/Lexington.
Do you know a lender who will give a loan with the failed cert? If so, will you PM me their info? I went through this last year with a client and couldn't find anyone.
Do you know a lender who will give a loan with the failed cert? If so, will you PM me their info? I went through this last year with a client and couldn't find anyone.
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