Suppose you were representing a seller... (agent, foreclosure, rebate, sellers)

[chet everett]

The other side of the coin:

Agent has friend in a bind. Have a home that has some marketable features, could be priced attractively, to recoup some equity, but also has deferred maintenance that would make even an attractive price seem less so when taken in toto.

How would you discuss the situation with others? Send the message that "sellers are eager" or be more coy? Hide the truth a bit?

Personally I am glad I have never been in such a situation before, but I have told many sellers that "you know you won't get top dollar with the place in this condition". I even warned sellers that if a property quacks it does not take a super genius to think they are looking at a duck.

If the subject property waddles how likely it is that this is just an errant "Emperor Penguin" that was rescued from foreclosure in less than 30 days and not your garden variety duck...

If the place was facing foreclosure, but you client managed to get current again, what would you do to convey that to potential buyers?

What about the condition issues? Good enough to say "You know how some sellers just never get around to all the details..." or something more?

[middle-aged mom]

I would strongly adivise the seller to get a pre sale home inspection.

[TexasHorseLady]

I agree with middle-aged mom. Also, show them comps in the price range they want and comps for homes in the condition their home is in. With photos. If there are vacant comps for both of those, take them to see them.

[chet everett]

Originally Posted by TexasHorseLady

I agree with middle-aged mom. Also, show them comps in the price range they want and comps for homes in the condition their home is in. With photos. If there are vacant comps for both of those, take them to see them.

I know, I know, I hate it too, BUT the list of things that make THIS property "one of a kind" is awfully long.
It starts with age -- PART of this house is probably over a 100 years old. And size /layout are uh, "unique" -- others in this market may have the same count of beds/baths, but I am sure none are in a similar configuration. Really really hard to say that there are any properties that comp out very well -- which by itself is a bit of concern, after all lenders have been refusing financing on houses that do not appraise out, AND down the road this place would have to be sold to some one else.

It could be an albatross, and I have not really mentioned the very high operating costs / difficulty in bringing this place up to modern energy standards...

This is one of those times that IF a bid is accepted I am not sure whether champagne or kleenux would be more appropriate. Maybe I need a strait jacket

[Silverfall]

I would have information all over the flyers about FHA 203k rehab loans, links about it on websites etc.

Sometimes these old homes have "special additions" on them that make them unsellable (did I tell you about the house where you go from the garage entry into the master bathroom?? Every teenager's nightmare...)

We have a program here called the NW Energy Trust and they offer rebates for creating more energy efficiency within homes. Do you have anything like that where you can have brochures or encourage potential buyers to contact them? I mean we got a $500 rebate from them with our new furnace.

Due to it's age will it qualify for any city "historic" renovation grants?