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So we need to sell our house in a very hot market where developers are buying old houses,scraping and building huge houses in their place in the $750-800K range. They normally offer around $400K for a 2-1.5 like ours on a large lot.
We have had realtors tell us the market value is currently $423-435 as is. Its a cozy 50s bungalow with some neat features, very nice bathroom redo, wood floors but will soon need a roof and AC. The kitchen needs to be updated again but is completely useable as is. The advantage of the tear down sale is there are no repairs or inspections to go through but we are torn since it's been home for many years.
Any advice?
Take the $400K for the tear down, they won't need to go thru the loan process or other nonsense that might hold up the sale. Tale pics, and the memories of the home will always be in your mind and in your heart. Selling might mean paying for realtors too, plus possibly making roof repairs or other repairs.
If you're a bit sentimental about leaving your home, then definitely sell to the developer. Just think, nobody else will ever live in your home. You'll never have to drive by and see happy kids playing in YOUR yard or see the Christmas tree in YOUR living room. I think I would like that better.
I wish developers would come here and offer more than that for my 4/2 - I hear you though, you might get more from someone who actually wants to live in your house (and you probably have sentimental attachment) - are currently built homes selling in your area?
Put the house on the market for its fair market value, and sell to the person making the highest offer. It doesn't matter whether that person is buying the house to live in it or to tear it down. While I appreciate how hard it is to give up a place you have sentimental feelings about (as I am about to sell my own house and am feeling pretty torn up over it), once you decide to sell your house, it really isn't yours any more. You have to detach yourself emotionally from the place, because it's soon going to belong to someone else.
Put the house on the market for its fair market value, and sell to the person making the highest offer. It doesn't matter whether that person is buying the house to live in it or to tear it down.
^^^^This. Just market the house. If someone wants to buy it as a tear down, so be it.
One realtor suggested that if we put about $75K into upgrades, we could get back $100K. It appears that the most sensible thing though is to sell at market value and move on.
Do not put $75k into upgrades with the hope of getting $75k back. Real estate agents are not always experts, and the aggravation that you must live with, including return on funds invested may be negated if you do something that the prospective purchasers do not like. I know of one agent who paints all of the houses beige and grey, using his renovation people, and then has the staged feedback saying that people said they could just move right in as the colors were theirs. Granted, some people are neutral, but if everything is perfect, where's the offer? I would not play the renovation game to try to get an extra $25k as it's not worth the aggravation or the risk. Sell it in the current condition and see what the market will bring, be it another family who wants the home or an in-fill developer who is looking to buy the land.
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
1. Do not hire a real estate to sell it. No point in paying any commission.
2. Hire a re lawyer to handle the contract.
3. Just know what a developer will pay and then call them and say: make offer.
4. You can always put a sign in the front yard.
In our neighborhood it takes one day to sell to a developer. Fast and easy.
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