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Old 12-01-2017, 09:43 PM
 
4,258 posts, read 7,237,917 times
Reputation: 5943

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Quote:
Originally Posted by tamajane View Post
Thank you, that is practical advice. The house needs rehab/code work, not just update so I assume not eligible for conventional loan.
Guess you'll never know unless you get an appraisal.

Saying "code work" doesn't sound like you know whats going on. It doesn't need to be brought up to current code. Its grandfathered.

Like I said, your leaving money on the table if you dont educate yourself on what its worth. But if you dont mind loosing tons of money, go for it. Sometimes flippers grab a good deal from someone who knows nothing about selling and simply put it back on the market for double without doing ANYTHING. Simply because the seller was clueless.
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Old 12-02-2017, 10:00 AM
 
7,049 posts, read 4,507,076 times
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Quote:
Originally Posted by 399083453 View Post
Guess you'll never know unless you get an appraisal.

Saying "code work" doesn't sound like you know whats going on. It doesn't need to be brought up to current code. Its grandfathered.

Like I said, your leaving money on the table if you dont educate yourself on what its worth. But if you dont mind loosing tons of money, go for it. Sometimes flippers grab a good deal from someone who knows nothing about selling and simply put it back on the market for double without doing ANYTHING. Simply because the seller was clueless.
Look, I have had professional appraisals on other properties, which did not accurately reflect current market value. I can easily do comps myself and get five agents to do market analysis. It is worth what someone will pay for it, not what the appraiser comes up with using a computer program.

I am not an idiot or I would have sold it to the first contractor who knocked at my door with cash.

The code violations are safety issues so they are kind of important. I guess the inspector should not have flagged them because it's grandfathered.

Business must be slow for appraisers this time of year.
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Old 12-02-2017, 02:04 PM
 
4,258 posts, read 7,237,917 times
Reputation: 5943
Quote:
Originally Posted by tamajane View Post
The code violations are safety issues so they are kind of important. I guess the inspector should not have flagged them because it's grandfathered.
Really depends on what it is. We dont have a magic ball to guess what your issues are or why a code inspector was in your house in the first place.

Example:
- House has no smoke detectors. Required by code. A mortgage company will not provide a loan until this is fixed.

- House has no sprinkler system. Required by current code. A mortgage company will provide a loan. House was built to code, but is grandfathered and doesn't require sprinklers to be sold.
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Old 12-02-2017, 03:32 PM
 
7,049 posts, read 4,507,076 times
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Quote:
Originally Posted by 399083453 View Post
Really depends on what it is. We dont have a magic ball to guess what your issues are or why a code inspector was in your house in the first place.

Example:
- House has no smoke detectors. Required by code. A mortgage company will not provide a loan until this is fixed.

- House has no sprinkler system. Required by current code. A mortgage company will provide a loan. House was built to code, but is grandfathered and doesn't require sprinklers to be sold.
I had my own inspection. I was told what issues would be a problem and what would not. In it's current state it will not qualify for a loan. That is why I am approaching this as an as-is cash sale. Otherwise I start rehabbing it myself which I am not inclined to do right now.
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Old 12-05-2017, 08:25 AM
 
Location: Philaburbia
29,919 posts, read 53,610,806 times
Reputation: 49299
Why are you being so coy about what the house needs? If you were more specific, you might get better answers to your question.
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Old 12-05-2017, 12:25 PM
 
7,049 posts, read 4,507,076 times
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Quote:
Originally Posted by Ohiogirl81 View Post
Why are you being so coy about what the house needs? If you were more specific, you might get better answers to your question.
That is not relevant, it would be sold as-is.
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Old 12-06-2017, 04:01 PM
 
Location: Raleigh NC
5,613 posts, read 4,696,685 times
Reputation: 4804
take 1 of many factors ....

if that factor limits you from 5 buyers to 1 buyer, then your price will be lower. the lower the number of buyers, the lower the price. every time the 1 buyer is a smart contractor seeking profit from the rehab, they include some profit in the purchase price, as this reduces their risk from unforseen issues. If it's a $1K issue, but since nobody knows the scope could cost as much as $10K, then the contractor prices it at $10K less PLUS an additional margin for profit.
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Old 12-06-2017, 04:20 PM
 
Location: Cary, NC
28,638 posts, read 50,896,376 times
Reputation: 26823
Quote:
Originally Posted by tamajane View Post
Look, I have had professional appraisals on other properties, which did not accurately reflect current market value. I can easily do comps myself and get five agents to do market analysis. It is worth what someone will pay for it, not what the appraiser comes up with using a computer program.

I am not an idiot or I would have sold it to the first contractor who knocked at my door with cash.

The code violations are safety issues so they are kind of important. I guess the inspector should not have flagged them because it's grandfathered.

Business must be slow for appraisers this time of year.
So-o-o-o...

Your replies to the responses begs one to ask...

"Why does this thread exist, anyway?"
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Old 12-06-2017, 06:35 PM
 
Location: Philaburbia
29,919 posts, read 53,610,806 times
Reputation: 49299
Quote:
Originally Posted by tamajane View Post
That is not relevant, it would be sold as-is.
This whole thread is not relevant. What's the big secret here?
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Old 12-08-2017, 10:33 AM
 
7,049 posts, read 4,507,076 times
Reputation: 6396
Quote:
Originally Posted by Ohiogirl81 View Post
This whole thread is not relevant. What's the big secret here?
There is no secret I simply asked for opinions on selling an as-is property vs a conventional property.
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