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Old 12-03-2017, 12:34 AM
 
Location: Back in the Mitten. Formerly NC
3,630 posts, read 4,296,547 times
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Quote:
Originally Posted by HDWill1 View Post
What do you consider obvious repairs? The damaged section of wall paneling I mentioned above is very "obvious," and as you state, the buyer will tearing the interior down to the studs.

I've accepted that the house likely won't sell for much above $150k at any rate.
You listed what sounds like the 'obvious repairs'.

Quote:
Originally Posted by HDWill1 View Post
The electrical is original (fuse box, ungrounded). The galvanized steel plumbing is on its last legs. HVAC unit is old but is hanging on. A lot of the walls are wood paneling, which was painted in the '80s. Her kitchen and bathroom counters are deeply stained, burn marked etc. She had two small untrained dogs in the past, and those odors may still be lingering a bit in the porous surfaces.

Minus the paneling.
If the counters are too bad, you may be better off removing them and just leaving it as a void.
The pet odors is what would concern me the most. Remove all carpeting. Probably best to sell it with just the subflooring. This issue alone (damage from pets) will likely make a significant difference in your sale price. Depending on the severity, subflooring and drywall (is there any? or just paneling?) can need to be replaced.
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Old 12-03-2017, 08:05 AM
 
21,094 posts, read 41,384,506 times
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Quote:
Originally Posted by tamajane View Post
You may want to have an inspection to find out if there is anything significant that would affect future sale.
In my state if you DO an inspection that reveals material defects you must reveal that when listing the property on the disclosure document...which could significantly reduce asking price...

Have heard that people have those done and apparently conceal serious issues (like maybe foundation or plumbing) they chance won't come up when the buyers have inspection done...
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Old 12-03-2017, 08:07 AM
 
21,094 posts, read 41,384,506 times
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I take it this house is on a lot that is not large enough to support selling the house as teardown just for value of the land
In my area many older homes on 1/4 to 1/2 acre lots are sold for 250-400K for lot value alone and builders or buyers tear down house and put up multi million $ house...
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Old 12-03-2017, 08:33 AM
 
6,984 posts, read 4,485,161 times
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Quote:
Originally Posted by HDWill1 View Post
What do you consider obvious repairs? The damaged section of wall paneling I mentioned above is very "obvious," and as you state, the buyer will tearing the interior down to the studs.

I've accepted that the house likely won't sell for much above $150k at any rate.
Why so little? In a 300K neighborhood if it doesn't have major issues, other than the plumbing/HVAC being old, that sounds low.

I would make it look as good as possible spending the least amount of money. Paint and decorate it a bit. Paint the stained grout. Clean and work on any odors. That worked for my friend - a bunch of lowball flippers looked at his mother's old house, and then a couple who wanted to fix it up and live there. The woman said even though it needed rehab it looked like someone cared about it. They made the highest bid.
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Old 12-03-2017, 09:38 AM
 
9,768 posts, read 11,933,961 times
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Well it's hard to see into the future 5-10 years from now. Comps aside...

But I would maybe get an inspection, regardless of the future implications, and rule out major problems like foundation that you may or may not want to address now.

Then again, unless the inspection easily reveals obvious defects like bad electrical (that you can't see inside the walls, normally) it may be a waste of time and money to do it now.

It's possible codes have changed and stuff can be seen from a basic inspection but until you gut the walls you don't see serious problems like when some geniuses do their own dangerous electrical wiring. Or leaks behind the shower surround. OR fake patched ceilings that barely are hiding leaks.

Obvs a roof will probably be needed in 10 years let alone all the other stuff that is really cosmetic in the eyes of a "flipper".

Walls, etc.

The major things that will affect that sale, IMO are the typical ones: foundation, roof, plumbing, electric, HVAC. And obs flooding if the grade is bad or the foundation is crumbling.

So the question seems to be if it will be "sale" of the house or a tear down for the lot.

Maybe call flippers NOW and get some feedback. Pretend you're interested in selling now.

Will your mom even allow any inspections?
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Old 12-03-2017, 10:22 AM
 
34 posts, read 14,267 times
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As far as the pet odor goes, I did have the old carpet replaced a couple years ago, and the subfloor sealed. I think that a thorough repainting, including an oil based primer, would take care of any lingering odor.

There are a few other issues that I'm aware of: the crawl space is in bad shape- a company quoted me $7k to refinish it and shore up some of the subflooring. They said they saw no foundation problems. Also, the asphalt driveway is old and looking pretty ugly. Otherwise the exterior looks decent. I had the roof replaced a year ago.

If a flipper uses the 70% of ARV formula, and repairs cost $75k, that would mean we'd only get $135k. In any case, I would hope to get a bidding war going among several flippers, so that one who can work cheaply and handle a smaller profit margin would win.
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Old 12-03-2017, 10:56 AM
 
Location: Big Island of Hawaii
1,682 posts, read 522,893 times
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While you may see flippers as the most likely buyers, there are probably non-pros who would live in it while they fixed it up.

I've read that only a few buyers can envision what a house could look like, and that's why we stage homes.

So I would do some cosmetics. Replace broken appliances, clean and paint, make it livable, but don't do anything major or too personal. That would still work for flippers, while also appealing to buyers on a budget.
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Old 12-03-2017, 12:22 PM
Status: "My doggies wear diapers!" (set 29 days ago)
 
Location: Prescott AZ
5,201 posts, read 7,488,639 times
Reputation: 9414
You don't have to do anything to it if you sell to a place like Homevestors (We Buy Ugly Houses) if they are in your area. You will take a loss but will avoid having to clean it, repair it, and even show it to buyers. No realtor involved. I sold my house to them for a fair price. And it wasn't even ugly. I just wanted out from under and that's what happened so easily.
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Old 12-03-2017, 09:57 PM
 
3,440 posts, read 2,717,788 times
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Much can change in 5-10 years. Your mother may need to sell the house to move into a managed care facility.
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Old Yesterday, 08:05 AM
 
Location: Saint John, IN
7,242 posts, read 1,834,303 times
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I would do what ever repairs need to be done and if it's completely outdated then my advice is to:


1. Get an inspection to know the needed repairs.
2. Consult with a contractor to see how much updating would cost. The best ROI would be kitchen and bathrooms.
3. Consult with a realtor to see what you could list for with NO remodel and what you could WITH a remodel.


Most kitchen and bath remodels will bring you a return, but depends on your location. If the return would be small I would leave it be; however, if you will see a big return for a remodel then it may be worth it. A realtor can help determine this.
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