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I live in Kansas. I was gifted a 3 bedroom 1 bath 1920s home in the country with a large barn. My grandmother never did any repairs or even attempted to keep the house in decent order. My husband and I have done a few inside cosmetic issues but we never really liked this area and would really like to move.
This house needs so much work. It is definitely livable and not about to fall apart. But it needs a new foundation and roof. Plus several other repairs. I don't have home owners insurance and can't afford to pull out loans to fix it. Nor do I really want to.
We are ready to relocate. Even though the list price is at 35k, im thinking of asking for 18k cash.
I was wondering if it would be easier to get an agent or just try to sell on craigslist, Facebook, etc...? Won't an agent just cost me a lot of money?
Would really appreciate any advice.
In your case, it sounds like hiring an agent may be a good idea. Your desire to move--and dwelling on the negatives of the property--may be putting you at a disadvantage in trying to properly price the house. Don't market the house to investors--market it to all. If you start by only asking for 18K, your offers would likely be for less. Someone willing to do their own work may find your house quite attractive (depending on the severity of the foundation and roof issues, of course). How much land do you have? Is it large enough for a small mini-farm with animals? A large barn in good condition could be a good selling point.
Please clarify: is your house presently listed for sale at $35K?
I live in Kansas. I was gifted a 3 bedroom 1 bath 1920s home in the country with a large barn. My grandmother never did any repairs or even attempted to keep the house in decent order. My husband and I have done a few inside cosmetic issues but we never really liked this area and would really like to move.
This house needs so much work. It is definitely livable and not about to fall apart. But it needs a new foundation and roof. Plus several other repairs. I don't have home owners insurance and can't afford to pull out loans to fix it. Nor do I really want to.
We are ready to relocate. Even though the list price is at 35k, im thinking of asking for 18k cash.
I was wondering if it would be easier to get an agent or just try to sell on craigslist, Facebook, etc...? Won't an agent just cost me a lot of money?
Would really appreciate any advice.
3 years ago, I helped an elderly lady sell a really broken house.
Her brother had lived there for years and done nothing, It was truly run into the ground, and she was a bit ashamed and distraught.
She would have taken $20,000 just to make it go away. Maybe less.
But, it is a good location, a great lot, and a quiet cul-de-sac. By putting it on the broad market, we got her $135,000 from an investor who was ready to tackle the needed work.
And, he was delighted. Today he has a place worth probably $230,000 after his substantial repairs.
Your results may differ, but I say try to get an agent to market it, and see what the market delivers. You may be leaving a ton of money on the table.
Thank you all for the responses. I apologize, but what I meant by listing, was that the county appraiser has it listed at 35k. Funny enough Zillow has it at 95k.
The home is located in southeast Kansas in an unincorporated town about 6 miles away from the nearest town. There are about 12 other homes in my "neighborhood". It is a big enough piece of property that if someone wanted to put a few goats or chickens on the land it would work. The paperwork says it is 0.5 acres.
I don't have any pictures as of now but that is my goal for after work.
Im also a little worried because this home was gifted to me two years ago, but the notary forgot to stamp the paper. We have been living here since 2015 but the deed has not been in my name. I just never got around to doing it. I finally got it in my name last week, but now I am learning that I may have to pay capital gains taxes on it because my grandmother bought the house from a man for a $1. What a mess I seem to be in.
The county appraiser figure is meaningless. As is Zillow. Call a realtor and see what they have to say. Just talking to them doesn’t obligate you to list the house with them.
As for your grandmother buying the house for $1, are you basing that on what the deed says? Most deeds in Kansas will say either $1 or $10 (“and other valuable considerations”). That isn’t the true sales price.
Yes. That is what the deed says. I apologize, I have never owned a home and this was just thrown on me. I am trying to research all I need to know about it. I appreciate you telling me this.
this is not tax or financial advice and you need to speak to a professional or confirm it yourself by reviewing tax laws but you may find that the $1 makes no difference and that your tax liability is only on any capital gains since the death. I.e. your sale price of the home minus value at the date of death. In other words, you may find that the tax cost basis is stepped up to the value at the date of the death (or inheritance). Seek professional help but it may not be doomsday. Check any other taxes that may apply - state, etc.
Did you inherit the house--or was it deeded to you by your grandmother while she was alive? If inherited, you would be granted a stepped-up basis. If it was a living gift, your grandmother's basis becomes your basis, so you'll need to know how much she paid and what qualified adjustments to the basis were made over the years. That can be complicated trying to figure that out.
If this was a living gift, it highlights why people should get legal and tax advice before making such decisions. (Although in your case, the consequence could be slight, or even nil.)
Last edited by jackmichigan; 01-04-2018 at 08:53 AM..
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