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I have a huge problem. I have inherited my grandparents' house from my mother. The house has sat empty for three or four years and is in need of repair; it needs to be painted, the plumbing should be updated, and, just today, we found that there is water damage and mold on the ceiling of the entry way. I live about 75 miles from this house and really don't have the time to spend over-seeing needed renovations. Should I list it with a realtor and sell it as a "fix 'er upper" or sell it to one of those companies that buys houses "as is" and then fixes them up for resale?
I don't want to sell this house for a huge loss, but I really don't know what to do. And to make matters worse, this is my family home. I grew up with grandparents, so there is a lot of emotion tied up in the whole thing. Any advice would be appreciated.
Won't cost a thing to talk to a real estate agent. They better than anyone can tell you what they think it's worth without sinking any money into it.
Emotion is another matter..........perhaps talking with other family members first to see if there are any potential buyers?
Sounds like good advice. Before the recent problems, I offered it to my nephew and his wife for $25,000 under the county valuation, but they either didn't want it or thought I should just give it to them. My husband isn't receptive to the idea of spending a lot (okay, any money) to fix it up to sell. This whole thing is becoming a nightmare.
Last edited by shonner; 07-03-2008 at 09:54 PM..
Reason: typo
The people that buy houses do it as a business. They buy at wholesale and sell at retail. You will not get anything if you sell to them.
My advice is to hire a professional home inspector, find out what is really going on, then hire a contractor to fix the stuff, then list it for sale.
I think Barking Spider is on the right track. For sure, the "buy houses" people will pay a rock bottom price. So I would only recommend that route as a last resort.
I agree that hiring a home inspector (make sure he's somebody certified with a good reputation) is the place to start. See what shows up on the report and try to determine which things are deal breakers and how much it will cost to fix them.
The problem with selling a house that has "problems" is that any potential buyer will calculate the repairs/improvements at a much higher $ figure than what it would take to do the actual repairs. Then, either they cross this house off their list, or else they make a lowball offer based on their perceived costs of repairs, etc.
Once you have that home inspection, though, it will give you a place to start. You could get estimates for repairs at that point (even if you don't make the fixes, at least a potential buyer could see what the real cost would be). You could go ahead and make at least some of the repairs that might be deal breakers. And you'll probably want to enlist the help of a real estate agent at this point to help advise you what would be the best route for your particular situation. See if you can find an agent that has dealt with similar situations in the past - they'll have better insight into how best to proceed.
The best to you. I hope the new owners will be ones that will want to bring your family home back to its original character/condition.
You must be somewhat familiar with the area since you grew up there, right?
Do you remember any respected Realtors from your past there?
Do you remember any reliable contractors?
I think I would search the old memory banks and try to come up with a trusted, reliable name or two.
Ask them to take a look at the property and tell you what they think it needs.
Armed with that information, contact a Professional Home Inspector and pay him his fee to give you a written report about the problems he finds.
Now you'll have a pretty good estimate of needed repairs and maybe someone to do the work. When it's all done the Realtor you contacted will be able to market the home with a great deal of knowledge for prospective buyers. And, that always helps.
You all are wonderful to take the time to share options and ideas with me. I really am clueless about this whole matter, and my husband, dear as he is, is not much help. I think he'd just as soon sell it for a loss just to get it off our backs. I don't want to do that as I feel the house is my grandparents' gift to me.
I think he'd just as soon sell it for a loss just to get it off our backs. I don't want to do that as I feel the house is my grandparents' gift to me.
Your statement about selling it at a loss is a bit ambiguous. Was the house paid off when you inherited the house? Would you have to bring money to closing if you sold it?
You're right--it's a tough spot. Most of the other posters have outlined your options. A "we buy ugly houses" business will likely offer the least amount of money. Likewise, selling the house in "as-is" condition won't yield the best price. But if you can't or won't fix the house, you may not have a choice.
Moreover, what has not been mentioned is that a vacant abandoned house is a large liability. It can attract squatters, people in the illegal drug trade, or curious kids. If anyone were injured on the premises, you could be held financially responsible. It's tough to get insurance (hazard and liability) products on such a house, especially if it's sat unoccupied for so long.
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