OK, our aunt's 37 year old house needs to be sold... (West: real estate, lease)

[10scoachrick]

Briefly(or not so), our 90 year old aunt has moved into a nursing home and her Balcones Woods home sits empty. Her husband passed away a few years ago and she was in the house alone for 3-4 years. VERY little was done to maintain the house(5 bed/3 bath ranch) in the past couple of decades(save a new roof, installed last year).

She(we) don't 'need' the money(value of the house) in the short term(for her care) but eventually, the funds would be helpful to pay for her new accommodations/medical care. My less than expert opinion is that any money put into the house for rehab would be a 'wash' at a future selling point. Given the location, I wouldn't expect more than a 10-15% flux in value--current market vs 'improved' market of the next year or so.

One of the bathrooms is a gut job, smallest kitchen you can imagine in a ~2000 sq ft house, HVAC will need refurb or replacement, original windows, etc...you get the picture.

If she were here alone, she would be perfect prey for the 'We buy ugly houses' vultures...but, of course, we moved here to keep that from happening. Question is...

How does one contact legitimate buyers for a house that 'should' be fully restored. The house could be lived in during a 'homeowner reno' but it would challenge the buyer, that's for sure. If someone in the family needed a house, I think we would attempt the reno ourselves; but, my guess is we should sell at a low price and let someone else benefit from all the hard work it will need. What to do? What to do?

[Exiled Texan]

I'm personally in the market for a reno job house like this, but more central. From what I know of the Balconey's Woods neighborhood, it may be a tougher sell as people lack the cash for the reno job.

At higher price points, it is more likely you have older buyers with more cash on hand for reno jobs.

My advice is to seek the advice of a real estate agent who knows that area well.

[AGA]

My opinion would be to fix the things that are "pain in a** stuff" like if it needs a new roof, update HVAC, waterheaters etc and leave the cosmetic stuff (fun stuff) to a new buyer. The updates on those things will make it a more attractive "investment" for someone to live in and rehab...knowing those things are A-OK
That could make it sell faster for a trade-off in investment.

And for sure...contact a realtor that works in that area. Drive around and see who the signs belong to and get a copy of the HOA newslettern or contact the neighborhood association if there is no HOA...the area realtors usually advertise in them for just such a purpose.

[10scoachrick]

Originally Posted by Exiled Texan

I'm personally in the market for a reno job house like this, but more central. From what I know of the Balconey's Woods neighborhood, it may be a tougher sell as people lack the cash for the reno job.

At higher price points, it is more likely you have older buyers with more cash on hand for reno jobs.

My advice is to seek the advice of a real estate agent who knows that area well.

Thanks for the response. The homes in this section of BW go anywhere from lowish 200s to mid 300s, depending on many factors. A neighbor has made initial contact with a 'local expert' RE agent but I wonder about more direct contact with a buyer for this type of project(we don't call them 'flippers' anymore, do we? ).

I really wish this house suited us or we had a family member who could take advantage of the opportunity. In this market, I don't know how much money would be made by a 'middle-man' just looking to resell.

Of course, one 5-10% likelihood would be to rehab and rent. Not likely but we'll entertain all options.

[didadi]

Get an appraiser (who will appraise for the banks during the lender's approval). Only those folks can give you a much better idea than any realtors / agents. I know this might be little sorry feeling for agents,but agents can go ONLY to an extent. Agents will help u to pull up comps info and give a fair idea,but what really the house is worth from $ point of view, bank and their allied folks (here appraiser)
can shed more light. I wish the final appraiser (for the bank) and inspector are 2 most critical steps in house buying!

[Betina Foreman]

You have some options since it is paid for.
1. You could do the updating yourself and sell it for a premium.
2. You could do nothing and sell at rock bottom price to someone willing to do the work required.
3. You could do some updating to get it inot shape so another family would want to lease it. Then you would have a relatively steady stream of income for your aunt. This may be your best choice as it would defray the costs of her care. Then you can sell it when that is no longer necessary.

[kd100]

I am interested in talking to you about your Aunt's house in Balcones Woods. I grew up there and am interested in moving back, but need to find a fixer upper. Would you please send me a message directly?

[didadi]

Originally Posted by Betina Foreman

You have some options since it is paid for.
1. You could do the updating yourself and sell it for a premium.
2. You could do nothing and sell at rock bottom price to someone willing to do the work required.
3. You could do some updating to get it inot shape so another family would want to lease it. Then you would have a relatively steady stream of income for your aunt. This may be your best choice as it would defray the costs of her care. Then you can sell it when that is no longer necessary.

If you want a comparative market analysis I would be happy to do it for you free of charge. This might help you decide which option you want to pursue. I wish you the best of luck with whichever option your family chooses topursue.

- FREE ADVERTISMENT.... REALTOR

[FalconheadWest]

I don't think you should "update" unless you're going to update the entire thing. Many buyers walk into half-updated houses and get frustrated. Either they want it all done or none of it done.

However, updating the main mechanicals of the house would be a great start so you can market it as fully functional and waiting for decorative ideas from new owner. You have a new roof, so make sure the heat, ac, water heater, etc are new and functional so you're not getting the bottom of the barrel offers.

[10scoachrick]

Originally Posted by FalconheadWest

I don't think you should "update" unless you're going to update the entire thing. Many buyers walk into half-updated houses and get frustrated. Either they want it all done or none of it done.

However, updating the main mechanicals of the house would be a great start so you can market it as fully functional and waiting for decorative ideas from new owner. You have a new roof, so make sure the heat, ac, water heater, etc are new and functional so you're not getting the bottom of the barrel offers.

Thanks...that has been part of the dilemma...how much work to do. Frankly, I think I would 'enjoy' this project but time and budget constraints win out. We won't mind leaving a little money on the table but, of course, we want to get as much return as is reasonable for our aunt. Thankfully, the new roof is in place...especially with this weather! The mechanical systems are 'functional' but certainly not the most energy efficient. We're still investigating our options.