Can I sell a home that needs work? (Palm Bay: sales, 2015)

[FlatsYakker]

I have a house in Palm Bay that needs work and was wondering if there is a market out there for houses that can be flipped. The outside of the house is good, new siding in 2015, good roof, A/C, etc. The issue is that the house needs new bathrooms and kitchen and floors. Do people buy houses in this condition or will I have to remodel it first and sell it after it is fixed up?

[Nypafl4u]

There are plenty of flippers that would love to buy your house in "as is" condition. They will offer you a cash purchase, with quick closing, but at a price well below market value. It is an option for those that do not have the funds or desire to do the repairs before the sale.
So in short, you can sell a house that needs repairs in this way.
Typically banks won't lend money through a mortgage if there are extensive repairs needed. So you may find that an investor is your best choice.
Personally, I would try and get the repairs done and work with a good realtor to give you ideas on what really needs to get done (and how good it should be in your market/neighborhood). Then you can list to a wider audience and get more for the house in the long run. Just my opinion, unless cash is needed fast.

[FlatsYakker]

Originally Posted by Nypafl4u

There are plenty of flippers that would love to buy your house in "as is" condition. They will offer you a cash purchase, with quick closing, but at a price well below market value. It is an option for those that do not have the funds or desire to do the repairs before the sale.
So in short, you can sell a house that needs repairs in this way.
Typically banks won't lend money through a mortgage if there are extensive repairs needed. So you may find that an investor is your best choice.
Personally, I would try and get the repairs done and work with a good realtor to give you ideas on what really needs to get done (and how good it should be in your market/neighborhood). Then you can list to a wider audience and get more for the house in the long run. Just my opinion, unless cash is needed fast.

Thank you. I was wondering about the mortgage part. I don't need to have cash fast. I just want to get rid of it. When you say market value, do you go by say the zillow estimate or do you go by the property appraisers value?

[Nypafl4u]

What is currently selling in your area. Many variables. You can use Zillow very loosely. It does not take many things into consideration. Having a good realtor may be your best get. Pick their brain on market value. Bank Appraisal is important too, if a ,or tagged is needed by buyer.
You can research values on your own, but it is a lot of leg work. A realtor can cut through and hone in ony your specific area.

[lio45]

It can most definitely be sold as is, that's for sure.

You could also consider financing your buyer, given that you don't need cash at the moment. You'd probably get a noticeably higher sales price this way than if it's a "cash only" case.

[MyITGuy]

In addition to people who flip houses, there are people who would put in the sweat equity by buying low and making the repairs as their funds allow, or by getting a construction loan for the improvements.

[ExIslander]

It also depends on exactly what you mean by "fixed up." Worn and dated is one thing, broken or unlivable is another.

[FlatsYakker]

Originally Posted by ExIslander

It also depends on exactly what you mean by "fixed up." Worn and dated is one thing, broken or unlivable is another.

I meant worn and dated. The house was built in the 80s so it still has all of the old 80s stuff in it. (Popcorn ceilings, old counters, carpet, etc.)

[Nypafl4u]

You can still get a mortgage on that. You just won't have as much value than an updated home.
Working stove, electric to code, no leaks in roof or broken windows, plumbing working, and no foundation or drainage issues, you are fine to advertise it on the open market and should get mortgage approval.

[lio45]

Originally Posted by FlatsYakker

I meant worn and dated. The house was built in the 80s so it still has all of the old 80s stuff in it. (Popcorn ceilings, old counters, carpet, etc.)

I wouldn't even call that "needs work". It's just dated. Doesn't prevent the house from being fully functional and making a family happy (they can then slowly work on updating it, if they wish to, which they probably will).

Why don't you want to keep it and rent it...?