Selling home as-is? (Philadelphia, Twilight: sales, real estate, credit)

[TwilightMom]

Just looking for some input. My family is looking to move, the sooner the better for us. No big issues, we just want to be elsewhere.

My house needs some work to be in showroom condition. It's not falling apart or anything, but needs a little nip/tuck here and there.

I'm just really loathe to spend the money to get it fixed up, because I really don't think I'm going to recoup any of that money in this market. A house nearby that also needed some work recently sold for a bit over $125K. I was thinking about the possibility of pricing it lower than other places in the area and trying to sell it as-is. As long as I make enough money to pay off the existing mortgage, taxes/fees and have a little left over for furniture in the new place, I would be happy.


I'm in between Frankford & Torresdale, near Cottman. Does anyone have any experience with this sort of thing?

Thanks!

[andreaspercheron]

You'd probably be better off posting in the real estate section. From what I know about this kind of thing, you are probaby going to take a loss. Not only is the market such that people are taking way below what they are asking but, if your house needs work, you can bet the buyers are going to pick out every single thing wrong and use it to their advantage when making an offer. You may be better off at least doing some repairs and then being realistic about your asking price. Best to get a realtor to help you though.

[Eyes]

Now is a great time to put your home on the market.

There is a tax credit for home buyers ..
People may have a little extra cash with tax refunds.
Philadelphia is holding better home value ...

However this ends in April and must close by June ...
Home sales will drop like a rock after April.

Get rid of any clutter ..
Make sure all your closets and cabinets are holding only the bare minimum that you need.

Ask a real estate agent to look with fresh eyes. .. AND ask them to be brutally honest.

Give it a really good cleaning and paint where you needed.
Make sure the front is also clean and neat.

If you choose to store your items in a storage .. rather then donate or pass on to others.
Put boric acid powder in the bottom of your boxes and line them with trash bags.
Make sure to mark the contents on the outside of the box and to which room it belongs.

Your home will now be ready to show and will sell faster and get better offers.

In addition many of your things will be ready to move to a new home.

The boric acid in the boxes will help prevent critters from moving in and the trash bags can be reused to save money.

DO NOT LEAVE THE BOXES IN STORAGE ...
If you have not sold your home by the end of April ..
Maybe you don't need what it in storage ..
It can cost thousands to leave items in storage... that you don't need.

[elflord1973]

Originally Posted by TwilightMom

Just looking for some input. My family is looking to move, the sooner the better for us. No big issues, we just want to be elsewhere.

My house needs some work to be in showroom condition. It's not falling apart or anything, but needs a little nip/tuck here and there.

I'm just really loathe to spend the money to get it fixed up, because I really don't think I'm going to recoup any of that money in this market.

As a potential buyer, I tend to avoid "as-is" listings. As-is listings seem to sit on the market even when steeply discounted.

If there's are no serious defects, why offload them onto the buyer ? If the inspection brings up minor issues, you can always negotiate a credit instead of agreeing to repair it. This is good for the buyer too because they get to use their own contractors which gives them more control over the process. Also, you don't have to do agree to everything the buyer asks for -- for example, the buyer might want refinished floors, a new paint job and perhaps a kitchen upgrade and a new roof, but it's not your responsibility to do this. What they can more reasonably ask for is that structural problems and safety hazards be addressed.

[slickvic277]

my answer from the "other" forum,

It depends on what it needs?You have to have full disclosure on anything you know about the house.Be honest.I wouldn't ask for a lower price,price it according to the area and let potential buyers make an offer,just let it be known that you are flexible.The reason why I say this is after some one makes you an offer they will have a home inspector come through,they will no doubt find things that need to be addressed that you didn't know about.Knowing it needs some work you will get low ball offers no matter what you ask,so start out around market price and have a number in your head that your willing to accept.
I was in a similar situation when I sold my house in Tacony.It needed some work but I didn't want to dump money into it.I approached the sale the way I just described to you and I ended up making out pretty good in the deal.

[slickvic277]

In addition to what I said above there are some small things that can go a long way and want cost you a lot of money in the scheme of things.,
1) new water heater.
2) fresh paint
3) fresh coat on the roof
4) keep the property clean
5) like stated before get rid of clutter

It really doesn't take a lot,be flexible but don't sell yourself short.