Advice selling a fixer upper house (agent, investment, commission, mortgage)
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Hi, Can anyone please help me? I have a run down fixer upper house I need to sell asap. Is it best to go with a realtor or a "we buy houses" type of company? I have a loan I'm paying and putting another penny into it makes me sick or paying taxes when they come around? It needs to be gutted, there is a leak that needs repair prior to selling (if I go w/ a Realor), I don't think I'dhave to fix that for the other option? It's a ranch in a really great neighborhood. PLEASE anyone who can advise me I would really appreciate your help. I'm in a real jam and need to get out from under it. I have @ 15k left to pay on it. I figure the frame of the home as well as the land is worth alot more than that! I know there are people who buy these run down homes and flip them? Can anyone give me some good advice and guidance in this difficult decision? Thank you very much.
No personal experience but my agent told me these type of companies typically pay about 60% of what you might get in a regular sale. If that's good enough or you are in a real hurry, then go for it.
Listing with a realtor doesn't change what you need to do to repair the property. An investor with cash can get it in any condition. But the lender has certain requirements for the condition of the house that anyone who needs a long will have to have. Your house has to be priced to sell to an investor or cash buyer.
My advice would be to look for a "we buy houses" company if you're in a hurry to sell.
Listing "as is" with a realtor might get you a little more $$$ but it would probably take longer to sell. And, if the house really needs to be gutted, a realtor may not have clients who are interested in that much work.
My advice would be to look for a "we buy houses" company if you're in a hurry to sell.
Listing "as is" with a realtor might get you a little more $$$ but it would probably take longer to sell. And, if the house really needs to be gutted, a realtor may not have clients who are interested in that much work.
But listing it with a realtor will get it on the MLS. I am an investor and I buy distress properties. I look on the MLS all the time. If you sell to or distress property broker (wholesaler) you will probably get less money..... but considering your situation talk to both real estate agent and a wholesaler.
Hi, Can anyone please help me? I have a run down fixer upper house I need to sell asap. Is it best to go with a realtor or a "we buy houses" type of company? I have a loan I'm paying and putting another penny into it makes me sick or paying taxes when they come around? It needs to be gutted, there is a leak that needs repair prior to selling (if I go w/ a Realor), I don't think I'dhave to fix that for the other option? It's a ranch in a really great neighborhood. PLEASE anyone who can advise me I would really appreciate your help. I'm in a real jam and need to get out from under it. I have @ 15k left to pay on it. I figure the frame of the home as well as the land is worth alot more than that! I know there are people who buy these run down homes and flip them? Can anyone give me some good advice and guidance in this difficult decision? Thank you very much.
Keep the used home salespeople out of the loop on this one. They will do nothing more than cost you money and time trying to get rid of it. Since you only want to get out from under it I would expect you are willing to take what is owed on it as long as you walk away not paying anything?
This is what I would do and do aggressively. Go to meetup . com and find the real estate investment clubs in your area. Sign up and get on their mailing lists. Check out their member list and see how many email addresses of investors you can get from it. Send out emails to all of the investors advertising your home for sale. Set your price at what you owe plus what the normal transaction costs are for a seller in your area. When they approach you discuss that you will sell it for what is owed as long as you walk away paying nothing, nadda, zilch, not one dime. If it is worth more than 15K even in its current condition you will have plenty of people lining up at your door to buy it and buy it fast. For an investor 15K is an easy cash sale.
My fear is that the OP is so unsophisticated that if they attempt to deal with either "an investor" or "wholesaler / 'we-buy-ugly-homes' scammer they will be fleeced and left owing their lender a big pile of money that they can't pay and will have ruined credit / edge of bankruptcy...
It is VERY VERY VERY different to have a mortgage with a remaining balance of $15k on house with a market value of say $75k and to have that same $15k balance remaining on a place that is in some trashed out neighborhood where vacant lots aren't selling when listed at $10k (which seems VERY unlikely as the OP says it is a "really great neighborhood" however some posters seem to seize any tenuous opportunity to spout nonsense as some revenge against a bad experience with real estate agents...).
If the property is listed honestly, stating it would not be eligible for FHA financing, and the seller discloses that it is "as-is" honest investor-type buyers will probably make offers. MLS is a great tool to help sellers expose their property to ALL buyers. It is fine to interview multiple real estate agents. Discuss your whole situation. Ask for a fair deal on commission and selling costs.
By law real estate agents MUST look out for the financial interests of the sellers -- there is no such relationship when using other avenues of finding a buyer. Unsophisticated sellers can really get hurt...
Last edited by chet everett; 08-22-2011 at 07:25 AM..
My fear is that the OP is so unsophisticated that if they attempt to deal with either "an investor" or "wholesaler / 'we-buy-ugly-homes' scammer they will be fleeced and left owing their lender a big pile of money that they can't pay and will hqce ruined credit / edge of bankruptcy...
It is VERY VERY VERY different to have a mortgage with a remaining balance of $15k on house with a market value of say $75k and to have that same $15k balance remaining on a place that is in some trashed out neighborhood where vacant lots aren't selling when listed at $10k (which seems VERY unlikely as the OP says it is a "really great neighborhood" however some posters seem to seize any tenuous opportunity to spout nonsense as some revenge against a bad experience with real estate agents...).
If the property is listed honestly, stating it would not be eligible for FHA financing, and the seller discloses that it is "as-is" honest investor-type buyers will probably make offers. MLS is a great tool to help sellers expose their property to ALL buyers. It is fine to interview multiple real estate agents. Discuss your whole situation. Ask for a fair deal on commission and selling costs.
By law real estate agents MUST lookmoutnfor the financial interests of the sellers -- there is no such relationship between other avenues of finding a buyer. Unsophisticated sellers can really get hurt...
^^Yes, That!
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