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Don't abandon it! List it with a Realtor at a fire-sale price and you will still come out ahead. Remember the land is still worth something. If no Realtors are interested in listing it, put it up for auction with no reserve. That will draw a buyer.
Don't abandon it! List it with a Realtor at a fire-sale price and you will still come out ahead. Remember the land is still worth something. If no Realtors are interested in listing it, put it up for auction with no reserve. That will draw a buyer.
I had no problem passing mortgage with one house where 2 of the 3 bathrooms were not functioning, it had no heat or AC, and part of the foundation was failing. They looked at it, asked me whether I wanted any extra money for repairs, and stamped approved.
I also had not problem getting a loan on a house with no power, no plumbing and no land - or at least the house was not attached to the land it was going to be on when we moved in - it was on land, but not our land. Again no problem. It needed wiring, plumbing, power, hvac, water heater, boiler, a basement, a kitchen, insulation . . . .
They looked at my plans, asked me what experience I had for the work I was going to self perform (but they really did not care) and funded the loan.
I do not think they care about the condition as long as: 1. The price reflects the condition and/or 2. The loan will be a draw loan.
Have you had an contact with the social service agencies in your area?
Quote:
Originally Posted by MaggiN
Hey guys, hopefully someone can lead me in the right direction.
I currently live in my childhood home. I inherited it after my parents passed away and I chose to stay here because the mortgage was paid off long ago. Since I was a new grad when my mom passed, I figured it only made sense to stay where there was no mortgage or rent.
Over the years things have fallen apart but it's gotten worse within the last couple years. There is major structural damage (I discover a cement block from the house had completely fallen off the house) and this past weekend I discovered that a toilet pipe in the basement is so rotted through it's about to break apart and has been leaking. That was the last straw. I don't think this place is healthy to live in anymore. I am temporarily moving in with my sister while coming home to work (I work from home). I really want to get rid of this house ASAP. I don't see how anyone would want to buy it though especially since I have well water and not city water plus the place is just falling to pieces.
I contacted We Buy Ugly Houses but haven't heard from them yet. What other options do I have? I was even tempted to just abandon the place but I don't want to do that to my neighbors or screw myself over in the long run. Do real estate agents list dilapidated homes? I didn't think they did which is why I haven't contact any of them yet. I can imagine them laughing or shaking their heads in disbelief when they see this place, LOL
Also, if I put the house up for sale, do I continue paying all the property taxes and school taxes until it sells?
Oh, and I live in Moon Township, Pa which is about 20-30 min outside of Pittsburgh, Pa.
Thanks!
The OP says they moved into parent's house as a recent grad, but given their lack of basic understanding of simple home mainentance I have to wonder if they are developmentally handicapped in some way. There are social service agencies that can help guide them so them they do not lose any equity this property may have, end up violating their duty to pay taxes, or become the target of an "anti-blight" lawsuit.
Even if they are not developmentally disabled they might be able to at least get some answers from local officials about things like how much other homes nearby have sold for, programs for low income home owner's to get access to funds to repair the home, and the details of the requirements for transfering property through either a sale or donation (some charities will accept property).
The OP may want to explore the actual costs associated with the needed repairs -- generally speaking a home in good condition is much more valuable than one in a dilapidated condition. I have no idea if this home is an area with ghetto like conditions, but if that is the case it is hard to imagine that relatively minor repairs would not be wise to consider.
Contractors genrally will not charge you to come out and estimate the costs of repairs. If you have any coworkers, neighbors, or family members that have reliable plumbers, foundation / masonary contractors, or even general "handymen" you should get several independant estimates.
If you have sufficient savings / income to make these repairs it almost certainly is worth doing. if uou do not have cash you may explore getting a loan to have the work done. In addition to traditional ways to finance this a "home equity loan" availble through a local credit union or bank, there may be funds availble to help disabled and/or low income home owners from local, state, and even federal programs.
It would be extremely foolish to abandon a home. The local and state officials may even pursue fines / criminal charges against you. You would still need to pay taxes.
It is frankly dangerous to contact the folks that claim to "buy ugly houses" if you have no clue about the value of other homes nearby -- bluntly they will rip you off badly!
Please feel free to ask other questions -- learning more will only help!
If the home is salvageable at any where near decent price (not cost more to rebuild it than the value would be when rehabbed), the home has value.
This is the type of home, flippers buy all the time, if there will be a profit when finished.
Call around to brokers, and one will have that kind of clients and would love to list your home.
If it cannot be saved at a reasonable price offer to donate to a fire department as a practice burn home, then clean up the lot and sell the lot. This is done many places to get rid of a home. Some people even get a tax break doing so.
Flippers buy houses like that -- unless the neighborhood is so bad that there is little chance of selling it after it is fixed up. But in a normal neighborhood, they will buy. They pay about 1/2 the market value, but that sure beats getting nothing for the house.
I suggest that you go and find the website REICLUB, sign in, and offer your house for sale as as fixer for whatever half the market rate would be after it is fixed. You just want to dump the house, someone will be happy to take it off of your hands and you will walk a way with a few dollars.
Hey guys, hopefully someone can lead me in the right direction.
I currently live in my childhood home. I inherited it after my parents passed away and I chose to stay here because the mortgage was paid off long ago. Since I was a new grad when my mom passed, I figured it only made sense to stay where there was no mortgage or rent.
Over the years things have fallen apart but it's gotten worse within the last couple years. There is major structural damage (I discover a cement block from the house had completely fallen off the house) and this past weekend I discovered that a toilet pipe in the basement is so rotted through it's about to break apart and has been leaking. That was the last straw. I don't think this place is healthy to live in anymore. I am temporarily moving in with my sister while coming home to work (I work from home). I really want to get rid of this house ASAP. I don't see how anyone would want to buy it though especially since I have well water and not city water plus the place is just falling to pieces.
I contacted We Buy Ugly Houses but haven't heard from them yet. What other options do I have? I was even tempted to just abandon the place but I don't want to do that to my neighbors or screw myself over in the long run. Do real estate agents list dilapidated homes? I didn't think they did which is why I haven't contact any of them yet. I can imagine them laughing or shaking their heads in disbelief when they see this place, LOL
Also, if I put the house up for sale, do I continue paying all the property taxes and school taxes until it sells?
Oh, and I live in Moon Township, Pa which is about 20-30 min outside of Pittsburgh, Pa.
Thanks!
Do you like living there?
Have you investigated the costs of doing some of the work?
Honestly, I see folks routinely who don't recognize whether items are major or minor, and underestimate or overestimate the cost of repairs. Really, nothing you mention strikes me as huge.
You might find a few thousand in repairs keeps you in a house where you can live pretty cheaply.
It should be fairly easy to investigate repairs before just dumping the place.
Do you like living there?
Have you investigated the costs of doing some of the work?
Honestly, I see folks routinely who don't recognize whether items are major or minor, and underestimate or overestimate the cost of repairs. Really, nothing you mention strikes me as huge.
You might find a few thousand in repairs keeps you in a house where you can live pretty cheaply.
It should be fairly easy to investigate repairs before just dumping the place.
Agreed. Don't be a low information owner.
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Have you had an contact with the social service agencies in your area?
