|
Post by flylady on Jan 16, 2010 2:23:48 GMT -5
Has anyone done it? I went to the bank and thought I would see if I could refinance so I can move house to a better suburb ( I live in a super bad area! ) and the bank said YES! Trouble is I live in squalor, I can get my act together and get rid of the junk and garbabge, but I know I can not do the other stuff like painting and gardening, new carpets e.t.c. Do people buy houses that are ugly and yucky? It will take a while say 6-8 months, to get things ready, but, that's just getting rid of the stuff. Thanks for any insight.
|
|
|
Post by brenda on Jan 16, 2010 2:26:25 GMT -5
Yes, you can sell your house as is but you will get far less than if you got it in top notch condition.
Brenda
|
|
|
Post by flylady on Jan 16, 2010 2:48:06 GMT -5
I would just be so glad to get rid of it and start again!
|
|
|
Post by Evelyn on Jan 16, 2010 3:17:38 GMT -5
Oh, heck yeah. My sister & BIL bought an ugly, yucky house as a "fixer-upper" - the interior walls were all a dark olive green; the master bedroom seemed to have been decorated for the Spanish Inquisition; and the kitchen stove appeared not to have been made from metal, but carved out of congealed grease. The most truly special touch was the hot pink paint inside the medicine cabinet of the otherwise all-olive-drab bathroom. Somewhere out there, there is a young couple like my Sis & BIL looking for an "ugly, yucky" house just like yours.
|
|
|
Post by bigtimetroubles on Jan 16, 2010 7:40:29 GMT -5
have you never seen the ads from Homevestors? Ugg buys Ugly houses? it is a shame you have to part with the place for low money but moving to new digs in better neighborhood is sensible sense realestate is location location location.....hugs bigtimetroubles....look in phone book for homevestors
|
|
|
Post by Chris on Jan 16, 2010 13:37:12 GMT -5
Here in our city it's done all the time. There is one remodeling guy who has bought up a bunch of homes near us and then sold for way more after he fixes them. The house next door went for $45,000 as it was and then the re modeler guy sold it for $89,000 after upgrading electricity, A/C, painting, redoing floors etc. Mostly cosmetic other than the A/C and electrical. I happened to be around and he showed me the inside after they fixed it -- I had known the woman who used to own the house - she is elderly and moved to live with her daughter. But anyway, I would not be ashamed. I figure and plan that someday I'll be doing that -- selling this house -- I don't intend to spend to remodel it other than necessary urgent plumbing and electrical because it's way out of my financial reach to do so. I hope you get a good price -- you may be surprised and get more than you think it's worth. Good luck!
|
|
|
Post by shopgirl on Jan 16, 2010 14:39:08 GMT -5
The market is still not too great, so I think waiting 8-9 months before you put it up is a good idea. Unless it's in a good school district: then people will shop for houses in April and May. (So they can close and move-in in time for school to start for the kids in August.) But since your house is in a not-great neighborhood, I assume people aren't clamoring to get their kids into the schools there, so the time of year is not as important. Make sure it's clean before you put it on the market. Decor doesn't matter.
|
|
|
Post by charis on Jan 16, 2010 15:37:51 GMT -5
I think you will also have to prepare for it to take a longer time to sell than it would take if you had the money to have it recarpeted and painted, even if you do discount the price. Most buyers are not prepared to come in and do major overhaul on a house, so you will have to wait on a smaller pool of buyers. I am sure here are people looking for a big bargain in the right location though.
|
|
|
Post by flylady on Jan 16, 2010 20:02:40 GMT -5
Thanks for your advice, I really appreciate it, I am at the point where I feel so suffocated and can't breathe, I need to get out, the bank man is coming over on Wednesday to do a valuation so I can refinance, this has to be done, but that's OK, I will just leave hubby to do it and I will take the kids out. After that I have 6 months to get the house ready, to then put on the market. I have junk everywhere. I can see myself in the new house already having friends over and having kids over and being able to leave my front blinds open and not having to lock myself in! The new house will have built ins which mean I can get rid of some yucky wardrobes! I can't wait! It will be a long road, but I am ready!
|
|
|
Post by dailystruggle on Jan 16, 2010 20:21:01 GMT -5
If you don't want to paint yourself, I'm sure that you can hire a teenager fairly cheaply to do it for you. And, added bonus, you don't have to worry about covering carpet if it needs replaced anyway. I'm just thinking that even if the carpets are dirty, a nice coat of paint does help to make things look better by helping the buyers visualize the space that they have to work with. It might help you to sell it easier.
DS
|
|
|
Post by illuminata on Jan 16, 2010 21:40:31 GMT -5
Well...WE bought an ugly, yucky house.
|
|
|
Post by clutterfree on Jan 16, 2010 21:49:04 GMT -5
I tried calling Homevesters several months ago, because they have billboards up right near Alton, which is only 25-30 minutes away. They don't buy houses in my county, however.
If they do in your area it's worth looking into, but I think you can rpobably get more if you just advertise it as a real fixer-upper. I think Homevesters gives you cents on the dollar for what your house is worth, but they buy almost anythign and pay cash, closing, etc. So for many it's well worth it.
I want to sell this place as is, too, and will sell it ridiculously cheap to get out from under it. I just want to rent a small house for us so that big repairs aren't my financial problem.
|
|
|
Post by mish on Jan 16, 2010 23:09:16 GMT -5
I wouldn't bother about the paint and carpet, etc, myself. As others have said, advertise it as a fixer-upper, and the people who are into that will come! And you don't want to be out thousands of dollars for paint and carpet that the new owners might replace anyway. Just clean up and sell, and walk away without a backward glance. Phew!!
|
|
|
Post by phoebepj on Jan 17, 2010 19:47:40 GMT -5
I would simply clean really good, and do a simple paint job, neutral color (tan or white). I'd also consider ripping up any carpets that are in really really bad shape, or at least having them professionally cleaned.
I'd also get the electrical system checked and the roof/structure of the house examined because if the buyer finds problems, they may not give you full return on your investment and you'll probably end up having to settle for way less than you *could* make.
|
|
|
Post by 60isolderthanithot on Jan 18, 2010 15:27:06 GMT -5
Most of the mistakes I've seen in home sales of needy properties have come from thinking that there's a good chance of getting the "investment" back on sale - often a sale in the near future. In my experience, doing more than simple safety repairs are an expense which never comes back. There are plenty of toxic "improvements" too. Such things as swimming pools are as repulsive as they are attractive. Unless more than half the homes in your area have pools, don't spend a dime on it.
The majority of value in a house is in the neighborhood. It's rare to lose more than 20% of that basic value in a property unless it's missing things from the floor plan. If it's a 2 bedroom home in a 3 bedroom neighborhood, you can see from the Multiple Listings service in that area how much - rather exactly - it will cost. If it's a cosmetic problem - peeling paint, worn edges on the trim, dead landscape plants, it might not pay at all. No kidding. You could just as easily make it up by not hiring a realtor. They rarely earn their keep anyway. They eat up equity for, essentially, doing a little paperwork. It costs less to have a lawyer look over the papers after you've got a buyer in hand. These days, there are so many Sell-It-Yourself kits, you have all kinds of choice.
If you do decide to improve/repair, don't hire teens or fly-by-nights, they do a TERRIBLE JOB and it's false economy to waste money like that. You will end up with the same offer as when it was just old paint.
|
|