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At what point does it make sense to sell a house "as is"
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Date: May 26th, 2013 10:15 PM Author: Low-t insane theater stage regret Parents live in a house in a larger city, high demand suburb. They haven't taken care of the house at all though, and there is a laundry list of things to do. There is a leak in the roof, they had and may still have mice, there are roaches that pop up dead, prob a shit ton of dust mites, etc. plus garden is overrun.
If they fix it up they could prob sell it for 100-150k more than they bought it. It would prob cost 20-25k to get it there. But they won't let anyone work on the house unless I'm present, and I have a firm job in another city. If they sell it as is, I'm certain that they could get what they paid for the house. Their remaining mortgage is half of their purchase price.
Oh, and we have tried to renovate the damn place for nearly 5 yrs now. its just impossible given the fact that they aren't clean people, the existing deficiencies in the house, and my busy schedule.
They would be moving from a 3500 sq ft house into a 2 bedroom condo. Condo would be much easier to keep clean and no land for them to care for.
As much as I hate to admit it, this is looking like a situation where we just need to get rid of the house ASAP. Thoughts? |
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Date: May 26th, 2013 10:19 PM Author: Comical State you have to convince them to get the basics done, things like mowing the lawn, cleaning up some of the garden, and getting rid of pests. would they really object if someone came to do work outside when you're not there?
if the area really is in high demand, with the market the way it is, you can still do very well. |
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Date: May 26th, 2013 10:29 PM Author: Low-t insane theater stage regret Outside work is ok. But immreally worried abt the inside. I've been here 24 hours and I'm wheezing and have a headache. I think from the dust mites etc. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275652) |
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Date: May 26th, 2013 10:32 PM Author: Comical State sounds like you need to get professional pest control in. to get a reasonable sale price without spending a fortune, you need to get the place up to minimal habitable standards. The goal is for someone who doesn't like every aspect of the house to be able to live with it until he renovates.
don't bother with professional landscaping and shit like you mentioned below. hire some mexicans to pull the weeds out and cut the lawn.
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Date: May 26th, 2013 10:58 PM Author: Blathering field fortuitous meteor Mexicans are 180 for outside work. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275865) |
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Date: May 27th, 2013 8:33 AM Author: Low-t insane theater stage regret How the fuck do I find these Mexicans? I literally went to four to five Home Depots and lowes yesterday but no luck. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277198) |
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Date: May 27th, 2013 1:00 PM Author: provocative property (chill, fratty bro attending slave auctions at Lowes) (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277779) |
Date: May 26th, 2013 10:16 PM Author: vibrant filthpig (Arrested in the UK) (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275530) |
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Date: May 26th, 2013 10:25 PM Author: Flushed coldplay fan volcanic crater 20-25K worth of renovation is not going to bring in an extra 100K. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275619) |
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Date: May 26th, 2013 10:27 PM Author: Low-t insane theater stage regret Re doing the whole front and back landscaping will be 6k
General updating in the house will prob run another 15-20k to update the kitchen, bathrooms, living areas |
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Date: May 26th, 2013 10:31 PM Author: Flushed coldplay fan volcanic crater OK, but you're not going to get anywhere near another 100K out of the house for doing that. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275666) |
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Date: May 26th, 2013 10:34 PM Author: Comical State can you really get much done in terms of kitchen/bath/living area updates for 20k? a kitchen update alone is often 60k plus the new owner may not like the style you choose.
how much do you think you could get for the house as is? |
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Date: May 27th, 2013 10:08 AM Author: Lemon personal credit line Update as in new floors, cabinets, counters, and appliances?
LOL no
Could be as low as 7-8k in materials if you shop smart, but having someone walk in and take care of it for you will be expensive as fuck. Hiring pros is expensive. This is why having some spare time in life is credited. |
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Date: May 26th, 2013 10:32 PM Author: Thriller dilemma Is the house in a tear-down neighborhood? (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275670) |
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Date: May 27th, 2013 8:26 AM Author: stimulating red psychic kitchen tcq (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277194) |
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Date: May 27th, 2013 8:32 AM Author: Low-t insane theater stage regret No, in a more upscale suburb (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277197) |
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Date: May 27th, 2013 9:54 AM Author: trip mentally impaired private investor hell The key question is whether the house is amongst the "lesser" houses in the upscale, high-demand suburb. Is it the sort of house that a developer might want to buy, tear down and re-build or substantially gut and rennovate, and then flip irrespective of whether a few repairs were done? If so, that prospective buyer would prefer that you not make meaningless fixes.
Basically, is it plausible that someone could rebuild/expand/improve the house to double it's current value? |
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Date: May 27th, 2013 10:11 AM Author: Lemon personal credit line Right but is it so upscale relative to the house that the most profitable thing to do would be to tear the house down and build something way better, or does it just need some work (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277291) |
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Date: May 26th, 2013 10:33 PM Author: Alcoholic sneaky criminal Sorry, but no house in Detroit is worth more than $15k. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275686) |
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Date: May 26th, 2013 10:36 PM Author: Comical State also, what are your parent's finances like? is their equity in this home a significant portion of their retirement nest egg? if so, it's important to maximize what they get out of it. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23275704) |
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Date: May 27th, 2013 8:16 AM Author: Low-t insane theater stage regret Parent has ~300k in savings/retirement and a guaranteed pension of 24-26k a year for life. Only one parent, not two. House equity is currently 60-80k but could be as much as 170k if we sell it at a comparable price to neighboring places. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277186) |
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Date: May 27th, 2013 11:12 AM Author: bistre excitant gaping fucking pensions (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277470) |
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Date: May 27th, 2013 9:46 AM Author: ocher stead simple, if house has structural defects, sell as is, else fix it then sell. (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23277260) |
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Date: May 27th, 2013 12:32 PM Author: Soggy angry plaza Can't they just live there until they die? Then you can fix it up, ????, profit. Sounds like renovating/cleaning wont do any good as long as they are alive.
Also, given your description of them, now imagine a 2br condo where they have far less storage room and yard. Now go watch a few episodes of Hoarders, ???, realize the above is TCR. |
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Date: May 28th, 2013 9:47 PM Author: Low-t insane theater stage regret (http://www.autoadmit.com/thread.php?thread_id=2266409&forum_id=2#23287669) |