Should I Sell My Home As Is or Hold On?
darfar100 asked:
I have two years left on my mortgage…I am pretty much paying principal at this point. My home would sell for around $165,000 in good condition, however, due to being a single mom I have not been able to keep up with many repairs and I do have some water damage in the basement. I would like to relocate due to a job situation. My question is…should I hold on to my home and pay it off and fix it up or sell as is quickly and move on? Any advice would be appreciated.
This is in a Pittsburgh suburb, nice neighborhood house is located in a cul-de-sac.
Category: Renting & Real Estate | Tags: Advice, Caffeinated, Cul De Sac, Job, Mortgage, Neighborhood House, Nice Neighborhood, Pittsburgh Suburb, Single Mom, Water Damage 5 comments »
December 23rd, 2009 at 7:53 am
Caffeinated Content
I suggest you do something different… Why don’t you take out a small home equity loan… take that $$ and fix up the home where it needs to be fixed. Then, get a property management company and work with them to rent your home out. They usually collect a fee to rent it out, but they take care of everything for you. This allows you to keep the house and have someone else pay for it. Chances are, since you only have a couple years left on it, you can rent it out for a low price and STILL make $$ on it. Then, at some point in the future, you can still have that house to sell when the market recovers. It’s a bad time to sell right now.
I hope that helps.
December 25th, 2009 at 8:21 pm
Caffeinated Content
If I knew what City it would help. Depending upon how heavy the repairs would be it seems it would be wise, with as little as I know, to sell the house. What I would do is take bids on it for now if you decide to move it set a goal of so many months or ??? take bids and sell it to the highest bidder. MAKE SURE THE CONTRACT IS READ BY your County or District Attorney (I believe you can get help pro bono) and be sure it is sold AS IS. Do not settle for less! Hang tight and God Bless U. I am here if U need !
December 27th, 2009 at 3:59 am
Caffeinated Content
It’s not going to make any difference at this point, since you only have two years left.
Get an APPRAISER, not a Realtor, to give you an estimate of what the home should sell for with or without the repairs.
A Realtor is not qualified to answer that question and is not trained nor licensed in the actual cost of repairs.
PS: I really wish that “Greeter” would stop telling people to go to the District Attorney about everything in his posts…a District Attorney is a CRIMINAL lawyer that represents “the people” of a District. They are NOT there for ANY type of civil case…and that is what contract law is…it’s civil….he is not there to give free legal advice for everyone that asks for it…if he was, then there would be no such thing as legal aid.
December 28th, 2009 at 2:58 pm
Caffeinated Content
No lender will issue a loan with water damage in the basement, so it would be in your best interest to get that fixed first. Even though you want to sell your home “as is” there are some things that won’t fly.
Can you rent it for enough to cover your PITI, maybe someone that will do repairs and deduct it from the rent (with your approval, of course)?
I’m sure other helpful folks in here will have suggestions too.
January 1st, 2010 at 1:35 am
Caffeinated Content
If you don’t want to be living there 5-10 years from now, sell it.
Get a professional appraisal, then put it on the market for that much, minus the cost of repairs, minus another $5,000 because the repairs will cost more than just cash (he’s buying a fixer-upper, and that’ll turn off a lot of people).