Selling my inherited house - which way is best?

[micheleq]

Don't list with a relator if you have potential buyers that are investors (I assume they are contractors that will tear down, hence potentially no need for inspection and def. no need for a home warranty). I voted take the money and run. Save yourself the time, money and aggrivation! If you have a cash offer now, TAKE IT. You may list with a realtor and have this house sit on the market for a year or more.

Good luck!

 

[marlynnp]

<snip>

The house does need paint inside & out and has the original kitchen (appliances & lino flooring). The upstairs bath has peeling flooring which migh suggest water damage and the roof probably needs to be replaced but that can be covered under insurance which is still in force (I know, because I wrote the check in Feb.).

<snip>

I am confused by your statement concerning insurance coverage.
You do realize that insurance does not cover roof replacement unless it's damaged by a storm or tree falling, etc., right?

And even then you'd be hard pressed to get much on a 24 year old roof.

 

[Taja]

Normally, I'm in the hold out, make repairs and sell it later camp.

In this case, I'm with the "take the money and run" group.

Reason #1: Location, location, location. If it's in a bad location that is not trending toward an upswing, you could be waiting years for the price to increase, even with the repairs and renovations. Your return on investment would be slim, and you have about $7200 annual carrying costs, even without the repairs and renovations.

Reason #2: It sounds as though this inheritance is causing you stress with your family (did not read previous post). And you're likely to net about the same amount of money either way, unless the market changes suddenly and drastically!

It's a great idea to spend some time--the weekend--to think things through. Put the various scenarios in writing--complete with $$$$$ so you have a clear picture.

Good luck with your decision!

 

[deerhart]

Uh, I haven't signed anything with anybody yet. I just asked these people to run unconditional and free numbers for me I am taking the weekend to finalize my decision and thought I'd ask my wise Disfriends for some free unadulterated advice

ahh misread what you wrote. I thought you said you signed the contract. If you didn't then by the time you pay a realtor, pay all the expenses while the house sits there until it sells, your not going to net much difference then if you just sell to an investor now.

 

[dd50]

I would take the money and run. The stress alone isn't worth it for not that much more money. Make sure that when you sell that you are selling "as is".

 

[DisMN]

I'd take the money and run. My thoughts would be that *I* didn't pay for the house so anything less than what your mother paid for it isn't really your loss anyway.
Right now all you're doing in paying for upkeep is spending down any money you'll actually GET selling the house.
What I'm saying is that for you there is no loss, no real need to compare what was paid for the house and what you'll now actually get for it.

Good luck!

 

[Bren's Mom]

Given the current housing market, it's highly unlikely that you'd be able to list for $82k and sell for $80k. Most likely the sales price would be lower, and with additional concessions. Plus, you have no clue what might show up in a home inspection. And you're paying carrying costs in the meantime. And if the house is on the market for a long time, you have to worry about infestations, potential damage or a big ticket item giong wrong...not worth it.

Sell it the one of the investors. $58,000 as is.

 

[Irin997]

Sell it the one of the investors. $58,000 as is.

A "potential" extra $6k-$8k isn't worth the hassle of dealing with a realtor and listing the house and then hoping it will sell fast. SELL NOW! An investor will be a cash transaction - no financing, nothing. You can close super quick and be done with it.

Good luck!

 

[bettymae1121]

take the $$ and run and get $$ back on the taxes and insurance you pre-paid. Are you living in the house? 'cause if you're not then you might have to get a higher premium insurance since the home in not occupied, then when the buyers come and when it goes to get approved by mortgage company (hopefully getting to that point) there might be delays and you'll have to stress it's "as is". A dear friend was in this position and she went through 3 offers until on finally went through with financing.

WHat I'm trying to say is "it's just not worth getting $5-10K more (which will be split up anyway) for the wear and tear on your part vs. a sure thing.
Good luck with your decision.

A "potential" extra $6k-$8k isn't worth the hassle of dealing with a realtor and listing the house and then hoping it will sell fast. SELL NOW! An investor will be a cash transaction - no financing, nothing. You can close super quick and be done with it.

Good luck!

Ditto. Super ditto. Infinity ditto.

 

[stitchlovestink]

I am confused by your statement concerning insurance coverage.
You do realize that insurance does not cover roof replacement unless it's damaged by a storm or tree falling, etc., right?

And even then you'd be hard pressed to get much on a 24 year old roof.

she said the roof was damaged in a hail storm....that would be a covered insurance peril.

Could you go back to each of the two investors offering the same amount and see maybe if one of them would be willing to cough up an extra $1K or $2K?? just a thought....

 

[JamesMom]

OP, here

Thanks for all the replies. Overwhelming y'all agreed with what my gut is telling me: SELL!

I contacted the investor who gave me an offer and asked for a contract. I should have it by this evening. On Tuesday, I'll run the contract by my lawyer to make sure nothing hookey is going on and hopefully will be done with this problem in two weeks.

It just a cotton picking shame that it has come to this. I guess I'm not done mourning yet...