Sell House As-Is

[GAJ]

Price it right and it will sell as is, quickly.
Anything, anywhere, for the right (read:cheap) price will sell.

An appraisal is definitely the first step.

 

[Saurus]

Average home price now in Tracy is around $400k, average rent is $2,000 so you should get interest from somebody wanting to buy it and rent it.

What, in your estimation, needs to be done?

Exterior, (paint, roof foundation).

Interior, (paint, mold remediation, major upgrades).

Landscaping?

If the upgrades can all be done for under $50k you may be able to just put it on the market as is and get $350k for it.

What does the appraisal say?

I think the roof (tile) is solid, no leaks, etc.

Interior paint and mold, etc, definitely

Garage floor definitely.

Landscaping definitely.

Large tree removal, at least one, maybe 3, because of walkways and foundation shifting up.

I have my own home, and a small business which takes most of my time. The effort and time to deal with this is just not worth it to me right now. I'm willing to let someone else do what's needed and make a profit.

 

[GAJ]

I think the roof (tile) is solid, no leaks, etc.

Interior paint and mold, etc, definitely

Garage floor definitely.

Landscaping definitely.

Large tree removal, at least one, maybe 3, because of walkways and foundation shifting up.

I have my own home, and a small business which takes most of my time. The effort and time to deal with this is just not worth it to me right now. I'm willing to let someone else do what's needed and make a profit.

Really doesn't sound that bad...I'd hire someone to get rid of the mold and paint everything white inside, should be less than $2,000 or so, then get an appraisal and list it at the appraisal price and allow the buyer access to the appraisal.

As a landlord I've bought houses like that and appreciated it.

Good luck.

 

[aminalmutha]

Give you tree fiddy

 

[dmaxAl]

op like others have said, get an appraisal, make sure it includes good comps in the neighborhood. I get wanting to ditch the place, take the money and run. But like Geoff here is saying, it is a good mid-long term rental investment.
The bay area's economy is surging again, and all the original motivators for the 580 corridor commute are back in play again. Arguable whether the freeway improvement will improve the commute, but it will mitigate top end drives times. Who knows.. But you already own the property outright, meaning it already represents real equity as a rental proposal..??

 

[mikev]

PM sent.

The market is silly again. Good time to sell, regardless of condition. Rents in Tracy aren't sky high yet either but if you don't want to bother fixing it up and making it a rental you will sell quickly.

 

[goodness-707]

Not a realty expert, but I seem to recall that an "as is" sale means there is known shit wrong with the structure/sewer/etc., and the owner is not willing to pay to have it fixed. Banks usually (or used to anyway) require a higher down payment on as-is houses, and that limits your buyer pool.

All that said... landscaping, trees, and paint won't cause a house to go on the market as-is (you should have seen my place when I bought it), and you'd be shocked at how little impact fixing that stuff will have on the selling price. You'll probably spend 20k to bump the selling price by 5k. A good looking house will sell quicker for sure, but not for much more.

 

[jh2586]

It would be well worth it to fix it up a little and sell for a higher amount. You can even take a secure loan (house as collateral) to pay for the repairs and rennovations, then just pay it back when you sell the house for a much higher cost. Profit!

 

[Yakoo752]

All that said... landscaping, trees, and paint won't cause a house to go on the market as-is (you should have seen my place when I bought it), and you'd be shocked at how little impact fixing that stuff will have on the selling price. You'll probably spend 20k to bump the selling price by 5k. A good looking house will sell quicker for sure, but not for much more.

It really depends on the location. No amount of money spent on my home would increase it's value. I would need to bulldoze and build new. Even if my home was in pristine condition, it is 65+ years old and no longer fits in the neighborhood.

My Sunnyvale house was the exact opposite. I put $40k into it for a significant increase in value.

It would be well worth it to fix it up a little and sell for a higher amount. You can even take a secure loan (house as collateral) to pay for the repairs and rennovations, then just pay it back when you sell the house for a much higher cost. Profit!

not necessarily true. You have to look at neighborhood comps to see what you could even get for the home. If the house is a tear down, it's a tear down and you just need to list it. As-Is, is just that. You are selling it with unknown issues and are not open to inspection... this means the buyer is putting 51+% of the value down to avoid appraiser/inspection requirement from their lender.

OP - I assume you are now responsible for taxes and liability? better make up your mind sooner than later

 

[planegray]

It really depends on the location. No amount of money spent on my home would increase it's value. I would need to bulldoze and build new. Even if my home was in pristine condition, it is 65+ years old and no longer fits in the neighborhood.

My Sunnyvale house was the exact opposite. I put $40k into it for a significant increase in value.



not necessarily true. You have to look at neighborhood comps to see what you could even get for the home. If the house is a tear down, it's a tear down and you just need to list it. As-Is, is just that. You are selling it with unknown issues and are not open to inspection... this means the buyer is putting 51+% of the value down to avoid appraiser/inspection requirement from their lender.

OP - I assume you are now responsible for taxes and liability? better make up your mind sooner than later

+1

Gotta have a good perspective to call this one correctly

 

[Mr. White]

You wanna sell it?

# 1: Hire a good realtor.
# 2: Pay for a home inspection.
# 3: Give home inspection to realtor.
# 4: Ask realtor what your list price should be, and listen to his/her advice.
# 5: Put house up for sale as-is. Include home inspection in disclosures.

 

[CockyRooster]

Almost every home sold today is "as is". Any agent worth their beans will have a cleaning crew to wash it and cut the lawn and be happy for a quick sale.

 

[Yakoo752]

FSBO that sh!t and call it a day. F* paying agent commission

 

[Archimedes]

Not a realty expert, but I seem to recall that an "as is" sale means there is known shit wrong with the structure/sewer/etc., and the owner is not willing to pay to have it fixed.

Obviously, there's a difference between the figure of speech 'as-is', (i.e., not remodeling or updating the house), and the legal term 'as-is'. The latter is how a large number of homes are sold in California, regardless of whether the house is fine or needs huge repairs. If you don't sell it 'as-is', you accept the risk of being sued later for any number of things. In a market like California, if you weren't willing to buy 'as-is', you'd never find a home. We bought ours as-is and had no issues at all with the mortgage or multiple refinancings.

 

[Yakoo752]

Obviously, there's a difference between the figure of speech 'as-is', (i.e., not remodeling or updating the house), and the legal term 'as-is'. The latter is how a large number of homes are sold in California, regardless of whether the house is fine or needs huge repairs. If you don't sell it 'as-is', you accept the risk of being sued later for any number of things. In a market like California, if you weren't willing to buy 'as-is', you'd never find a home. We bought ours as-is and had no issues at all with the mortgage or multiple refinancings.

Seeing as there is no way to differentiate the 2 "as-is" mentions...

Most homes are sold ‘as is." In fact, the form Residential Purchase Agreement used by most brokers has a pre-printed ‘as is' clause stating that the property is sold ‘as is' without any warranty and in its present physical condition.

As the Agreement notes, ‘as is' means that the Seller is not making any warranties about the condition of the property. Selling ‘as is' does not necessarily mean that anything is wrong with the property. The Buyer, however, should have a professional inspector look at the property and accompany the inspector as he examines the property. The inspector's trained eye will catch items that you may not notice.

If it turns out that a problem arises with the property after the deal has been closed, what remedy does a Buyer have in an ‘as is' sale? The ‘as is' clause works in concert with other laws, most notably California Civil Code §1102. This section requires that the Seller provide the Buyer with a detailed Real Estate Transfer Disclosure Statement.

The Disclosure Statement addresses almost every conceivable defect with the property-from the presence of contaminants to lawsuits against the property. In general, the Seller is under a duty to disclose any and all facts materially affecting the value or desirability of the property which are known only to him and which he knows are not known to, or reasonably discoverable by, the Buyer. Even loud or obnoxious neighbors must be disclosed.

If the problem has been disclosed by the Seller, the Buyer has no cause to complain at a later date. He could have walked away from the deal or renegotiated. However, if the Seller knew about the problem but did not disclose it, the Buyer may have a claim against the Seller.

you still have to disclose what you know to be an issue. If you have never lived in the home and have never had a professional inspection done, than you know nothing now different states have different laws and I'm not up to speed currently on CA's "as is" requirements but I would assume in CA, the only requirement for a home to be sold is working smoke detectors per local code. Some states require if an appliance is to be included it is fully functional.

 

[Archimedes]

Seeing as there is no way to differentiate the 2 "as-is" mentions...



you still have to disclose what you know to be an issue. If you have never lived in the home and have never had a professional inspection done, than you know nothing now different states have different laws and I'm not up to speed currently on CA's "as is" requirements but I would assume in CA, the only requirement for a home to be sold is working smoke detectors per local code. Some states require if an appliance is to be included it is fully functional.

I was differentiating between someone with an older home in working order selling it 'as-is' or going through a remodel/update. Whether you do one or the other has absolutely nothing to do with whether you sell the property under the legal agreement 'as-is' or not. One is a figure of speech about whether you just pack and move or remodel, and the other is strict legal term outlining the rights and responsibilities of each party.

IMO, the OP was really asking about the former, i.e., should I fix the place up or just dump it. Hence the form of my response.

The other issue related to the 'as-is' issue is the presence of unpermitted/non-code compliant work. If you sell as-is, you are making no representations or affirmations about the fact that the house and any modficiations are built to code or that it has all the proper permits. A large percentage of houses sold are not code compliant.

 

[m_asim]

You wanna sell it?

# 1: Hire a good realtor.
# 2: Pay for a home inspection.
# 3: Give home inspection to realtor.
# 4: Ask realtor what your list price should be, and listen to his/her advice.
# 5: Put house up for sale as-is. Include home inspection in disclosures.

# 6: Profit!

/thread

 

[bruceflinch]

An appraisal is definitely the first step.

And a Termite Inspection.

You wanna sell it?

# 1: Hire a good realtor.
# 2: Pay for a home inspection. AND TERMITE INSPECTION
# 3: Give home inspection to realtor.
# 4: Ask realtor what your list price should be, and listen to his/her advice.
# 5: Put house up for sale as-is. Include home inspection in disclosures.

 

[Saurus]

Yes, property taxes will be due in December (half) and again in April (half).

I've taken over homeowner's insurance and already made one payment.

What I would really like to know is if anyone has dealt with a legitimate company that would buy it (outright) to fix it and flip it. If so, please give me the name and your experience with them.

I just don't have the time right now.

Thanks

 

[Yakoo752]

Yes, property taxes will be due in December (half) and again in April (half).

I've taken over homeowner's insurance and already made one payment.

What I would really like to know is if anyone has dealt with a legitimate company that would buy it (outright) to fix it and flip it. If so, please give me the name and your experience with them.

I just don't have the time right now.

Thanks

In my buying experience, flippers shop the same as anyone else. They just tend to have more available capital. I would reach out to a realtor near you and let them do the heavy lifting if you don't have the time. Ultimately, you're giving away easy money because the seller pays comps but you may get lucky and only have to pay 50% since it's such an "easy" sell.