It sounds like you need to bring in some local experts to provide you with some information & advice on all of your options. It would help to find out specifics on what you are dealing with in repairs and how much the value of your new home may have improved, given the cosmetic upgrades you have already put in. Feel free to contact me for the market evaluation and names of any contractors if you need.
Judith "Judi" Paris, Broker/Sales Associate
CRS, SRES, ABR, SFR, GREEN
KELLER WILLIAMS PREMIER PROPERTIES- Summit, NJ
(O) 908-273-2991 (C) 973-902-HOME fax: 908-621-0555
Contact a local agent and ask them for a Comparable Market Analysis to find out what the market value is for your home at this time. That will help you get the right answer to your question.
All the best to you and your family.
Have you thought of renting it? Maybe you can break-even this way, and start looking for another home in the mean time.
474 MORRIS AVE
SUMMIT, NJ 07901-
RE/MAX In Action
It might be easier to just prioritize your home improvements for now, do one task at a time so the house isn't in disarray & arrange a play date or sleepover for your son on the days you will be working on the house.
As for the things the inspector missed...in their defense, they can only discover what they can see. As a two time homeowner, (one brand new and one built in 1972) I can tell you without question that there are ALWAYS things wrong with a home, that need repair / upgrading / removal / replacement that a home inspector cannot be responsible to find during a visual inspection of the property. Their job is to try to find the obvious defects. They don't open walls, or have xray vision.
Since you don't say what the "issues" are, I could be off base assuming the issues are something the inspector could not possible determine.
In any case, I agree that you will probably not get a good return in this short of a time by reselling, and may actually lose money in the process if you try to sell now.
KW Metropolitan does a lot of business in Summit. I'd be happy to come and give you an analysis of your home value from which you can evaluate whether you can break out even. I'm so sorry that this is such a nightmare for you.
If you really want out of this house, I suggest you have a local agent come in and discuss with you the price they would relist the property for. Then estimate the closing costs involved and see where you stand. I would also speak to your real estate attorney and see what responsibility the home inspection company has.
Speak to contractors and see what they estimate for the repairs. They may not be as high as you may think. I have someone excellent and resonable that I can recommend if you would like to contact me.
This is extremely stressful for you but stay calm and explore ALL of your options. There is a solution out there for you and your family.
If you would like further advice, please contact me a, I would love to assist you.
The expenses you will incur include a Realtor commission, attorney fees,and realty transfer fees.
The best way to find out is to get a local agent to help you. One who can not only give you the fair market value of your home as it is, but one who can recommend what other work you could do that wouldn't cost much, but would bring a lot of bang for the buck.
of any permits needed and bank approval is easy. my house it's big and i changed the siding, removed a oil furnance and got a new one. removed a giant tree from my back yard. again.... vinil siding with insulation,brand new heating system and removal and clean up of old one and a giant tree out and clean! for under 25,000. they deal with all type of situation.. if you need help finding one let me know so i can put you incontact with the same guy that helped me....this is free advice and i will not charge you. or receive any monetary compensation!
I am a realtor with Keller Williams in Summit, and I lived in Summit for 18 years until last year when I moved a few miles away. I am also an architect by training. Unfortunately for you, the responses you received below are essentially correct. Hopefully you could get a sales price for your home similar to what you paid, but there are substantial closing costs including the commission, attorney fees, state transfer tax, etc. Also, as it was pointed out, you would need to disclose the issues that you have uncovered, and any buyer would be curious as to why you are selling so quickly after buying. You are probably better off slowly trying to address the issues. Hopefully you bought the house because it appealed to you, so consider finding some good contractors and in time make it into a house you will love and enjoy living in. If you'd like further advice, feel free to contact me, and good luck.
Natalie Leighton, Keller Williams Realty, Summit
Feel free to contact me if you want specific suggestions.
Deborah Madey - Broker
Peninsula Realty Group
732 530 6350 Direct Office
Also you would be obligated to disclose the problems you've uncovered.