You sound like you're not really sure how much the repairs are actually going to cost. Maybe the work that needs to be done isn't so bad...? I don't want to see you getting duped by an investor buyer, to get you to sell any lower in price than you absolutely have to.
It is more uncommon, but not unheard of for an owner to get a home inspection prior to putting their home on the market. I think this would be a GREAT idea for you to do. That way YOU KNOW what is wrong with your condo & can get FREE quotes as to how much the repairs will actually cost.
This way you're not going to get suckered by someone looking for a fixer & telling you the place is going cost a LOT more to get fixed then it really will.
Feel free to email me directly or call me if you'd like a good referral for a home inspector. I can also look at the sales in & around your complex & give you a good idea of current value pre & post inspection.
Realtor Since 1996
Main Street Realtors
Yes there are buyers for condos AS-IS in downtown Long Beach. I just closed escrow recently like that right on the ocean. It has to be priced right, must appraise and be handled properly to protect you.
Please call 888-441-8751 or email me firstname.lastname@example.org for a complimentary counciling meeting to help evaluate you condo in today's market.
Jerry LeGris, broker associate
Prudential Calif Realty
DRE lic # 00885785
toll free 888-441-8751
office 562-989-4608 ext 119
As long as you are honest and VERY clear in the disclosure statement about the condition of your property, there very well may be several buyers interested in buying it.
Now, that being said you, will need to price the propery to reflect the fact that it is a "fixer".
Best of luck to you.
Kawain Payne, Realtor
The 203K program, sponsored through HUD, is a purchase-renovation program in which an all-inclusive loan serves to both acquire a real estate property and restore or upgrade the property to current marketable conditions. These programs provide financing for "fixer-uppers", rehabs, or foreclosures in any condition and offer the opportunity to repair, update and customize the home into a "dream come true." Currently, HUD only offers their 203K loans to first-time homebuyers and non-profit organizations HOWEVER, private lenders (such as Wells Fargo, Countrywide, & American Home Mortgage) has begun to offer a conventional version of the 203K to customers, including real-estate investors.
How does the program work?
The process begins with finding a piece of property that is in need of $5000 or more in repairs, as well as a lender who provides a purchase-renovation program. The property can be a 1-4 unit, condo, mixed-use property, or even a manufactured home. Repairs can include structural repairs, septic or well replacement, basement waterproofing, lead-based paint stabilization or abatement, painting, adding a deck or pation, appliances, energy improvements, or upgrading any components in the home such as the roof, plumbing, floors, HVAC systems, etc.
A work write-up is then requested from a HUD-approved consultant. A work write-up is NOT the same as an inspection; home inspections are NOT needed for the 203K program. The work write-up is a detailed list of repairs, including estimated prices of materials and labor.
An appraiser is then called to provide one "as is" appraisal and a second "after improvement" appraisal. The appraiser is given the consultants work write-up plan and cost estimates to determine the market value. The lender bases their final loan amount on this after-improvement market value estimate.
After the loan and write-up are approved, the work begins and must be completed within 6 months of loan closing and under the supervision of the general contractor (chosen by the buyer) or, in some cases, under the direct supervision of the buyers, themselves. The consultant, at the buyer's request, performs draw inspections to ensure the quality and progress of the work as well as to release the renovation money from escrow.
In the end, that "fixer upper" property becomes a dream home!
Fred Sweezer Sr HUD/FHA S0712
FHA Approved Compliance Inspector T477
Certified Home Inspector
Fred Sweezer Sr
Coldwell Banker Coastal Alliance
Today we are seeing 42% of the current sales as all cash, usually investors that are buying to fix up and resell the property. Of course they want to buy at wholesale prices so they can get a profit and return on their investment.
Jerry LeGris, broker 949-510-2370
Hard to sell properties that need a lot of repair unless you are willing to make serious price concessions.
We have a rehab team who can make repairs upfront, and we then bill escrow at closing.
Call me if you'd like details.
at your service,
Technically all homes are sold "as is". If you know the cost of the repairs I would price the home accordingly otherwise once in escrow the buyer will try to re-negotiate the price after having their home inspection done. If not you can have a home inspector come out and tell you what needs to be done prior to listing your home. This will cost a gew hundred dollars based on your square footage. If you would a referral of some home inspectors please let me know. I hope I helped answer your question. Best of luck,
Rachel and Kathy
Plenty of real estate investors that do that every day!
Make sure you secure your own seller broker to protect your interest and get the right price for you!
Best of luck,