Home Selling in 90802>Question Details

Jackie, Home Owner in 92320

I have a condo in downtown Long Beach. It needs repairs that could be costly. Are there people or agencies that will buy condos "as is"?

Asked by Jackie, 92320 Wed Aug 24, 2011

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Emily S. Knell’s answer
Hi Jackie,

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.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
1 vote Thank Flag Link Wed Aug 24, 2011
What's the status of your condo? Where is it located. I could be interested in paying cash for it. You may call 760 815-6977 i.e. email me, onthelevel@cox.net, for on offline and private discussion if you wish. I would be happy to discuss it with you.
0 votes Thank Flag Link Tue May 1, 2012
Hi Jackie,
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 jerrylegris@gmail.com for a complimentary counciling meeting to help evaluate you condo in today's market.
Best regards,
Jerry LeGris, broker associate
Prudential Calif Realty
DRE lic # 00885785
jerrylegris@gmail.com
toll free 888-441-8751
cell 949-510-2370
office 562-989-4608 ext 119
0 votes Thank Flag Link Tue May 1, 2012
Well, there are people who will buy a condo "as disclosed"

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
0 votes Thank Flag Link Mon Apr 30, 2012
What is the 203K program?

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
1-562-234-2689
fax 361-5996
http://sweezer.activerain.com/
http://www.theLongBeachhomeinspector.com
0 votes Thank Flag Link Thu Aug 25, 2011
Jackie, FYI, we're not in the business of duping folks. We're a respectable and experience RE Broker, general contractor, developer and investment company all rolled into one family owned and operated business. We'd be happy to assess your situation both from a construction and RE point of view as we have been successfully doing for many buyers, sellers and investors for many years.
0 votes Thank Flag Link Thu Aug 25, 2011
That is some great advice from Emily. You will definitely want to know the extent of the repairs needed before putting the home on the market. It will help you price the home competitively (which is important in the LB condo market) and it will help you during negotiations. You don't want to get taken advantage of by a savvy investor. The money you pay for the pre-inspection could save you thousands of dollars in the long run. Should you need the name of a quality home inspector in Long Beach, don't hesitate to get in touch.

Mike Dressler
Coldwell Banker Coastal Alliance
mikedressler@coldwellbanker.com
562.822.3234
http://www.GoGoGreenHouse.com
0 votes Thank Flag Link Thu Aug 25, 2011
If you didn't decide yet.....................Your'e not real!!
0 votes Thank Flag Link Wed Aug 24, 2011
I guess, by now, all you have to do is to choose the right broker. If you didn't decide yet call me, I'll be more then happy to go go over all the option you might have!

Regards,

Michelle Rosca
562.552.9600
mrosca@msn.com
0 votes Thank Flag Link Wed Aug 24, 2011
Boy! You've gotten a lot of pretty good answers. If it's still available give us a call. We're cash buyers and can closed within 30 days or less if it meets our buying criteria.
0 votes Thank Flag Link Wed Aug 24, 2011
Call me may have a buyer...Cindy Ragsdale 310-780-0235
0 votes Thank Flag Link Wed Aug 24, 2011
Hi Jackie,
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
0 votes Thank Flag Link Wed Aug 24, 2011
Hi jackie - yes there are many buyers who will buy as-is. Depending on the repairs tho, there are pros + cons to this as sometimes these buyers want the property at a discount higher than the cost of repairs. Your specific property and finances are unique and you will want to discuss the specifics with an agent or someone who can give you a comprehensive analysis of your unique situation. (Id be happy to email or chat with you as well!)
0 votes Thank Flag Link Wed Aug 24, 2011
Hello Jackie:

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,

Sue Wylie
310-831-8311
0 votes Thank Flag Link Wed Aug 24, 2011
Hi Jackie,

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
Web Reference: http://www.rtyndall.com
0 votes Thank Flag Link Wed Aug 24, 2011
Hi Jackie, Absolutely! There are a number of people looking for properties that need work. There are loans that buyers can obtain to do the work in escrow -- and there are buyers who have all cash. If you're interested in selling your condo, the next step would be to determine what the value would be, given the location and current condition. We have a free Market Snapshot feature on our website that will let you check area values, but if you want a more in-depth analysis, let me know and I'd be happy to provide one.
Web Reference: http://www.ShowMeHome.com
0 votes Thank Flag Link Wed Aug 24, 2011
Hey Jackie,

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,

Fred
Web Reference: http://fredglick.com
0 votes Thank Flag Link Wed Aug 24, 2011
Hi Jackie, there are plenty of buyers out there looking for exactly the type of property you have. In fact there are even first time buyer loans where buyers can finance money for repairs through FHA. My office DOMA Properties is in downtown Long Beach on 4th and Pine. Feel free to stop by if you have any other questions or send me an email!
0 votes Thank Flag Link Wed Aug 24, 2011
Hello Jackie
Yes, you can sell condos "as is". I can help you with this.
Please call me at (323) 316-3300
0 votes Thank Flag Link Wed Aug 24, 2011
I work with a lot of people that buy those types of homes. I would love to refer them to you. Please let me know.
0 votes Thank Flag Link Wed Aug 24, 2011
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