Home Selling in 02905>Question Details

Cranston, Home Seller in 02905

Selling a home in Rhode Island that has lost considerable value over the past few years.

Asked by Cranston, 02905 Tue Sep 27, 2011

Selling a home in Rhode Island that has lost considerable value over the past few years. The home is worth approximately $180,000 now. The home is a 80 yr old Victorian. The immediate question is regarding repairs. It has a fuse box and asbestos covered pipes in the basement. A quote to update this problem is considerably expensive - $35,000 or more. Do we sell the home "as is" at a reduced cost or do we put all this money into the updates. Will it be cost effective? Sorry, I need an immediate answer because someone else is in control of the estate. Thank you.

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Wth any older home, those are definitely good questions to think about when selling it. With a home of that age and the price range it is in, you may have a good possibility of having buyers going through an FHA loan to purchase the home. With fuses, I have heard that as long as the fuses are covered properly in a box and the wires are done properly as well, that may not be an issue, so you may be okay there. Although these days, it is better to have an updated home electrically with the electronics age we are in. With the asbestos issue, what other people have mentioned is good to make sure the pipes are wrapped properly so it is not to be disturbed since because of the hazardous nature of the material, removing it will be an expensive cost. I live in a home built in 1904 and my husband's family has updated it since the 1980s, but there will always be something to fix on it, like the windows and doors, roof, etc. I wish you well on the sale of your home and the choice you decide to make with those repairs.

Angela Dolber
Prudential Prime Properties
0 votes Thank Flag Link Wed Sep 28, 2011
I agree that wrapping the asbestos pipes is the best way to go. As was stated earlier, as long as the asbestos is contained and undisturbed, it does not require removal.

A good electrician -( Mike Airhart from Airhart Electric 397-3415) will be able to tell you how to bring this to code. He's terrific to work with, and will give you an honest, cost-effective solution. I use him almost exclusively for my clients.

The mention of FHA loans is important. To bring the house up to the correct standards, you open the floodgates for more people to be able to bid on the home. If you need any additional advice, feel free to give me a call.................Jean Allard, Keystone Real Estate Group, Inc. (401) 783-1699.
0 votes Thank Flag Link Wed Sep 28, 2011
In my opinion, in this current market, "AS IS" is the best way to go. You cannot anticipate what doing all those repairs will net you.

The market right now is not inviting to someone looking for "move in " condition, but rather to investors. unless it is in a Superior location.

You might want to get some quotes and use them in your marketing. Good luck
0 votes Thank Flag Link Tue Sep 27, 2011
While there is a lot of competition with other listings for sale it is wise to do some of the updates the have been suggested to set your home apart from the others. When there is less to do in improvements there is more value and less negotiations. The pipes can be wrapped with out removing it and the updated circuit breakers should be done to code but quotes should be obtained. This will give you a greater return on your investment. Of course in this market it should be priced compared to its competition.

Please feel free to call us to speak in detail about this matter.

You can reach Gina at 401-864-1698 or Kevin at 401-744-1488
0 votes Thank Flag Link Tue Sep 27, 2011
I have been in real estate for 28 years.

I have seen several of my clients encapsulate asbestos heating pipes themselves in one afternoon for $200-$300.00.

Electrically, if all you need is an upgrade to 100 amp circuit breakers I have seen several clients perform this kind of upgrade for less than 1/10th of the quote you mentioned.

Obtain bids from multiple contractors and let them know it. Use competition to your benefit to get the best price and service for whatever work you choose to do.

If I can be of further assistance, please feel free to call.

Steve Smith
RE/MAX Metro
736-6100 ext 108
0 votes Thank Flag Link Tue Sep 27, 2011
Hi, These two issues are very important when it comes to FHA loans. First I would suggest that you hire an electrician to have your service updated with circuit breakers vs. fuses. This may cost you a couple of thousand dollars. Some banks will not loan money if the home has fuses. Your second question is the asbestos issue. It is extremely expensive to take out asbestos. Rather than do that, you can get a plumber to come in and wrap the asbestos rather than take it out. There is not a problem with asbestos as long as it is wraped and NOT disturbed. This will save you a lot of money. Home Depot even has kits that you can buy and wrap the pipes yourself. If you have any questions, please feel free to call me at 401-225-0316. I would be happy to take a look at your home at tell you what I think we could list it for. Also, please visit me on my website: http://www.topnotchrealtorsinri.com
Elaine Blomenberg
Albert Realtors
0 votes Thank Flag Link Tue Sep 27, 2011
Dear home seller,

With my experience in selling probate, trust and estates, my recommendation is to price the house aggressively and "as is". There are buyers who are willing to make the updates, as long as the property is priced correctly.

Please feel free to give me a call to get a market analysis of the property. Please do not hesitate to contact me with further questions.

Monalisa Aguiar
Principal Broker
Reliable Realty Group
0 votes Thank Flag Link Tue Sep 27, 2011
With considerable oversupply putting enormous pressure on values, prices will continue to drop. I would, at first blush, suggest you do not use your cash to improve the property. Price it aggressively and it should sell quickly.

We have several agents in your area if you are in need of a property valuation and marketing.

Thank you.
0 votes Thank Flag Link Tue Sep 27, 2011
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