Home Selling in Lake County>Question Details

Going Downhi…, Home Seller in Lake County, CA

With $25,000 in structural issues and owing still $99,000 is it still possible to sell "as is" and not go under?

Asked by Going Downhill, Lake County, CA Mon Mar 5, 2012

A structural engineer has assessed and said the builder did a poor job and there are many issues to deal with that are all very necessary. Home floor needs raising, extra support underneath, retaining wall between garage slab and home and a few more items. With the housing market the home is now worth $160,000 less then when I bought it 6 years ago and worth around $125,000. Repairs $25,000 to $30,000. Previous advise suggested to sell as is to contractors or investors but the repairs will only bring it to what it is currently worth if lucky. Is it possible to sell with so much damage, poor construction, and cost as is and not go under?

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Based on what you've disclosed to me thus far you're indeed i a pickle. But then I guess you don't need anyone else telling you that. You may just have to go for a short sale given your situation. I'd definitely try to avoid a foreclosure however, as you'd have to deal with that on your credit for several years.

As a suggestion try reaching out to: "Melissa Zavala" <mrzavala@gmail.com>. She's also a Trulia member and very active contributor. She's in San Diego but I think she might be able to answer some of your questions. Another thing you could do is place an add on Craigslist in a large city near you. Explain your situation the same way you've done here. There just might be a contractor out there somewhere that sees some value in your property.
0 votes Thank Flag Link Tue Mar 6, 2012
It is a beautiful area. Up in the mountains. Lots of pine and fir. Half hour from Clearlake. Realtor who said I could not sell it "as is" with these issues said $180,000 comps. Zillow.com gives $125,000. Houses in neighborhood near here that is a step up going for $165,000. These are prices of houses for sale but only ones actually selling going for $100,000 or less. We have a lot of geothermal activity in the area and given the poor workmanship by the builder the house isn't holding up to even milder shaking. Floor and walls in center of house don't meet. House looks good, new paint, windows, until you look at the flooring and under the house where beams are leaning.
0 votes Thank Flag Link Mon Mar 5, 2012
That's a beautiful area. I'm not exactly sure where you are in relation to Clear Lake, wine country or other tourist type attractions but I have to beleive there's a contractor and RE broker somewhere close by that can see the value in your property. Do you know what the comps are in your immediated area?
0 votes Thank Flag Link Mon Mar 5, 2012
I did put how much was owed but mistakenly put it in the title rather then in the description. Still owe $99,000 and structural repairs will run about $25,000. Home worth only about $125,000.

I had a Realtor tell me I can't sell it "as is" with this amount of structural issues. The RE professionals talked by John who specialize in distressed property acquistion, rehab and resale sounds like a great idea. Unfortunately this is a small town, 1,200 population, and a small county, 65,000 population so there is a lot we don't have here. Not sure we have that in this area but I will definitely search it out. Thank you for any and all suggestions.
0 votes Thank Flag Link Mon Mar 5, 2012
I would find an RE professional who specializes in distressed property acquisition, rehab and resale (fix and flip) and/or who have buy and hold investors looking to add to their rental portfolios. We are a real estate broker and general contracor and do this in the San Diego area.

Our motto is the "We buy homes for cash in any condition". This is the type of deal you will probably need in order to get out from under your situation. But do be careful as there are lots of sharks swimming in the distressed property waters who will try to put it too you. Good luck.
0 votes Thank Flag Link Mon Mar 5, 2012
You didn't say what you still owed on it, but, it doesn't matter:
Yes, just get yourself a good Realtor and
Disclose, disclose, disclose!
0 votes Thank Flag Link Mon Mar 5, 2012
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