Home Selling in 22150>Question Details

Jennette, Home Seller in 22150

can you sell a damaged property. Mold, water damage...ect. or do you have to demolish it and sell it for the land?

Asked by Jennette, 22150 Tue Oct 4, 2011

mold, possible structural damage, flooded, needs complete new kitchen. Basement is in realllllly bad shape.

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25
Hi Jennette,

You can sell a property in ANY condition and not have to do anything to it. It all depends on what you need to get out of that property. If you don't want to to anything, you don't have to tear it town, all you have to do is disclose the things that are wrong with it and sell it "As-Is". The As-Is disclosure lets all buyers know that no matter what is wrong with the property, you will not be making any repairs or remediation and they they buy at their own risk. A lot of investors would buy a house in terrible shape for either renovation to flip it or tear it down to build new, but let them take that cost on, rather than you having to put any more money into the property.

Be prepared for very lowball offers, if it is not already priced very low. Investors will look at the cost of the renovations or teardown and take that into account for making their offer and what they could potential make off of the property, so I would not expect anything near market value, especially if it is a tear down.
1 vote Thank Flag Link Mon Dec 29, 2014
I agree with this, but I think some repair would be better for your value. It sounds like your basement flooded, which is something that can be fixed. If you start talking to a restoration company now, they should have you in good condition by the time you sell. http://www.rtcrestoration.com
Flag Thu Mar 26, 2015
Jennette, I work in the Springfield market often and have several investors who are always looking for properties like the one you're describing. So long as you're looking to sell for a reasonable price based on the condition of the home, I can certainly help you find a buyer.
I would not recommend that you do the demo yourself, I would just list and sell the property as-is and disclose everything required by VA law.
Hope that helps!
Good luck!
Kelly Martinez
REALTORĀ®
Top Producer & Rookie of the Year 2014
Long & Foster, Vienna/Oakton Office
309 Maple Avenue West
Vienna, Virginia 22180
Tel 571-839-2852
http://www.kellymartinezsellsdmv.com
0 votes Thank Flag Link Fri Jun 12, 2015
Selling a damaged property is possible but not probable. Most buyers don't want to have to put in the work or money to fix up a new house, so obvious and severe repairs can deter many potential buyers. If you do decide to sell your house damaged, it will most likely go for far less than it would being up to snuff. http://www.atlanticcarpetcare.net/water-restoration/1399231
0 votes Thank Flag Link Tue Jun 9, 2015
There is the possibility of fixing up the house, but it depends on how severe the damage is and how much you're willing to pay to fix it up. Water damage can be fairly intense, but it's not impossible to fix. I would call and get a quote from a contractor to see if it would be reasonable to do the repairs. http://www.fdrestoration.com/
0 votes Thank Flag Link Wed May 20, 2015
You'd be surprised how much can be restored. It all depends on what you want to do with the house and land. If you only want the property, then demolishing might be a good option. But I'd personally recommend trying to restore the home first. Even if it's been flooded, it could still be saved. http://www.rccsouth.com/services.html
0 votes Thank Flag Link Fri May 1, 2015
You can totally restore a property with mold, water damage, and any other troublesome condition. Mold damage often comes with water damage, especially if the water has been sitting there for a while. Honestly, even though your basement is in horrible shape, you can still get it worked on with water damage restoration professionals there. It would be worth working on when you can still make a profit from the property after all the damages are cleaned up and structurally sound. Ask for written quotes too. Good luck!
http://www.flooddoctorva.com/WaterExtraction.html
0 votes Thank Flag Link Mon Mar 23, 2015
Of course you can sell a property with water damage. Most fixer-uppers have some sort of mold or water issues. The amount of damage will determine whether or not it is worth selling. You may consider demolishing the property if the repairs prove too costly. It all depends on your specific situation. Consult a water damage expert before making your decision.

http://www.waterdamage702.com
0 votes Thank Flag Link Mon Jan 26, 2015
You can sell the property in any condition as long as you disclose it. You will make less money than you would if those issues were resolved. It might be a good idea for you to look into making the repairs to make some extra money on the sale. whatever you do, I doubt that demolishing it would be the solution that you need.
http://www.totalrestorationgc.com/waterdamage
0 votes Thank Flag Link Mon Jan 19, 2015
Jackson is right, you have to make sure that you disclose all of the problems. It will really make the property of the house go down. Water damage is repairable, and there wouldn't be any reason to demolish the house. Have a contractor give you an estimate on how much it would be to repair. http://www.sw-restoration.com/water-removal/
Flag Tue Mar 3, 2015
In my opinion yes, but disclose, disclose, disclose! You may also want to check with the Town Codes. Flooding and water damage due to burst pipes, or is the home in a flood zone? Do your research first.
0 votes Thank Flag Link Mon Dec 29, 2014
I know that we sold our house even though there was a ton of water damage in the basement. It will just really detract from the value of the home. You will not be able to get a very good price for your home. However, if it is not worth it to you to do the repairs yourself, then you probably have to just sell it for a lower price. It may be harder to find someone who is willing to buy a home that needs so much fixing. It is probably better to find someone to do at least some repairs for you.

http://www.crsidaho.com/Water-Restoration/
0 votes Thank Flag Link Thu Nov 20, 2014
Apparently you can, because somebody sold me one without telling me about it. I had some bad water damage in my basement. I had no idea that basements could flood in the first place. I had to pump it all out and now I'm looking into water proofing my basement. http://www.servproberriencounty.com/water-damage-restoration
0 votes Thank Flag Link Mon Nov 17, 2014
Did you have a home inspection? Many times an inspector can detect previous water damage.
Flag Mon Dec 29, 2014
Disclose, disclose, disclose. There are buyers out there for all types of properties, in all conditions. Get several quotes from mold remediation companies. Armed with this information you can decide what course of action to take. I have seen several homes that looked worse off than they really were. Let me know if I can be of help. I have assisted both sellers and buyers in similar situations.
Best Regards,
Paul Pavot
Web Reference: http://www.myagentpaul.com
0 votes Thank Flag Link Thu Dec 22, 2011
Yes you can sell it! You must disclose all the problems, make it as clear as possible. You would also be advised to not let people inside the home (health hazard) until after the sale is complete.
0 votes Thank Flag Link Thu Oct 6, 2011
Jennette,

I am assuming the damage is extensive, or you probably would not suggest demolishing and selling for the land ....
Mold is a huge health hazard.
You should contact a mold remediation contractor to find out IF it is possible to remove the mold and the cost of removing it. Make sure that you are dealing with a reputable company that is competent and honest - it is best to interview a few contractors.

Of course, you can always sell the lot, UNLESS the land contributed to the mold - but even then anything can be sold at the right price.

Good Luck
0 votes Thank Flag Link Wed Oct 5, 2011
Hi, if the infrastructue has been seriously compromised then it might make sense to raze the home and start fresh. You should definitely have a structural engineer come in as well as the local building dept. Unless it's an all cash deal or a 203k rehabbing loan you most likely won't get to closing this way.

Chris
0 votes Thank Flag Link Wed Oct 5, 2011
Yes. For the right price. Ask a few Realtors to visit the property and give their opinions. I work with investors that love to purchase this type of property for the right price.
0 votes Thank Flag Link Wed Oct 5, 2011
Do they sell fast in this market? I feel like people now days just want a nice house to move in to with no issues.
0 votes Thank Flag Link Tue Oct 4, 2011
Hi Jennette

As many of the others have said, yes, you can sell a house that has damage or mold. People do sell homes with damage, typically a buyer will need to pay cash or have a 203k loan to make the transaction work. How damaged the home in might make an impact on the value and the price you are able to sell it for.

Good luck!
0 votes Thank Flag Link Tue Oct 4, 2011
Jennette,
I've purchased and renovated flooded moldy homes. I've renovated homes with mold caused by four feet of water in the basement due to a fault ejector pump or frozen pipes that thawed in the Spring and flooded the house for weeks. It really depends on the extent of the damage, size of the home, age, and the community that the property is located in whether it is a tear down or a renovation. Mold can be removed most of the time. Feel free to contact me if you have any questions.
0 votes Thank Flag Link Tue Oct 4, 2011
Jennette,
I used to do Real Estate in Springfield, VA with one of the top agents in the area before moving back home to California to do Real Estate. If you want some expert opinions from a local Realtor, let me know.
-Mj
mj.yourrealtor@gmail.com
0 votes Thank Flag Link Tue Oct 4, 2011
Jennette, you could do either one. The only way to make the best decision is to have all the facts. Why not get some quotes on what the work would cost, and then you can determine if a buyer would be willing to buy the house or if it would be cheaper to tear down and rebuild.
0 votes Thank Flag Link Tue Oct 4, 2011
It's in Springfield Va.

Loisdale estates.
0 votes Thank Flag Link Tue Oct 4, 2011
Jennette,

Of course! FHA 203k depending on price/value, Cash, owner financing, hard money...

Contact me if I can be of assistance..

Kind Regards,

Erik J. Weisskopf,ABR,CDPE,CRS,GRI
Erik@AskMeAboutHomes.com
703.216.1222
0 votes Thank Flag Link Tue Oct 4, 2011
Of course! Even if the house is a complete tear down there is almost always value in the land. (very few exceptions) There are also companies who do water and mold remediation. I would definetly look to sell it soon before the rain season picks up so that an investor has time to fix before it pours.
0 votes Thank Flag Link Tue Oct 4, 2011
You absolutely can sell it as is. There are two main ways to do it. Cash or the buyer can use an FHA 203k renovation loan. I'd be interested in taking a look at it to purchase for myself. Where is the property?
0 votes Thank Flag Link Tue Oct 4, 2011
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