Property Q&A in Bohemia>Question Details

Pegandjoe, Home Seller in Bohemia, NY

my house is a handyman special need lots of repairs would it be better to sell the house for the land value and how do you go about this

Asked by Pegandjoe, Bohemia, NY Mon Oct 11, 2010

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7
Maybe you should consider selling your house AS-IS and marketing it as perfect for a 203k or accepting an offer from a buyer using an FHA 203k loan. This way, you don't have to fix up the property and the buyer will be able to fix it up with their own style and design.

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203kContractors.com®
203k Contractor Directory for the FHA 203(k) Loan
Web Reference: http://203kContractors.com
0 votes Thank Flag Link Thu Oct 14, 2010
You really should have a CMA done on the property. Call a Realtor and you can have one done at no charge. The house may be best sold "as is" and the new owner may be able to obtain a rehabilitation loan such as a 203k.
0 votes Thank Flag Link Mon Oct 11, 2010
Peg and Joe,

My advice would be to get several opinions as to the Market Value of your home from different Real Estate Agencies. Compare the CMA's you get, then pick the agent from the office you feel most confidence in based on their presentation to you about your home and the services they can provide to you. Without viewing the amount of repairs you believe are necessary, it would be negligent to advise selling the property as a land sale, or to advise you to sell it "as is".

If you would like to have a complimentary CMA provided to you, I would be happy to do so and meet with you to discuss what services I and my company can offer to you.

Dorothea (Dot) Salvo
NYS Licensed Salesperson
Keller Williams Realty
Cell: 516-7687-6196
E-mail: dotsalvo@aol.com
0 votes Thank Flag Link Mon Oct 11, 2010
Sitting with a real estate agent - or a few of them - to get an idea of the differences in service is best.

First you need what others have suggested - a market analysis to see if what you're saying is accurate. "handyman special" is all relative. I sold a knockdown on Smithtown Avenue recently for under $220,000 and I can provide you with more comparison info which will help you with your strategy for selling. Check out the link reference - awesome tool for getting local info
Web Reference: http://www.homevaluesny.com
0 votes Thank Flag Link Mon Oct 11, 2010
If you want to sell a vacant piece of property, it would usually require that it be buildable according to present building zoning codes. It would more then likely, not having seen the home recommend selling it as is. The new owner will make the decision as to their best use of the property.
I recommend you have a realtor advise you after inspecting the property along with an evaluation.
0 votes Thank Flag Link Mon Oct 11, 2010
Dear Peg & Joe, Every neighborhood has a range of value based on condition. It is very possible that your home will be worth more to someone who can fix it up than just the land.

Realtors provide a free service called a Current Market Analysis that will help you to understand the best pricing for your property.

If you would like this kind of assistance, I would be happy to accommodate you...Gail@GailGladstone.com or 631-425-6150.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Oct 11, 2010
Dear Peg & Joe, Every neighborhood has a range of value based on condition. It is very possible that your home will be worth more to someone who can fix it up than just the land.

Realtors provide a free service called a Current Market Analysis that will help you to understand the best pricing for your property.

If you would like this kind of assistance, I would be happy to accommodate you...Gail@GailGladstone.com or 631-425-6150.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Oct 11, 2010
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