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Home Selling in Greenwood : Real Estate Advice

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  • Home Buying5
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Activity 4
Sun Dec 14, 2014
J B WHATLEY answered:
Let me know the address and the price and I can possibly make an offer, JWHATLEY@SC.RR.COM
0 votes 2 answers Share Flag
Tue Sep 6, 2011
Larry Scarborough answered:
I lived in McCormick years ago (late '80's) working in the state parks, now perform real estate investing.

First, you should determine what your needs are in selling- sellers all have different motivation, and money is not necessarily the real requirement. Don't be caught up in not meeting your needs due to family or friends saying "I wouldn't sell it for that." If you don't want to, or can't make additional tax, utilities, repairs, etc., don't feel 'wrong' because you let it go at a price to sell.

Being from out of state, you should determine how much time, energy, etc. you want to put into this vs. getting a cash deal from an investor, who will close quickly. Investors typically work in two different ways; it's either a rental or retail

If it is in a retail area (no or very few rental areas):

Call Sally (below) if you haven't already , and ask her to pull some comps for you. McCormick Co. website does not have the ability to pull these based upon sales. She should be able to give you a fairly strong figure. After you know what the value should be AFTER it is move-in ready (fixed up and may only need paint), take 60% of that and then subtract the $ repairs required. In other words, if fixed up it's worth $100k, take 60% to $60k and subtract repairs (say $20k) and an investor will pay you $40k cash, usually within a couple of weeks. This may seem low, but if you factor the increased tax rates, insurance, holding costs, potential investor costs, capital gains tax, etc. and the fact avg. sell is six months, there is little left after six months worth of work (less than minimum wage). The investor takes the risk of tying up a lot of funds for an unknown period of time.

If it is a rental area, then the formula is even easier; get an idea of how much rent rate would be per month, multiply by 12 (for a full year), multiply by .6 or .7 (this allows for vacancies, repairs, taxes, insurance, etc). DIVIDE that number by .15 or .2 (capitalization rate) and you will get the approximate value an investor will give for the property. Example: Rent rate is $600 per month x 12 = $7200; $7200 x .7 = $5040; $5040/.15= $33,600 (sell price). The retail value is of no significance in a rental situation.

You can also do a 'Contract for Deed', which you basically do a seller finance- maybe someone who will buy and fix up for themselves. Buyer beware- get a good sum of down payment, in the thousands.

I would suggest you get with Sally either way, since she should be more familiar with the market. You can also contact me with questions to follow up at 864-660-9009, or my website at www.sellmyupstateschome.com. I am heading in that direction on the 16th, and maybe able to drive by and take a look at for you (obviously no commitment on your part, as I do not know that area).
... more
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Fri Jun 17, 2011
Don Tepper answered:
Whatever percentage you and the Realtor agree to.

The percentage is agreed to when you sign the listing agreement.

Yes, there are other costs involved in selling a home. Your Realtor can give you a pretty good estimate of what those will be. (They vary some, depending on location and regional customs.) They're generally not too much for the seller, though. The buyer usually ends up with a lot more transaction expenses. ... more
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Fri Apr 1, 2011
Hettie49 answered:
You need an honest person to live in your house to keep it up. The way things are going , there wll be a lot vacant houmes that hones people like myself could pay a fair rent . precioushettie@yohoo.com ... more
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