How do try to sell an old house so to at least break even. I still owe 154K but cannot afford to make repairs.

Asked by mschroeder, Chicago, IL Tue Aug 26, 2014

I am trying to sell,( looking for a smaller place) my home is spacious (with a finished attic) but my garage roof is bad and the siding on the house is very old (it's old shingle siding) (ugly looking to me) I really cannot afford to pay a anyone to fix it (I also am currently getting my credit back in shape) and I am afraid I will not even get what I owe. (real estate cost and all) One realtor (not from our neighborhood) tried to get me to list it for 150k but then I would have to pay out of pocket for the real estate cost. (12k all together)

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Dorene Slavi…, Agent, Torrance, CA
Fri Aug 29, 2014
The facts are, that a buyer will not pay more then a property is worth even though we might need or want to get more. The neighborhood comparables are available to all parties, and a good Buyer Agent will let their client know if a house is overpriced for it's condition or not.
It's a tough situation but the only way to get a higher price is to repair the defects and get the house in the best possible condition.
1 vote
Jeff and Kaye…, Agent, Colorado Springs, CO
Thu Sep 11, 2014
Financially it may make better sense for you to stay. I understand you need repairs but if you cannot sell it for what you owe to include commissions is it worth it? What would you save by moving? Also, if you have some credit issues would you be able to get a new loan? I would suggest talking to another agent and getting a second opinion and then make a decision from there.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Sep 11, 2014
Ask the real estate professionals with whom you meet to present you with ALL of the options available for selling your home.

Keep calling and keeping appointments until the right option is presented to you.

With over eleven methods available to home owners, you can be confident a solution exists.
If the agent can not list more than three methods, there is no point meeting with them.

Now, you need to really ask yourself, "Do you want to sell the house?"

If the answer is 'YES' delaying does not make your position better based on what you have described as the condition of the house.
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Sep 11, 2014
Price it for what the market calls for it.

If its not worth what you paid, short sell it or rent it.
0 votes
Scott Newman, Agent, Chicago, IL
Fri Aug 29, 2014
I would definitely seek out a realtor that you feel comfortable working with. If your house needs fixing, its going to be difficult to get an interested party to offer top market value, knowing that they will have to do immediate repairs to it. Finding the right realtor can give you realistic expectations on what your home is worth in todays market. Then, you can make a decision to either sell the home or hold onto to it
0 votes
Mike Opyd, Agent, Chicago, IL
Tue Aug 26, 2014
There are always costs to sell even if you don't use a Realtor. If your house is not worth what you need to sell it at then its best you don't. Or sell with the expectations of taking a loss. Have an agent give you a professional market analysis on the home and reassess your situation then.
0 votes
Tina Lam, Agent, San Jose, CA
Tue Aug 26, 2014
Ok, I see your situation. What is your question?
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