Should I keep my home?

Asked by Jas, Georgia Tue Aug 20, 2013

We own a single family 4 bed 21/2 bath Home with no basement.My Home was flooded in the winter of 2010 when we were out of the country.Pipe burst because of the freezing temperatures.Insurance did not cover anything. Except two bed rooms almost everything else was damaged. First fixed the leakage issue ,replaced drywall. we decided to DIY wood flooring and the window thresholds etc and have been doing things slowly. In the mean while I see a black mold formation in the corner of the living room it is circular and about 3 - 4 inches wide,which is scaring me. I don't want to sell the home at a huge loss .. This home was built in 2000.I bought the home in 2008 for $235,000. There are about 3 foreclosures in my subdivision and two other homes for sale. I am wondering whether to keep he home or not. Please advice me. Thanks in advance.

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Annette Law…, Agent, Palm Harbor, FL
Wed Aug 21, 2013
"I don't what to sell my home at a huge loss."
The local real estate market will determine what your home will sell for. All other considerations are invalid. Your wants, what you paid, or even what you may have invested in the home have only minor influences. What your home will sell if is driven by DATA and optimized by a strategy.
The data regarding the local real estate market is available through a local real estate professional.

Issue 1: As you know, you will need to disclose that the home flooded. The protential buyer will see the red flags and will be super vigilant regarding mold issues. This is an obstacle.
Issue 2. You purchased on 2008 which fortuneately was not at the peak of the market. You may have more margin than you think.
Issue 3. DIY. To get top dollar for a home it MUST win the beauty contest. That means is must be updated and ,in your case, remediated PROFESSIONALLY. If the flooring and wall board repair give the appearance of a DIY job, you can not win the beauty contest therefore MUST compete in the price war. The price war is incompataible with 'top dollar." This is an obstacle.
There are ways to proactively remove many of these obstacles. The best methods are dependant on your situation and existing real estate market. You would be well advised to CALL several local real estate professionals and evaluate who presents the best strategy that culminates in the highest price for your home. Be aware, if the strategy does not make sense, it is just fluff and stuff.
A real strategy leverages the dynamics of the local real estate market, the unseen market place, the proprietary resources of the professional, the real data and a strong, undiluted cup of reality. The agent who has a real strategy also possesses the confidence that you will be receptive to the truth. Don't fall to the whisperer of the sweet words you may want to hear.
You are in a tough spot. It's time to call a local Georgia real estate professional.

Best of success,
Annette Lawrencee, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Serious people call.
Serious people require reliable, accurate data
0 votes
Maria Gilda…, Agent, Manchester, CT
Wed Aug 21, 2013
You have to consult licensed professionals whose opinion will determine the gravity of the recurring issues. You need a home improvement contractor, mold specialist, etc.

Then you need to talk to a realtor, accountant and lawyer to discuss the selling of your property if this is the option you want to pursue.

It would be a challenge to give you advice in your situation. You have to weigh the pros and cons: expenditures involved to correct the problem and make your home livable and the ramifications of a potential short sale.

Without the opinion of other professionals, you will not be able to make a decision that will work best for you and your family.

Take it one step at a time. Consult licensed contractors first.

Best of Luck.
0 votes
Kevin Valand…, Home Seller, 47710
Tue Aug 20, 2013
Seems like it might be time to sell. You could price clean up and see if the cost for clean up outweighs the cost of selling.
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