Selling house for tear-down?

Asked by MrsS, 48437 Tue Jan 21, 2014

Wondering how the market is now in Northbrook for selling home that would be a tear down (needs a lot of work). Very desirable neighborhood near downtown, but not that big of a lot.

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walt, Home Buyer, Glenview, IL
Wed Jan 22, 2014
Totally depends on pricing. Start with the Market value of a vacant buildable lot then deduct the cost of demolition and removal. (can be expensive if asbestos is involved)
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Michele Wils…, Agent, Lake Forest, IL
Wed Jan 22, 2014
You need to be more specific about your home's condition, location, lot size, before this can properly be answered.
0 votes
Geoff Ommen, Agent, Barrington, IL
Wed Jan 22, 2014
You would be surprised at what a renovation team can do to a property. Because the foreclosure inventory is somewhat sparse right now, investors are going after anything that represents value. It is a math equation for both sides. If you want too much for the home, then there is no value in the home as an investment for another party. We are not yet at a point where people are tripping over themselves to buy properties.

Sounds like you first need a market evaluation of your home, and how it would comp out if fully renovated. Since I am partnered with a general contractor for my own flip investments, I would be able too give you a good idea on what it would take to sell and maximize your return. Feel free to give me a call to discuss further.

Geoff Ommen
Broker Baird & Warner
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