Home Selling in 23072>Question Details

Jennq78, Both Buyer and Seller in Modesto, CA

We are possibly moving to CA.Our house is not in "sellable" shape that I know of.What is the best/cheapest/easiest way to prep for it?

Asked by Jennq78, Modesto, CA Thu Sep 8, 2011

Our house is valued by the county at 200k, but I am aware this is an overestimate. I'm hoping for a quick sale so we don't have two mortgages. Looking for a place to start, other than painting and making the house "neutral"

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All great advice from the other agents. If the home is not sellable due to maintenance or condition issues like old roof, plumbing leaks, broken appliances, broken HVAC or whatever, you can try to sell it with a 203k loan - that is a loan the buyer can use to make repairs and renovations. Very few buyers know about them and very few agents do them so you should look for a listing agent that knows how to do them so s/he can help get you sold. I've listed homes with the verbiage "can have new kitchens, new bathrooms, new carpet, new paint, etc." and it helps my sellers get more for their home than they would have otherwise. Just be aware, if it needs all that stuff, it means the home is worth less than other homes that don't need that stuff. You can check out the site below for more ideas and feel free to email me - your agent too - if you have any questions on how to sell a home with a 203k.
Web Reference: http://makeoveragent.com
0 votes Thank Flag Link Thu Sep 8, 2011
Here's a comprehensive blog series... hope it helps.
0 votes Thank Flag Link Thu Sep 8, 2011
Thank you all for the tips! This gives us a starting point. I don't know yet if we have a couple months or up 10 months to prepare. The decluttering has already been started. I remember the things that put me off when I bought this house.
0 votes Thank Flag Link Thu Sep 8, 2011
There are a lot of misconceptions about the condition a home needs to be in order to sell. The first step is to call a local real estate professional. Have the Realtor come out to your home & discuss your options. Many Realtors can also offer staging advise or refer you to home stager. Get in touch with an experienced, local Realtor before you start making improvements though to be sure you're making the right improvements for the best return. I am in your area & would be more than happy to assist you.
0 votes Thank Flag Link Thu Sep 8, 2011

Get a professional opinion from a local agent that knows your market. You can also have your home inspected so that you can fix anything that is a problem BEFORE you list it and then it will be easier to close once you get a contract. And of course, hiring a home stager is also something to consider if your agent does not give you enough information on preparing to sell. I am a home stager as well as a broker and I tell people that first and foremost your house must be clean. And when I say clean, I mean really clean. No dirty carpets, clutter or too many personal items in the home. Also, too many bold colors can disrupt a buyer's attention...so some homes do need "neutralizing". If you follow my advice and hire professionals...you should go just fine.
0 votes Thank Flag Link Thu Sep 8, 2011
Three possibilities (not mutually exclusive; you can choose one or more):

(1) Hire a home stager to give you an evaluation. That may cost several hundred dollars. But it'll be worth it. You'll get tips, suggestions, and guidance on how to make your home look the best it can with whatever investment (small or large) you want to make.

(2) Have a Realtor make some suggestions on quick, economical improvements. And then have the Realtor look at the comps to determine where you should price your home to sell quickly. Example: Your home, nicely fixed up, might sell for $200,000 if you're willing to wait 60-90 days for an offer. It might sell for $180,000 nicely fixed up, if you want an offer in 30 days. It might sell for $170,000 in as-is condition in 60-90 days. It might sell for $150,000 in as-is condition with an offer in 30 days. Note: Of course those are just made-up numbers. But the point is that a Realtor should be able to give you different options, depending on your desired speed of sale and depending on what fix-ups you do or don't do.

(3) Sell to an investor. The investor will buy in as-is condition, often within 14 days (sometimes less). The drawback is that this will result in the lowest sales price. Using the scenario above, an investor might offer you $90,000-$110,000 or so, depending on the repairs that are needed.

Also: Painting, cleaning, and decluttering are the cheapest things you can do that'll produce the most "bang for the buck."

A final note: The county valuation is worthless. Don't pay any attention to it. It's developed for tax purposes; that's it. You need a Realtor to determine what it's really worth in today's market, adjusted for condition and needed repairs.

Hope that helps.
0 votes Thank Flag Link Thu Sep 8, 2011
Don Tepper, Real Estate Pro in Burke, VA
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