Skip to main content

Selling a slightly distressed house as is or make significant concessions?

I purchased a larger house in a nice subdivision in 2021 around the time houses only lasted 4 days on the market. My wife and I had been run through the ringer on 20+ houses over the course of 8 months of searching and finally got our offer accepted on the house we are currently selling. Because it was so difficult to get a house at the time, I (very stupidly) waived the inspection and missed some items that a licensed inspector would have found.

Some of those items are: Roof is past the end of its life. No leaking, but visible sagging on a truss. Rear 2 story deck is sagging by 1 inch in one corner Doorframes on first floor have pulled away from the framing by 1/2”

We didn’t plan on selling the house until after we fixed the roof, but I was offered a director job 900 miles away for a 50% pay increase and only have two months until my start date.

The house was purchased around 267k and is worth 340k now. Should I list this house As-is and drop my price to cover the roof and repairs or should I list it normally and be upfront with concessions? Technically it is also an assumable loan at 2.9% because it was a VA loan, but I was told that the loan assumption process can take up to 120 days, which is far too long for my timeline.

Also: after putting 1st and last month + deposit on the house we are renting in FL (where we are moving), transportation of all our furniture, and shipping a car, we do not have the funds or time to fix the roof prior to sale.

submitted by /u/ExpertAd1920
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1ikj2zh/selling_a_slightly_distressed_house_as_is_or_make/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/