Skip to main content

Selling bad house? in a great area

Several years ago, we bought a house in a great area, great neighborhood. It's the last house in the neighborhood that only has 1 bathroom. Plan was we were going to add on a bathroom and walk-in closet to create a master suite. Plans have changed and we now want to and need to sell as we are moving out of state.

Now the foundation failed, causing multiple issues.

We KNOW this house is a tear down versus full remodel now. 'Fixing' the issues the foundation failure caused would bring it back to baseline and would not increase the value beyond baseline, as every other house in this desirable area & neighborhood has either undergone full remodel to bring up to standard (at LEAST another bathroom) or been torn down to build a house to over standard. House is livable, foundation has stabilized, but there are cracks throughout the house. I would not expect anyone would want this house to live in as is, because aside from the new cracks, it still only has 1 bathroom. WE did, but that was when it hadn't undergone such a failure and we're weird because 1 bathroom didn't bother us at all; we were planning to add one.

We've done the 'un-sexy' upgrades (sewage line, new water main line, roof, gutters, french drain, replaced ducting and AC) but the house itself is still the 1 bathroom 3 bedroom house we started with because we stopped the plan for remodel once we decided to move. Why remodel a house we weren't going to live in and would very likely be torn down or remodeled again? Foundation failures in this area are really common, so I don't really expect that to prohibit a sale for someone who would be willing to do a remodel on the existing structure, but it would definitely limit the buyer pool.

Because of the desirable area, we get unsolicited cash offers constantly. Our deadline for the move out of state is 1 yr and we need to pay off the remaining loan to be free of it to place offer on house in the target state.

Can we consider this 'house' as an actual house? I'd expect anyone who bought it as is would be looking to remodel it regardless. I'd expect any cash offer would be someone who wants to flip it, or even a builder who would tear it down and start fresh.

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

source https://www.reddit.com/r/RealEstate/comments/1tvrb5c/selling_bad_house_in_a_great_area/
Labels:

Comments

Post a Comment

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...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more