We bought my in-laws' house about four years ago, thinking "Eh, there are a few projects we can tackle over time," but those projects have multiplied and are less "fix it up" and more "tear it out and start over." It's a 3 bed, 2 full, one half, one quarter bath with essentially two living rooms, kitchen and dining, a finished basement, and a two-car garage. Despite its issues, it's in a good (not fancy but desirable) neighborhood in the Kansas City metro. It's big, too big for us.
My wife also did not realize that appraiser and inspector were not the same thing. I was out of state when the "inspection" took place and passed, but it was actually the appraisal. Had we gotten a formal inspection, I probably wouldn't have bought the house.
Anyway, we have decided we want to sell in order to get something smaller but nicer. Problem is, interest rates are up and the house needs foundation work, two bathroom remodels, and probably a new roof.
My concern is that we won't be able to afford to make the necessary repairs. Everything I have read so far has told me "it's not worth taking out a loan to fix your house before selling," but that has mostly been remodel related, not structural repair related. Is there a world in which a loan to make structural repairs before selling will shake out better than selling "as-is" to a flipper? I fear the flipper route will get us significantly less than the home is worth to the point that we won't be able to find even a smaller home that still fits our needs.
Just looking for someone to tell me there's hope and I'm not completely screwed here and maybe share some options or avenues that aren't apparent to the average homeowner.
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source https://www.reddit.com/r/RealEstate/comments/1wh99n1/wanting_to_sell_home_in_need_of_major_work/
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