Profile picture for user334576

Sell my home or tear it down

Hello there,

I am selling my 1960 ranch located in the DC metro area. To be frank it is old and need lots of repairs. And I mean lots and lots of repairs. The roof, the A/C the garage...etc( I guess if the perfect buyer comes and really wants it he wouldn't mind taking it in, but come on in reality..)It is on 0.54 acres with 3 subdivided lots. The homes in this area is sitting on the market for a very long time compared to other neighborhoods in the state. I was wondering if I should sell this house as is and buy a condo in another better high demanded place where the units are lower MUCH lower than other years? The problem is most people see my house they don't like the fact that it is VERY outdated with no updates. I have been with 3 agents now and I haven't gotten one single potential offer.
 OR should I tear the whole house down and build 2 new homes on it and wait to sell it when the economy gets better? From what I think, I don't really know if that is a good idea or not because around my area new Ryan homes are being built in their own neighborhoods and stuff so to be short lots of comps and I really want to downsize to a condo and if I do choose this then the prices of the condos where I would like to buy would totally be out of my price range!
Both has the pros and cons and I need help deciding.
Thanks
  • August 19 2012 - Laurel
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    Answers (2)

    Profile picture for CCarron
    Is there a mortgage on your house? If so, you cannot tear it down without the lender's permission. If you had it listed three times, with no offers, it was overpriced all three times. Every property will sell if priced appropriately. Contractors often buy houses in bad condition, either to demolish or gut and rebuild. I'm not licensed in Maryland or I would offer to do a free Comparative Market Analysis ("CMA") for you. Did you get CMAs when you listed the property previously? Did they fairly compare your house to houses in similar condition? Or did the agents compare your house to houses in good condition to flatter you and get you to list with them?
    • August 19 2012
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    It comes down to price. I know the market is difficult but there IS a Buyer for every home...it just comes down to one thing in this market....Price. With 3 Agents...you have probably heard this before. You want to tear it down and build two homes? Are you a Builder? sounds like a huge under-taking to me in an area that sounds already depressed. Sounds risky. I would let Ryan Homes take that risk. Sell the property! Even if it means you have to sell it short of what you owe and move on with your life to a New Condo somewhere you can enjoy. This is a monkey on your back.
    • August 19 2012
    • 1Yes

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