Profile picture for user56483588

Should I try to sell my house "as is" or spend a lot of money making repairs and then sell it?

I bought my home for $137,000 nearly 5 years ago and still owe $129,000 on it. I need to sell in the next 5 months or so, as my husband had a job transfer. The house needs some pretty costly repairs such as leaky roof, water damaged ceiling, plumbing issues, and cosmetic work. Should I try to sell the home "as is" or try to make some of the repairs before listing it? I would be happy to get $110,000 for it considering it needs repairs. Also, do realtors charge any up front fees? Or do they only get paid if the house sells? Thanks for any advice.
  • January 06 2013 - Kernersville
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Answers (16)

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In my professional opinion, you will attract better buyers, and higher offers if you tackle the repairs yourself and present your home in it's best possible condition before listing. This also includes a pre-listing inspection with all problems corrected.
Realtors are paid at close of Escrow, when the home is sold.
  • January 07 2013
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I would suggest that you have a Realtor look at the house and give their professional opinion.  Because this is a job transfer, do you have a relocation package?  Many times this could be negotiated with your job transfer.
  • January 10 2013
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Great question. It all depends on what is going on in your area. If homes are selling for more than $140's I would probably say address the concerns if you have the cash to do so. If you don't, then I would price the home to account for the repairs. 

I work with several investors in my area where they would rather get the home for the lower price needing repairs and have their contractors do the repairs as they can get it done for less than you. 

As far as us Realtors getting paid. That is the best part for the seller, we don't get paid unless we complete our job which is getting your house sold. 
  • January 10 2013
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It really depends on your neighborhood. If you would be happy to get $110,000 for it, and you can get $130,000 for it by putting $12,000 into it, I would do it. Call a couple of local Agents. Ask them what they think about the repairs during their Listing Presentations. Make them compete for your business, but if they are too far apart in their educated guesses, call in another Agent.

  • January 10 2013
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I would fix the cosmetic issues, then I would get at least 3 estimates from plumbers that were referred to you by someone that did business with them and if the cost is low enough repair if the cost starts heading too high then hold the estimates too show potential buyers of the cost so they feel comfortable with the repairs and they know you have been up front with them

Good Luck
  • January 10 2013
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Profile picture for Diane Breard
I would have a Realtor give you a listing price of your house now and one if you did the repairs. Then I would get a price on repairs and make your decision from there.  I specialize in flipping houses.  I find when you renovate a house then put it on the market it is easier to sell.  Most buyers want to buy a house and not have to do any repairs.  If repairs are required it gives the buyer more bargaining power and you will get less for your house.

Realtors are not paid until the property closes.
  • January 10 2013
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Get someone to give you an estimate on repairs.  Speak to a Real estate agent and a local mortgage broker.

FHA has a 203K streamline program which allows buyers to include up to 35K in repairs in their loan.  The appraisal is based on the home after the list of repairs or improvements have been completed.

Not many buyers know about this program.  It may be a marketing tool to assist you in achieving your price.
  • January 10 2013
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Thanks for posting your question on Zillow.com!

Well, we get paid from the settlement so no worries there.

As for what it is worth, etc....you HAVE to have a local Realtor come out to give you the best answer.

Sorry for your position & best of luck!
  • January 07 2013
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Profile picture for Ofe Polack
Contact at least two listing agents and invite them to view your property and do a comparative market analysis (CMA) to give you an idea what the property can sell for and if you should do any repairs.  Realtors get paid at closing.
  • January 06 2013
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Profile picture for Rita Walker
Those sound like major repairs. Not many homeowners want to start out in a home with water problems.
You may have to do some repair in order to get near your 110000.00 figure.
If an investor buys your home you will most likely get a much lower figure.
  • January 06 2013
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You should have your agent take a look at that house. We don't charge up-front fees, we get a commission if the house sells.

As SoCal points out, you may not get 100% or better return on your repairs. My inclination - I haven't seen the property, I don't know where Kernersville is - is to sell the property "As Is." But, it may be habitable and FHA approvable with some repairs, so talk to your agent.
  • January 06 2013
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hmm.... since your area seems to be trending upward, and that trend 'should' continue, to maximize the mojo of the market I would sell in spring - assuming that is a good time for your area - and keep your repair costs minimal ... Who know you may find a roofer to buy your home who doesnt think a leaky roof is a big deal.... Timing is everything...
  • January 06 2013
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I think you need to speak with a Realtor. I'll be happy to help you. There's no upfront fee.
  • January 06 2013
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Profile picture for SoCal Engr
It sounds like the answer is "some issues need to be fixed". However, I would try to talk to a mortgage lender to determine what the critical issues are with-respect-to being able to sell to buyers who need to get financing. REAs, unless they have separate certifications and/or experience, are not "experts" on mortgage requirements.

The real issue is that, while obvious maintenance issues will cost you money on a sale, fixing them doesn't necessarily return dollar-for-dollar when the sale is executed. So, you will need to be judicious in terms of what you focus on, and how much is actually spent.
  • January 06 2013
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Sounds like it may be a financing problem for new buyers.  You really need to talk with a Realtor in your area that can point you in the right direction.  Interview several and listen to their advice on selling condition. 
Good luck
  • January 06 2013
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Does your area have a lot of cash buyers? If not, you may need to do any repairs that would prevent financing if you do not want to drastically limit your market.

Most listing agreements do not require funds until the house sells - but that can vary based on region, agency and services requested.

  • January 06 2013
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