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What's the best approach to selling a neglected estate?

I was left a great but neglected house on several acres in a desirable area of a desirable Pittsburgh suburb. I don't have the resources to renovate and live in Jersey. I know I'll have take a hit on this, hopefully not too bad. What do the pros think?
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September 07 2010 - Pittsburgh
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Answers (9)

Profile picture for Mercervillain
I just want to thank all those who answered. There certainly seems to be a consensus.

Unfortunately, none of you service the area (15102). I would be very interested in agents who specialize in selling this type of property.

Thanks again!
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September 08 2010

hire a top realtor in your area, and try and spruce up the property by updating kitchen and bathrooms, and give a nice paint job

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September 08 2010
Have a real estate agent do a Comparative Market Analysis for you to determine what a home in this location and condition is worth. Price it aggressively to attract someone who is looking fora good deal by purchasing the home in its current condition. There are many distressed properties on the market right now, foreclosures and short sales, so don't price it too high and be stuck waiting through the winter and dealing with paying the bills or seeing the property deteriorate further.
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September 07 2010
If it needs a lot of work and you are not inclined to take on a major renovation project an "AS IS" sale may be the way to go.  Financing can be a little trickier and often times the sale will be all cash to a contractor who will renovate and flip.  This type of Buyer will be looking for a greatly discounted price.  The fact that there are several acres may make it more appealing to a contractor for his/her own personal residence as a contractor may have construction equipment that is easily hidden from site on acreage rather then in a suburban planned community where neighbors may complain about the equipment. 

Also from my experience many do-it-yourselfers that are looking for acreage are willing to take on a project like this if they can finance it and there are rehab mortgage loans available for Buyer's.  A Buyer who intends to occupy the property probably will pay you more.  As always pricing it correctly is crucial.
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September 07 2010
Taking what you can get and walking away as others have recommended is one way that will work for you and make one of us realtors aa quick sale. There is another way if you have the right property. Depending on what is needed to make the home sale better there are contractors in this cash strapped time who may work with you to get the home sold  at a higher price for you and more profet for them. It is not an all or nothing decision. Sometimes just a good cleaning and yard trim can let buyers see what they are getting. I took over a listing where there was no money to fix gutters and cut back trees. After these repairs the home sold at my sellers price and the contractor made much more for his work for waiting 30 days.I recommend you get estimates from at least 3 agents of the current quick sale price and the after repaired price. Good luck to you on what ever you decide to do.  
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September 07 2010
Sell as-is and try to push a 203k loan
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September 07 2010
I agree with Michael and Angie.  You want to sell the house "as is" and move on with it.  Remember that you can't sell the property for the potential of what it can be.  You need to contact a local professional that can give you an idea of what the house is worth in it's present condition.
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September 07 2010
Sell it 'as is' as you most likely have no knowledge of repairs or possible condition of the house as you have not lived in the property.

Be sure to price it aggressively for a quick sale. Too often the heirs to estates price the property too high and it becomes incredibly difficult to sell, especially as the home lingers on the market.

The pool of buyers for 'as is' properties is a small subset of the overall buyer pool, so if you start too high, your house will be quickly forgotten by potential buyers.
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September 07 2010
Sell in "As-Is Condition" no inspection, no repairs and encourage buyers to rely on a professional inspection.  There are agents out there that specialize in these kind of homes.  Buyers agents tend to know that these listing agents know how to market estate properties. 
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September 07 2010
 
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