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  Selling AS IS vs. Action (HELP)
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Selling AS IS vs. Action (HELP) Sign In/Join 
posted
My mother passed away in December of 2008 (on my birthday) unexpectedly. My father found out he had cancer shortly after her passing and passed away in June of 2010. Before my father passed, he deeded the family house over to me. For the past few years, my brother lived in the home. In order to move on with all our lives, my brother moved out so I can sell the house. The house was built in 86, we are the only owners. It needs lots of work, I mean lots. It is outdated. I had to rip the carpet up, bleach the floors from the smell. I put it on the market with a realtor. I know there are updates and remodeling but I live too far away and cant really afford to get it done. I am trying to sell it AS IS. I have had three people offer yet then back off. I had many come in very low (upsetting), I just could not so it. I have considered 'Auction', but know nothing. Any suggestions or can anyone help!
 
Posts: 1 | Registered: Aug 19, 2014Reply With QuoteReport This Post
Picture of Charming
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What does your listing agent say?

If you thought the offers were low from the regular listing - you are not going to fare well by going to auction. You need to divorce yourself from it being your parents home to being a business transaction.

Step back and walk through the property with your agent with an open mind. Tell her/him to point out every single issue they see. Clean it as best you can, put a price on it and sell it.

Sell it for what you can get for it with the listing clearly stating - As Is. You mentioned deferred maintenance and there could be other issues.

This message has been edited. Last edited by: Charming,


Fun and Info
 
Posts: 3586 | Location: Coastal SC | Registered: Jan 10, 2006Reply With QuoteReport This Post
Picture of real estate lady
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Forget auction. Talk about losing money!

What is the market in your community? Buyers market or sellers market? Very important.

My Dad passed in 2010 and it was a lousy market
and we decided to rent the house and have done well with it. It doesn't even have central Heat and air!

Now that Florida is back in a sellers market...we know the prices are rising and will sell within a few years to get top dollar.

The tenants I rented to I made sure were handy and gave them a reduced rent.. the house is really looking good. It hurt my sister and I as we really could have used the extra money back then..but knew if we waited we would get twice the buck.
Tell your Realtor to look and advertise in the listing "weekend warrior buyers" wanted- diamond in the rough---rather than cash offers only,needs alot of work.Why let investors walk off with money you could put in your pocket
..buyers haves access to many fix up mortgages including FHA.

Now if the roof is caving in and there is water intrusion..mold, etc. forget everything I said.


REL

This message has been edited. Last edited by: real estate lady,
 
Posts: 9286 | Registered: Aug 14, 2007Reply With QuoteReport This Post
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You don't give us an MLS# or any indication of location so it is a little hard to be specific.

In my area people go to house auctions to buy cheap, much lower than you have it listed. Or if they put a reserve on it, it does not sell.

As suggested by Charming you may need to look at the house differently. I suspect you are still seeing it as your parents home?? You have to think of it as just a house. If you have so many low offers maybe your price is too high.

Could you post your listing?
 
Posts: 7216 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
Picture of just josie
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I was recently in the EXACT SAME SITUATION....

My parent lived 500 miles away and I couldn't afford to keep it up or keep going back and forth. I cleaned and completely emptied out the house, and put it on the market. I priced it well but did not by any means give it away. Within 3 days of listing it, I had 2 offers. The first was for full price with a VA loan ( VA inspection) and the 2nd offer was for a conventional mortgage from the buyer and was for 9000.00 less.....I jumped on that one, accepted his offer, made the house "as is" and offered a 1 year hone warranty. He waived his option to have it inspected.

I was so glad I offered it "as is", not because I knew of anything wrong, I just could not warrant it as it was not my home. I would strongly suggest you get a good realtor. I had the house appraised first so I had a pretty good idea what I could get for it. Mine was a 100% success story.

So sad I had to sell it, but so glad I had no headaches.

Good Luck!!! Just be fair, price it right, but don't list it as is.....that way lookers won't think there's something horribly wrong with it. I had no intention to sell as is, it just came to me when the offers came in. I had heard VA inspections nickel and dime sellers, dime by dime, so that's why I took the second offer and made it as is.

Again, good luck, price it right, remain flexible and right now it is a piece of property, just get it sold.

j

This message has been edited. Last edited by: just josie,
 
Posts: 1727 | Registered: Apr 07, 2004Reply With QuoteReport This Post
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