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  Advice needed on selling home that needs major repair to flippers
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Advice needed on selling home that needs major repair to flippers Sign In/Join 
posted
Have searched the web, but haven't found the right answer.

I inherited my childhood home that my parents neglected in their later years; unfortunately, the home needs major repair and renovation; some which may involve the EPA, as lead-based paint and possibly siding with asbestos may be on this home.

I have had it painted and other repairs performed that were required by the insurance company, and continue to pay to have the weeds trimmed each month. Water and gas have been shut off about 25 years. My parents lived elsewhere after moving out when the home was becoming pretty much uninhabitable.

Have had some contractors come in, and bids are all over the place on fixing it up to sell at top dollar. I have the money to fix it up, but don't have the appetite for risk and, most importantly, the time to supervise a major renovation, since I live about 95 miles away.

Flippers constantly contact me by mail, but I know they offer next to nothing and I don't want to give the home away. Best firm offer I've received is $80,000 from an investor; I'd really like to get $100,000 or more.

The home is in Colorado Springs, CO. The assessed at $178,000 or so, zoned duplex, two bedrooms, one bath up; two bedrooms, one bath in basement apartment with separate entrance, two-car detached garage, approximately 2,400 square feet, large lot, built in 1948.

One flipper who delivered a lowball offer also gave me an idea of inviting several flippers to come in at the same time and inspect the inside of the home. I would be there to answer questions. The flippers would be welcome to bring along their contractors and inspectors, etc.

I would then take bids similar to a silent auction. This flipper said that if he saw his competition looking at a house at the same time he was, he would likely bid higher.

Has anyone had any experience holding an auction where they invite several flippers in to inspect the house and offer their best bid? If so, should it be a silent auction or a traditional auction with reserve? I'm in no hurry to sell, but I'm tired of the high insurance premium paid each year since the home is unoccupied.
 
Posts: 1 | Registered: Feb 15, 2014Reply With QuoteReport This Post
Picture of real estate lady
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Call a Realtor in the town it is in... protect your interest. ReMax, Coldwell-Banker, Prudential,etc. List as is condition for more dollars if the assessment is that high. The Realtor will pull comps and tell you spot on value. Don't give equity away. Double check.
 
Posts: 9253 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of pinecone476
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Can't answer you there but keep in mind, assesed value isn't the same as appraised value as a real estate agent can guide you on. At some point you just have to say what is the cost of piece of mind and walk away.

piney
 
Posts: 3187 | Location: New England, U.S.A. | Registered: May 21, 2004Reply With QuoteReport This Post
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I agree with Real estate lady. You need to take help from a real estate agent. He/she would be able to market your house properly and help you with the process, making it a lot easier.
 
Posts: 13 | Registered: May 22, 2014Reply With QuoteReport This Post
Picture of real estate lady
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Not sure where OP is in her decision..or result.
If she were able to get a professional home inspection to determine asbestos and lead paint
presence~~she can plan direction. ...and price.

This message has been edited. Last edited by: real estate lady,
 
Posts: 9253 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of BrennaFSBO
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You absolutely DO NOT need to have a real estate agent take commission to help you find an interested Real Estate Investor! All you need to do is market your listing to investors the right way! When I sold my home I used a company called FSBO Faster (www.fsbofaster.com) and they were incredible. They helped me prepare my home and walked me through every step of the sale. Their program has incredible marketing technology that listed me on a whole bunch of sites, and connected me with their network of Investors, Buyers Agents, Service providers...etc. They offer so much more than a Sellers Agent would anyday - especially because you are only looking for an investor?! You should really check them out
 
Posts: 4 | Registered: Jun 11, 2014Reply With QuoteReport This Post
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I see you are posting on other realestate boards too.

Advertising is not allowed here either.
 
Posts: 7017 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
Picture of rker321
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I am beginning to think that nothing is done by the moderators when one actually alerts them that there is someone advertising in this message board. I wonder where they are and how many times do they visit these boards.
 
Posts: 4996 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
Picture of Charming
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My private email to Brenna:

Hi Brenna, I'm sure you think you are a professional and you are doing your company a service by this fake endorsement on the HGTV boards but you're not. Because the boards are largely unmoderated your post will remain.

However, I, and many on the boards are real professionals who respect the no advertising rules of this board and most others and do not go into self promotion. I will send and email to your company - fsbofaster.com and let them know what kind of unprofessional practices you follow.


Fun and Info
 
Posts: 3495 | Location: Coastal SC | Registered: Jan 10, 2006Reply With QuoteReport This Post
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