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Old 08-06-2011, 08:20 PM   #1
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selling a fixer upper


Hi everyone:

So after 2 years of attempting to fix my house I've finally decided to cry uncle. I recently started a new job and have the flexibility to relocate anywhere in the country. I'm currently in chicago and would like to move to florida.

So, I'm wondering if I should take a crack at trying to selll the house myself. I figure I will try to sell to a flipper. Has anyone on here done this or have any advice for me? I know this isn't really the right forum for this question. Does anyone know of another forum that might be more appropriate?

Also, in the extremely unlikely event anyone here knows an interested buyer, by all means have them email me at bucktownmotivatedseller@gmail.com.

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Old 08-06-2011, 10:05 PM   #2
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selling a fixer upper


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Originally Posted by mooseofplenty View Post
Hi everyone:

So after 2 years of attempting to fix my house I've finally decided to cry uncle. I recently started a new job and have the flexibility to relocate anywhere in the country. I'm currently in chicago and would like to move to florida.

So, I'm wondering if I should take a crack at trying to selll the house myself. I figure I will try to sell to a flipper. Has anyone on here done this or have any advice for me? I know this isn't really the right forum for this question. Does anyone know of another forum that might be more appropriate?

Also, in the extremely unlikely event anyone here knows an interested buyer, by all means have them email me at bucktownmotivatedseller@gmail.com.
It's the same as if you were trying to sell a fixer-upper car. You're going to take a beating. Just how bad a beating - and whether fixing it before selling would be worth it - is what nobody really knows. Too many variables.

And yeah, if I were you I'd try to sell it myself. No reason to pay 7% to a realtor if you can help it. But notice I said "try."


Good luck!

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Old 08-07-2011, 08:28 AM   #3
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selling a fixer upper


If you want to sell to a flipper you better be prepared to give it away. This is a buyer's market, especially for homes that are not in perfect condition. It's difficult to get non-owner-occupied financing these days, so depending on the condition of your property, the buyer who plans to flip it will most likely have to pay cash. Unless you have no money to invest in the property yourself, I highly recommend you think about fixing it to the point where it's a desirable home. That will maximize your return.

I'm a flipper. Given the current market conditions I won't even look at a house that's selling for over half its assessed value. I don't want to invest more than 70% of the eventual (after fix-up) value, INCLUDING ALL of my estimated costs. That leaves enough margin so I can sell it quickly 4-5% below market. Even at that, adding a realtor and their 6% fee would kill most deals.

Buyers want to see nice kitchens and bathrooms, fresh paint throughout, and modern features. You don't have to spend a ton of money, but you do have to fix EVERYTHING that looks worn or broken. Buyers will ALWAYS over-estimate the cost of repairs, so you are better off fixing things on your own. Smaller independent contractors don't cost nearly as much as you think.

The house has to be 100% clean, dry, and odor free. You don't have to spend a ton of money, but you do have to spend some. You can make an old kitchen look new for around $1K by painting the cabinets and installing a new counter top and flooring. Ditto for the bathroom. If you have to replace appliances, go with lower end black.

The rest of the house can be made to look modern and new by painting all doors and trim white, and replacing all older light fixtures. As long as the house is in reasonably good condition, you could probably make it like new for less than $5K and increase the value by $25K or more.
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Old 08-07-2011, 08:45 AM   #4
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selling a fixer upper


Quote:
Originally Posted by mooseofplenty View Post
Hi everyone:

So after 2 years of attempting to fix my house I've finally decided to cry uncle. I recently started a new job and have the flexibility to relocate anywhere in the country. I'm currently in chicago and would like to move to florida.

So, I'm wondering if I should take a crack at trying to selll the house myself. I figure I will try to sell to a flipper. Has anyone on here done this or have any advice for me? I know this isn't really the right forum for this question. Does anyone know of another forum that might be more appropriate?

Also, in the extremely unlikely event anyone here knows an interested buyer, by all means have them email me at bucktownmotivatedseller@gmail.com.
Post some picture of the houses condition.
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