So my Pop passed in 2016 and left me and my three siblings the paid-off house. The only catch was that his longtime girlfriend could stay there until she was gone. Well, she’s gone now, and it’s time to sell. The house is in Delaware, and honestly, it’s a wreck. There are roaches and trash everywhere, like at least one big dumpster’s worth, maybe even two to clear it out completely. The roach situation is pretty bad; I think we’ll need the strongest pest treatment available. The roof isn’t great either, and the basement has some support posts indicating the upper floor is sagging. I’ve been in there a bit, mostly in the attic salvaging family photos and heirlooms, but there’s a room in the basement that I can’t even get to because of all the trash and bugs. I don’t really know what we have in there or how extensive the repairs would be. We’ve decided to sell it ‘as-is’ since none of us have the time or stomach to clear it out, and we definitely lack the construction know-how to fix everything. I’m a bit lost on how to move forward with the sale. As the executor of the estate, I often get offers to buy it ‘as-is’ without a realtor. Should I start reaching out to these organizations, or would it be better to get a pre-inspection done first so I know what I’m dealing with? Any advice on how to proceed with this type of sale or what to expect would be super helpful. Thanks.
Hey, I’m a house flipper and real estate agent. Honestly, you’ll probably get the most money if you list it on the market. Selling to a wholesaler might seem simpler, but they’ll definitely lowball you on the price. I suggest putting it on the market and making sure your agent highlights that it’s being sold ‘as-is’. You want to attract multiple investors so you can get into a bidding situation. Right now is actually a great time to list a property like this since flippers are looking to buy before the prime home buying season starts. Also, experienced investors usually waive inspections, which is something to keep in mind. If you get a higher offer but they want inspections, make sure you keep it on the market until after the inspection period. Ask for a short inspection period, like 7 days, to avoid any long delays.
I’m a realtor too, and I totally agree with the last commenter. Just listing it on the open market is the easiest way to get the best possible offers. Just price it low enough to attract multiple investors. Most investors get that they need to waive inspections to be competitive.
I’m a retired agent, and I’m assuming you’ve gone through probate and your names are on the deed, right? You’ll need to agree with your siblings on the next steps. Cleaning the place out seems necessary, and a few bug bombs could help with the roaches. Selling on the open market will definitely get you a better price than any of the institutional buyers you mentioned, but it’ll take more time and effort. Make sure to interview at least three agents before deciding. With the roof situation, I think it won’t qualify for a mortgage, so any agent who doesn’t say you’ll need to look for cash offers is someone to be wary of.
I buy condemned houses, and I really think you should list with a realtor. You’ll likely get way more money that way. No need to spend any money on repairs unless a good realtor tells you to.
Just to add, if you’re getting offers for ‘as-is’ sales, you might want to think about how much those offers are. Listing it on the market could get you more, even if it feels like a hassle right now.
Wylie said:
Just to add, if you’re getting offers for ‘as-is’ sales, you might want to think about how much those offers are. Listing it on the market could get you more, even if it feels like a hassle right now.
That’s a good point. I guess I’m worried it’ll take forever to sell. I don’t even know what’s in there.
@Neo
Totally get that. Maybe a pre-inspection could help? Just to know what you’re working with.