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The Tenant texted me ...
Old 08-14-2016, 07:19 AM   #1
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The Tenant texted me ...

A few days ago tenant sent me a text and indicated she will be moving out around 9/1; It is great news as we had decided that we don't want to be in the Landlord business any longer. Plus my son will graduate HS in June and I'd like to be free to move. It brings up a number of questions..

1. For sale by owner? The three floor condo is 5 minutes away in one of the best school districts in Pennsylvania. It is in a cozy little community with lots of trees, private parking and has new appliances, windows, doors and granite countertops. (It has some beautiful tile work done by yours truly) It should sell easily. I'd rather my kids had the $15K then the real estate broker...

2. Last time we repainted and fixed up it was a huge task - the tenants were destructive. The Mrs. and her twin sister(1/2 owner) did all the painting. I also replaced interior doors, repaired walls, bathrooms etc. I'm forbidden to paint as they are perfectionist. Even though I'm feeling great at 62 (with a new knee) still working full time and the Mrs and her sister both are 59. Are we up to a major paint and cleaning job? The last time I heard a few 'never agains'. The current tenant is a nice lady who has kept the place up so there shouldn't be major issues... After a few years I'd expect the normal Just paint, wall ding repairs and cleaning...

3. Hire a handy person and put some money in the local economy? Clean it and sell it as is?

I'd welcome your constructive advise\thoughts ...oh and Monthly carrying costs are minimal, no mortgage I think it is worth slightly under a quarter of a million.


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Old 08-14-2016, 07:29 AM   #2
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A house in our upscale neighborhood in a fantastic school district had a For Sale by Owner sign in front of it for about 9 months. Meanwhile other houses in the neighborhood sold like hot cakes. Then they got a Berkshire Hathaway agent. It sold in 3 weeks.

Get a real estate agent. They do the work, including the nightmare paperwork, they get a 6% commission. My opinion only.


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Old 08-14-2016, 07:36 AM   #3
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I'd talk to a realtor before any fixups/updating. They can tell you what features/colors sell (yes, buyers can be EXTREMELY superficial) and can give you an idea of what a professional cleaning might cost. We had ours professionally cleaned and I was a bit disappointed; typically they have their list of stuff they do and that's what they do. Period. If there's a smudge on the wall and the walls aren't in their routine, the smudge stays. Ours also seemed to spend an inordinate amount of time vacuuming carpets that had either been professionally cleaned or newly-installed within the last few weeks. They also totally ignored the basement storage area, which I'd done a good job of clearing out, but which still needed sweeping and vacuuming.
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Old 08-14-2016, 07:39 AM   #4
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It might pay off to hire an RE to manage the property. Then you are shielded from texts and calls. It could provide some income in future years.
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Old 08-14-2016, 07:40 AM   #5
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Get a real estate agent. They do the work, including the nightmare paperwork, they get a 6% commission. My opinion only.

Standing back and letting others do the work is appealing. However my experience in Pennsylvania it appears the tittle company does the paperwork and I could hire a lawyer for a grand or two..


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The Tenant texted me ...
Old 08-14-2016, 07:41 AM   #6
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It might pay off to hire an RE to manage the property. Then you are shielded from texts and calls. It could provide some income in future years.
A great idea but I am done with it. We all just want it gone... I don't want a property 1000 miles away
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Old 08-14-2016, 08:10 AM   #7
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Standing back and letting others do the work is appealing. However my experience in Pennsylvania it appears the tittle company does the paperwork and I could hire a lawyer for a grand or two..


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A realtor will do more then handle the paperwork....if you want it gone, hire one, get their ideas on what needs to be done cosmetically, ask them about handymen they would recommend and bingo it can be put in sale condition before the end of fall selling season and the holidays.
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Old 08-14-2016, 02:32 PM   #8
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I would hire someone to paint it neutral colors and to clean it. Painting is a lot harder then cleaning so if you want to save some $ I would do that. You need it to be on MLS so you have exposure. Not sure if it can be done without a realtor but you should look into it.
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Old 08-14-2016, 03:02 PM   #9
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I would hire someone to paint it neutral colors and to clean it. Painting is a lot harder then cleaning so if you want to save some $ I would do that. You need it to be on MLS so you have exposure. Not sure if it can be done without a realtor but you should look into it.


Im sure its more successful in places other than mine...But anytime I see a FSBO sign up in a yard, I laugh. Because I know in 2 months there is going to a new second sign put in the yard....Compliments of the newly signed real estate agent.


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Old 08-14-2016, 03:22 PM   #10
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We sold our house FSBO as-is condition in 18 hours. Just another point of view to the "pro agent" posts so far.
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Old 08-14-2016, 03:36 PM   #11
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A realtor will do more then handle the paperwork....if you want it gone, hire one, get their ideas on what needs to be done cosmetically, ask them about handymen they would recommend and bingo it can be put in sale condition before the end of fall selling season and the holidays.
I agree. My point is that the real estate agent will sell the house--will make recommendations on how to make it the most presentable. Then the agent will do the advertising, do the showing, all that time and effort.

Don't forget, time > money.
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The Tenant texted me ...
Old 08-14-2016, 04:17 PM   #12
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The Tenant texted me ...

The house is a very neutral beige.. The kitchen with stone and new appliances is better then what's out there. The new Windows, doors and white crown crown molding makes this condo a delight. What's more important is the school district and lack of comparable inventory. $250k is considered a starter and is very low for this town... It will sell of that I'm sure... But I've never sold on my own before...
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Old 08-14-2016, 04:40 PM   #13
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I had a Real Estate license, and was well equipped to handle a deal. However, I lived an hour and a half away, and it was worth my time to have a realtor deal with everything.
We got 2 offers a week after it was lasted, and my Realtor handled all the details.
It was well worth the commission I paid.
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Old 08-14-2016, 10:22 PM   #14
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Originally Posted by EastWest Gal View Post
A house in our upscale neighborhood in a fantastic school district had a For Sale by Owner sign in front of it for about 9 months. Meanwhile other houses in the neighborhood sold like hot cakes. Then they got a Berkshire Hathaway agent. It sold in 3 weeks.

Get a real estate agent. They do the work, including the nightmare paperwork, they get a 6% commission. My opinion only.


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Mine only charged me 5% , and after I had signed I easily found ones that would do it for 4%.
Then there are the discount brokers who do it for 3%
Then your MLS listing cost for do it yourself is $500 (but you will need to pay 2% to buyer agent.

The nightmare paperwork is forms pre-printed, easily handled by the lawyer which will be needed anyhow.
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Old 08-15-2016, 08:09 AM   #15
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We sold our house FSBO as-is condition in 18 hours. Just another point of view to the "pro agent" posts so far.
Depends on the market. My next door neighbor sold quickly FSBO, but sold for $150,000 less than a smaller / older house next to them that was sold by an agent a few months later. Not saying FSBO is good or bad, but under pricing will definitely move a home fast.
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Old 08-15-2016, 08:29 AM   #16
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The house is a very neutral beige.. The kitchen with stone and new appliances is better then what's out there. The new Windows, doors and white crown crown molding makes this condo a delight. What's more important is the school district and lack of comparable inventory. $250k is considered a starter and is very low for this town... It will sell of that I'm sure... But I've never sold on my own before...
This is the biggest problem with FSBO, everyone thinks their place is exceptional and perfect. They can't all be right
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Old 08-15-2016, 08:31 AM   #17
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This is the biggest problem with FSBO, everyone thinks their place is excetional and perfect. They can't all be right


Plus I imagine there are a few potential buyers uncomfortable dealing with the home owner themselves.


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Old 08-15-2016, 08:40 AM   #18
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I dunno, our buyers were pretty happy we did so much legwork to get their flood insurance quote reduced from $5,100 a year to $380. Their agent made one phone call and gave up. I took over then.

My opinion of agents is very very low.
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Old 08-15-2016, 08:50 AM   #19
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I dunno, our buyers were pretty happy we did so much legwork to get their flood insurance quote reduced from $5,100 a year to $380. Their agent made one phone call and gave up. I took over then.

My opinion of agents is very very low.


Well one thing is obviously sure. If one is torn which method to sell, starting the FSBO route first will eliminate the doubt either way. As there will always be the agent option later.


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Old 08-15-2016, 09:08 AM   #20
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Well one thing is obviously sure. If one is torn which method to sell, starting the FSBO route first will eliminate the doubt either way. As there will always be the agent option later.


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True. Going the other way could open you up to a lawsuit if your timing is off.
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