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Re: Pricing the house for sale -- aarghhh!
Old 04-21-2006, 07:31 PM   #21
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Re: Pricing the house for sale -- aarghhh!

Hereís my take,
Iím a builder and investor; I buy and flip properties like this one once or twice a year.
If I feel that the property is worth $450K-$460K (Fixed up) at todays value my discounted price would be in the $350K to $380K range based on what you said it needed to rehab it. You may be in for a shock by his offer.

If this guy is a pro, he will be going in low and most likely will walk if the price is above the $380K mark. I think in the end you will do better getting a realtor and going for the best deal you can get. Best of luck with it.
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Re: Pricing the house for sale -- aarghhh!
Old 04-22-2006, 08:47 AM   #22
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Re: Pricing the house for sale -- aarghhh!

The last post was right on point. You are the prey and the so called contractor has you in his sights. Post the property as is on craigslist and test the market for free. Give this guy some competition. Do this for a few weeks before you list with a parasite that will skim 5% for putting the place on the MLS data base.
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Re: Pricing the house for sale -- aarghhh!
Old 04-22-2006, 11:11 AM   #23
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Re: Pricing the house for sale -- aarghhh!

i didnt use a lawyer either and almost got totaly screwed up at closing....ill never not use a lawyer,its worth it....we were selling the house,,,,all was set to go...we had inheirited the house about 10 years prior from my wifes mom and had been living there ever since.....well the buyers title company asked to see the will....oh my they said ,we cant accept this ,theres a word missing from the will.the word is "only"....the will said and to my daughter beth i leave the house,,,it didnt say only daughter................closing was stopped.i had to pay all the other lawyers for the day as well as expenses for the buyer as they couldnt move in...and we had to reschedule after relatives signed certain affidavits.........
i learned my lesson about being cheap
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Re: Pricing the house for sale -- aarghhh!
Old 04-22-2006, 02:09 PM   #24
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Re: Pricing the house for sale -- aarghhh!

Hmm... I have used realtors to BUY houses, but when I have SOLD houses here in Minnesota, I have used a "For Sale By Owner" company whose sole purpose is to get my house on the MLS site and take care of all the headaches/hassles/paperwork. It was worth every penny, (usually between $1000 for just doing the paperwork at closing and 1% for the whole kit and kaboodle) and the houses I have sold went within 1 day to 30 days (but I fixed them up and staged them myself). My point being, that if you have access to something like this in California (DH is from California - went to Pepperdine) it might solve your issue of Realtor fees vs. headaches. Just a thought, as it has worked for me!
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Re: Pricing the house for sale -- aarghhh!
Old 04-23-2006, 12:27 AM   #25
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Re: Pricing the house for sale -- aarghhh!

It sounds like you have a good Idea of what comprable houses are selling for in your area. Ask the plumber to pay you that minus how much you plan to spend on fixining the house to get ready to sell and half the commission.

One thing we recently did was use a discount realtor that only listed the house in MLS for us. We then put a combo loxbox on the house and gave the combo to the buyers agents that called us.

The house was vacant so we didn't worry too much about giving out the combo. We paid $170 for the MLS service and 2% to the buyers agent. She drafted the contract of sale and handeled the closing.

Using the plumber should be mutually beneficial to you both or else just sell the house in the market.

Good luck and don't forget to run turbotax to make sure the capital gain doesn't send you into the AMT. If it does make sure to set aside enough cash to pay the tax bill.

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Re: Pricing the house for sale -- aarghhh!
Old 04-23-2006, 01:05 AM   #26
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Re: Pricing the house for sale -- aarghhh!

mathjak107--That sounds like the title company was being overly picky. By stating "my only daughter Beth", arguments could be made that your MIL only had one daughter or only had one daughter named Beth. If she actually had two daughters then does that mean her other daughter was effectively cut out of the will. Obviously if she only had one daughter named Beth then putting "only" in the sentence is redundant. If she had one daughter then again "only" is redundant.

Then again I'm not a lawyer so what do I know.
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Re: Pricing the house for sale -- aarghhh!
Old 04-23-2006, 05:05 AM   #27
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Re: Pricing the house for sale -- aarghhh!

actually they wanted it read only child beth
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Re: Pricing the house for sale -- aarghhh!
Old 04-23-2006, 03:37 PM   #28
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Re: Pricing the house for sale -- aarghhh!

Quote:
and the houses I have sold went within 1 day to 30 days
One thing for sure ... if a house sells in a DAY it was priced TOO LOW. Love those FSBOs !
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Pricing the house for sale -- update
Old 05-04-2006, 07:30 PM   #29
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Pricing the house for sale -- update

Background:* Several weeks ago I asked for advice on pricing my rental property for sale to a contractor who was interested, and got scads of great advice from this forum, including the following from PJ03:

Quote:
Hereís my take, Iím a builder and investor; I buy and flip properties like this one once or twice a year.* If I feel that the property is worth $450K-$460K (Fixed up) at todays value my discounted price would be in the $350K to $380K range...
You just about called it, PJ03 -- the contractor who wanted to buy my rental house fixer-upper wanted to pay $400,000.* Not unreasonable, as he's got to make a profit, after all.* I seriously considered it.

But that got me to thinking.* When did I get so lazy?* Fifteen or 20 years ago, pre-college, pre-grad school, and pre-megacorp, I would have jumped right on this, done most of the work / farmed out the rest, and kept that profit for myself.* I own a Milwaulkee Magnum Holeshooter, fergawdsakes!

Why was I thinking about giving up a big chunk of change in exchange for a little less trouble?* Has sitting in front of a computer warped my thinking, as well as my backside?* Am I getting OLD and SOFT!!!!?

Bah!* I've decided to do a lot of the work myself, press DP into service, and take the advice of you FSBO folks (WITH a lawyer for safety's sake).* At the end I'll add a chunk to my RI account whilst (with any luck) learning a few new things and not killing myself along the way.

To that end...* All of you who have so graciously shared their experience and wisdom thus far, a few additional questions:

Anybody ever reface cabinets themselves?* How'd it come out?
*
Ditto getting someone to recoat your bathtub?* (I'm leery on this one, even though I just saw it on "This Old House."

Ditto peel-and-stick floor tile? (Mostly ugly, but some look ok and I can do it myself.)

Pergo flooring?

Tips of making it LOOK good on the cheap? (I'm not trying to FOOL anyone here, I just want the biggest bang for the buck.)

My revived motto:* "No guts, no glory!"
Caroline* *
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Re: Pricing the house for sale -- aarghhh!
Old 05-05-2006, 12:47 AM   #30
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Re: Pricing the house for sale -- aarghhh!

Caroline, good luck to you! Drag out that Holeshooter and get it fired up!

I had my 35-year-old porcelain over cast iron bathtub refinished 8 years ago. It looked great right afterward and it still looks great today. I just checked the receipt and it cost $395 including $45 of repairs before refinishing.
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Re: Pricing the house for sale -- aarghhh!
Old 05-05-2006, 07:46 AM   #31
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Re: Pricing the house for sale -- aarghhh!

Caroline, post some pictures and we will give you more advice than you could ever want.

Did you see CFB and Laurences floors they did in vinyl? They posted pictures. Came out pretty nice and they said it was easy to install.
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Re: Pricing the house for sale -- aarghhh!
Old 05-05-2006, 08:11 AM   #32
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Re: Pricing the house for sale -- aarghhh!

Quote:
Anybody ever reface cabinets themselves?* How'd it come out?
*
Ditto getting someone to recoat your bathtub?* (I'm leery on this one, even though I just saw it on "This Old House."

Ditto peel-and-stick floor tile?* (Mostly ugly, but some look ok and I can do it myself.)

Pergo flooring?
On refacing the cabinets ... replace the doors sized to cover all "old" shelving.

Every tub or sink I've resurfaced was disconnected and sent in.* In place covering I've seen has been half-@ssed because the surface can not be cleaned entirely (so some areas chip easily).

Peel n'stick floor look great for a few weeks/months (depending on wear);* this is probably all you need. One tip is use lyno adhesive if you need the floor to last.

Dido Pergo flooring .... long term the seams raise due to moisture (looks like crap).* Armstrong makes a better completing product.

Hope this helps.
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