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Old 09-27-2012, 11:38 AM   #41
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And the condo is SOLD!

In the first day that the condo was listed online his agent got a very low offer, but it's cash with no contingencies. There are 9 other units in his building or the other building on the market. They are all larger, in much better shape, move-in ready or just need to be redecorated. His is very worn, plain and outdated. He did not want to upgrade or replace anything but we did have the carpet cleaned and whole place professionally cleaned.

This is not a hot real estate market. All the other units for sale in his complex have been on the market for 4 months to 10 months and they show much better. The buyer is looking to get into this complex with a unit he can buy at a low price and fix up. Dad could have done about $15,000 in carpet, paint and the kitchen and it still would not have been great.

He made a counter offer and the buyer came up a little and he accepted. He didn't want to take such a low offer but he also looked at the costs of carrying this for many months. The monthly maintenance fee is $500, taxes, insurance and keeping the electricity on runs $200. And he just wants it all done and his life kept simple. So he accepted the low offer and the closing is October 10th. My sister and I need to move fast to get the rest of the stuff cleared out and we will work on that this weekend.

There is also a storage closet down the hall from his unit and another one in another area in the building. Who knows what's in there! Could be more stuff they put into storage when they bought newer stuff or maybe it's where the family treasures were tucked away. Or it's more crap to be tossed in a dumpster. Anything usable gets donated, anything valuable gets ebayed.

But I'm not bringing any more of it home!
(emphasis mine)

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Good. He was smart to take it. Cash is good; so many things can happen once the bank gets into the picture.

Ha
+1 Getting any offer this fast, in a real estate market that is not hot, is worth celebrating. Hope you can get it cleaned out with minimal hassle.
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Old 09-27-2012, 12:29 PM   #42
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I agree... take the money and run....

When my mom sold her house, it was in such bad shape that we did not even list it.... we called one of those 'we buy anything' companies... we were surprised that they offered us MORE than what we thought it was worth... they had to put $45K into fixing it up, but still made a $25K profit..


This was a few years ago, but I had my old house on the market for one year before I got an offer... and I did not have it priced high.... just that there were so few qualified buyers and LOTS of houses on the market... I took the first offer and did not look back....
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Old 09-27-2012, 01:27 PM   #43
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I am glad everything is working out for your Dad and I hope he loves his new location.
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Old 09-27-2012, 01:41 PM   #44
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And the condo is SOLD!
The monthly maintenance fee is $500, taxes, insurance and keeping the electricity on runs $200.
Yikes. I bet it's even scarier when you multiply those expenses by the average number of days on the market for the other properties.

Going through those boxes with your Dad will be like an oral history interview. Take good notes!
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Old 09-27-2012, 04:38 PM   #45
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Yikes. I bet it's even scarier when you multiply those expenses by the average number of days on the market for the other properties.

Going through those boxes with your Dad will be like an oral history interview. Take good notes!
He's not going through boxes with us. He has moved on and is not interested in anything he left behind. It's just my sister and me and our husbands dealing with it all. Dad did tell me that one of the storage closets has his old business ledger books. He was a roofing salesman from 1963 to 1985 and my mom did the business's bookkeeping. I'll bring those home and go through them just to learn about how they managed things back then.
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Old 09-27-2012, 04:46 PM   #46
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I've followed this thread and am happy things have worked out well. +1 on selling his old place. I think there's some good karma working here. Hope it continues for you and your family.
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Old 09-27-2012, 06:16 PM   #47
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Good. He was smart to take it. Cash is good; so many things can happen once the bank gets into the picture.

Ha
+2
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