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Started By
Message
My mom recently passed away and I'm selling her house
Posted on 12/15/15 at 7:56 pm
Posted on 12/15/15 at 7:56 pm
Need advice on an asking price (Price per SF)...
Facts:
- House is in Metairie by Girard Playground between West Esplanade and the lake. Nice neighborhood that is actually becoming "young" again.
- Older house probably built in the early 70's.
- Been renovated a couple times with additions as is about 3,200 SF.
- House will need to be modernized and renovated - new floors, new kitchen, new light fixtures, etc.
- I have two people in the neighborhood that want to buy it and flip it.
- I'm not listing it with an agent.
Facts:
- House is in Metairie by Girard Playground between West Esplanade and the lake. Nice neighborhood that is actually becoming "young" again.
- Older house probably built in the early 70's.
- Been renovated a couple times with additions as is about 3,200 SF.
- House will need to be modernized and renovated - new floors, new kitchen, new light fixtures, etc.
- I have two people in the neighborhood that want to buy it and flip it.
- I'm not listing it with an agent.
This post was edited on 12/15/15 at 8:01 pm
6
Posted on 12/15/15 at 8:06 pm to GOAT4LSU
Sorry for your loss, bud.
How many bedrooms does it have?
How many bedrooms does it have?
Posted on 12/15/15 at 8:24 pm to GOAT4LSU
Most agents will do a market analysis, nothing says you have to sign with them.
Posted on 12/15/15 at 9:06 pm to GOAT4LSU
quote:
- I have two people in the neighborhood that want to buy it and flip it.
Sounds like the bidding is open!
I have nothing constructive to offer except good luck and sorry for your loss
Posted on 12/15/15 at 9:28 pm to Omada
4 bedrooms, 3 full baths, small office, formal living room, informal living, informal dining, laundry.
Posted on 12/15/15 at 9:29 pm to LSUGUMBO
Bidding is open. LOL.
Walking one of them through Friday.
Walking one of them through Friday.
Posted on 12/15/15 at 11:17 pm to GOAT4LSU
Get a couple of realtors to give you a CMA-Comparable Market Analysis. These are no cost, but if you do decide to list, use one of them.
Or hire an appraiser for about $400 and get his/her opinion.
I have seen sellers leave money on the table by not pricing their property correctly (I have bought from them and I know).
Or hire an appraiser for about $400 and get his/her opinion.
I have seen sellers leave money on the table by not pricing their property correctly (I have bought from them and I know).
Posted on 12/16/15 at 7:44 am to GOAT4LSU
Either pay for an appraisal or check out comps on Zillow to get a ballpark figure.
You may want to get a pre-sale inspection as well due to the age of the house.
You may want to get a pre-sale inspection as well due to the age of the house.
Posted on 12/16/15 at 7:59 am to seawolf06
neither of the flippers will pay top dollar but you will close fast. If it were me and I had the cash flow I would do the fixing up myself and sell it for market value. Of course leaving money on the table doesn't really appeal to me.
Posted on 12/16/15 at 8:46 am to GOAT4LSU
It's on the east side of the Elmwood Canal?
That area is interesting. On the west side of the canal, between the canal and Power, the closer you get to the lake, you have some huge, nice, newer (newer than the 70s) houses.
Where you are, I'd imagine you have some second-generation families living there. 3,200 sq ft is a lot of room - so you are probably looking at a large family.
If the building (especially the additions) are structurally sound, I'd consider doing the renovations myself. Is there a mortgage on the property? Do you need to sell it right away? Can you borrow against it to pay for upgrades?
Sounds like most of what needs to be done is cosmetic. Better you to make the profit than a flipper, especially since it doesn't sound like much of a flip.
That area is interesting. On the west side of the canal, between the canal and Power, the closer you get to the lake, you have some huge, nice, newer (newer than the 70s) houses.
Where you are, I'd imagine you have some second-generation families living there. 3,200 sq ft is a lot of room - so you are probably looking at a large family.
If the building (especially the additions) are structurally sound, I'd consider doing the renovations myself. Is there a mortgage on the property? Do you need to sell it right away? Can you borrow against it to pay for upgrades?
Sounds like most of what needs to be done is cosmetic. Better you to make the profit than a flipper, especially since it doesn't sound like much of a flip.
Posted on 12/16/15 at 2:50 pm to LSUFanHouston
I agree with LSUHouston- Sounds like a minimal amount of work (perhaps updating kitchen and bathrooms) could go a long way. These are easy repairs.
Furthermore you may want to consider a equity split with a neighborhood flipper. He buys a % of equity in the house and coordinates the repairs so you don't have to. Y'all sell the house and split profits according to % ownership you agree to.
I know from experience it's hard to think about these kinds of thing right now but this is potentially important to your financial future. Sorry for your loss.
Would love to hear how your FSBO goes. I have one of those now and it's killing me. Little things like- who pays the taxes if the house sells in February and who organizes that split in the closing? A flipper will make that process easier but you're leaving a lot on the table.
Furthermore you may want to consider a equity split with a neighborhood flipper. He buys a % of equity in the house and coordinates the repairs so you don't have to. Y'all sell the house and split profits according to % ownership you agree to.
I know from experience it's hard to think about these kinds of thing right now but this is potentially important to your financial future. Sorry for your loss.
Would love to hear how your FSBO goes. I have one of those now and it's killing me. Little things like- who pays the taxes if the house sells in February and who organizes that split in the closing? A flipper will make that process easier but you're leaving a lot on the table.
Posted on 12/16/15 at 3:10 pm to jdutto3
quote:
Little things like- who pays the taxes if the house sells in February and who organizes that split in the closing? A flipper will make that process easier but you're leaving a lot on the table.
We bought our last house FSBO, and our closing attorney was a huge help in areas like these.
Posted on 12/16/15 at 3:41 pm to GOAT4LSU
Sorry for your loss.
Don't rush into selling it - take time and research. We had a family member pass away recently and I believe the immediate family members left serious money on the table wanting to close quickly.
Don't rush into selling it - take time and research. We had a family member pass away recently and I believe the immediate family members left serious money on the table wanting to close quickly.
Posted on 12/16/15 at 9:05 pm to nelatf
Thanks for the advice everyone.
Friend of mine is a real estate agent is going to come by and give me a good asking price as well.
It is mostly cosmetic, but there is a bunch of cosmetic work. I think the house is ok structurally but needs sand pumped underneath and such.
Depending on what the flippers offer compared to what my buddy says is a good price "as is" will factor in.
Honestly, I really don't feel like messing with renovations unless I have to.
Also, no mortgage. House is paid off.
Friend of mine is a real estate agent is going to come by and give me a good asking price as well.
It is mostly cosmetic, but there is a bunch of cosmetic work. I think the house is ok structurally but needs sand pumped underneath and such.
Depending on what the flippers offer compared to what my buddy says is a good price "as is" will factor in.
Honestly, I really don't feel like messing with renovations unless I have to.
Also, no mortgage. House is paid off.
Posted on 12/17/15 at 10:37 am to GOAT4LSU
Another option for selling if a Flat Fee MLS listing, typically around $500. You only pay 3% if the agent brings you a buyer. And you can still try to sell yourself.
Sorry about you mom, I went through that last year.
Sorry about you mom, I went through that last year.
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