 |
No Heat In Bedrooms |
| |
 |
Dear Madam: My husband and I are in our late 70s and would like to sell our large two-family house. It needs lots of repairs, no heat in the bedrooms. We don't have the money to pay someone for it. We wouldn't get much anyway because in this section of town you can't go over a certain amount for your house.
If we sell it by ourselves by owner, would we have to do lots of repairs? |
| |
| |
 |
You're right: In any given area, no one will pay more than a certain amount. Don't put more money into repairs, because you can't afford them, because you don't need the fuss at your age, and because you probably wouldn't get your money out.
But in the condition you describe, particularly with no heat in the bedrooms, a buyer is likely to have trouble getting a regular mortgage loan. Your best bet will be to find an all-cash buyer or hold a mortgage yourselves. The simplest thing would be finding someone who'll buy for all cash "as-is". It would be worth offering a bargain price in return. If you take back a mortgage, which would bring you monthly income, insist on a good cash down payment. Go slowly. Before you sign any agreement, have your own lawyer investigate the buyer to make sure it's safe to lend a stranger that much money.
To find out what your house is worth, call real estate firms that are active in your neighborhood, and ask them to send someone over. Discuss your situation and get advice from all the agents. Then call back the one you felt most confident with and list the house. In your situation, it would be unwise to try selling on your own. You need a good broker, and you should also have your own lawyer, right from the start. |
| |
|
Edith
Originally published on July 6, 2006 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
