Subscribe to Answers
If a property is well-priced, the sellers are reasonable and I can properly represent the listing -- why not? There are many different ways to market a property
Ron and Alexandra Seigel
Debe Maxwell, CRS
Manys builders around here buy old ramblers just to get lot. Figure around $20,000.00 for demo, and price accordingly. Many time outside photo is enough since they don't care what's inside.
YES! Funny you should ask, I just posted on it and offered 2 photos of the disaster that sold in multiple offers! SEE 10,000 Ways
Debe Maxwell, CRS
Thomas J. Nelson, Rea...
La Jolla, CA
I have listed many of these type of bank owned homes and still are getting some now and again. I like to include the pictures as is s it shows the truth. I have a good list of contractors and builders i will call, get them all there and ask for their highest and best offer, most will tear down, some surprisingly opt to fix.
We have quite a few of those properties here still
Yes, sold 2 last year.
I agree with Michael Jacobs
Like Michael Jacobs comments ... I work with what I've got to work with. I have sold homes that were boarded up from a fire and homes that were not habitable in their current condition ... major foundation issues. They sell.
Often just a couple of photos will do.
Some shacks are sold just need a for sale sign.
A residential lot (5-6K sf) fetches $300,000 and up. Better residential lots start at $1,000,000. A $10,000-50,000 whack is the least concern by the developers.
I have one now (that was the basis of an earlier Q&A about "how low will you go" re: a list price). I took it and am marketing it as an "adult fort" for lack of a better phrase... A place you'd like to hang out at and escape but would hesistate to really call it home. My pics focus on the nice garage. ;)
What happened to using the word tear down? Who does a video for a tear down?
I would take the listing & not worry about what other people were thinking just as long as the owner got the price they expected. Problem is with fixer's is they draw in the nuts just like squirrels.
I have a duplex close to downtown where the lot is worth what the house is, which is quite a bit. Pictures don't matter, value does and what's with too weak in the stomach remark?
Not in my niche!
In some parts of my area, people buy properties for the land value, demolish the old house and build new houses. It depends on the specific area.
I believe in full disclosure so I show it as it is. If it is a tear down, consider buying it and donating to the fire department as a test burn and a tax deducion!
I know of a developer that bought a lot in the foothills that everyone thought was almost unbuildable due to the massive rocks on it. He got it at a great price, excavated the rocks for a waterfront subdivision he was doing instead of buying the rocks from someone else, then resold the lot for a huge profit!
I have never turned down a seller in need that wasn't rational about their price. Even if it was a low end price, they still needed my help.
It is prudent for every action agent to call the number on those bandit signs and get the information. It is this list of buyers who are trolling for investment opportunities AND building lots.
I would privately submit such property to this list and bypass the "how much will a new roof cost' that comes with the tire kicking public.
The question itself suggests this tire kicker is in over their head.
I do many construction loans based on the lot value. Have your buyer purchase the lot and use it as the down money for a new build. I do 30-40 of these deals every year.
I have not
I know of one or two of these in our MLS. They are accurately described as such. "Do not enter without a hard hat. House severely damaged by fire" or "Value is land only, house is red tagged and should be demolished."
Yes. The buyers can do as they please.
Im listing one right now! All the buyers think it needs to much work but the structure is easily worth $150,000 and could be renovated and in tip-top shape for $100,000. All told, they could have a great place for $700,000 and valued at $1,000,000. But it's hard to find someone with the cash and vision.
Years ago when we did lots of foreclosures there were many of these homes to move. We told the clear story rather than waste anyone's time
Andrew - I believe that it more common in other areas, not necessarily where I conduct my business.
I don't like taking unsaleable listings or those that will take way too long to sell. Life's too short to be miserable.
Andrew Mooers - one thing we all know - there is a buyer for every home if there is a meeting of mind!
I post a photo of the lot and house and make remarks that the value is in the lot.
Kist it and work with what you have! It will work!!
put it on the market and someone will offer
In Sedona, we are getting to the "built out" stage. I have a 5 acre parcel with a double wide trailer on it. I never even went inside. No pics of the outside other than an aerial of the property. The trailer is a haul away cost not a plus in my opinion.
The only thing I would add to the video, is the cost of a demolition permit from the County, and an estimate from a contractor to tear it down and haul it away.
You sell it "as is" with the disclaimer that the value is in the lot. It is up to the buyer what they ultimately will do with the property, assuming they can get a loan on it - may be limited to cash buyer only.
Beauty is in the eye of the beholder - Dirt doesn't photo well to some but, to others who have a vision, it's pure gold! It's about getting the word out and marketing the heck out of the property, regardless of the appearance!
The last one of those that I had, I included an exterior shot and in the description, referred to rehab or wrecking ball - I got a great response and multiple Offers. Good luck, Andrew Mooers!
I would love to take a listing that's a teardown....and market it for what the lot is worth.... and that would depend on the price of the end product that could be built there in that area....
that's my kind of listing....I market to find those...
Barbara Torado just posted about a tear down listing the other day that her team has.-Kasey
The Agents remarks & property description; this is where they earn their pay
Never had a listing like that but have seen a few
Not a wasteful person so I chose to fix things rather than fill landfills.
I have purchased many homes that others would have torn down, I fixed them and gave them a new life.
Not something I normally deal with in my market!
I believe in showing it all. The good, bad and ugly.
I've never sold a property like this in 25 years.