What Should I Do? Not a Fixer Upper, Not a Gorgeous House, Sorta In-Between

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

If a house is a fixer upper it can be priced accordingly. If a house is gorgeous it can be priced accordingly. There is a market for both types. It's the in-between houses that are harder to sell.

Investors and do-it-yourself warriors love fixer uppers. Almost everyone loves a gorgeous house, especially with today's low prices.

But what about the properties that are in OK shape but need a lot of cosmetics. Nothing is really broken but the house is a little tired. There are many houses like that in Louisville KY.

  • Maybe needs all new carpeting.textured wall
  • Maybe has an aging roof, or aging mechanicals.
  • Maybe has wallpaper or textured walls, all in perfect shape but no one wants them.
  • Maybe the kitchen or bathroom need a bit of updating.

What's the Problem?

Buyers either don't have the money left over after the closing to make the repairs, or they just don't want to bother with the required updates. After all, there's a low priced gorgeous house down the street or a full blown fixer upper where they can really get a great deal.

So What To Do?

  • If you have the cash and the equity, you should consider some strategic upgrades.
  • If you have equity but no cash, you should consider dropping the price significantly. Even though you are giving the buyer a deal, you are selling your house fast. Isn't that your goal? Holding out for the top dollar that may not come can put your life on hold and drain you financially.
  • If you have no equity and no cash to dedicate to the house, your house is probably a good candidate for a short sale. You can drop your house price below what you owe. In a short sale, your lender accepts amount less than what you owe. Ideally the lender will forgive the shortage.
Posted by

 

 

Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

Website David.DavidHalpernRealtor.com

(502) 664-7827

 

 

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Topic:
Home Selling
Location:
Kentucky Jefferson County Louisville
Groups:
Certified Distressed Property Expert
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Short Sale REALTORS®
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Tags:
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foreclosure
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equity
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fixer upper
wallpaper
textured
investors
do it yourself
real estate agents
kitchen
bath

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Rainmaker
88,446
Linda Kemp
Keller Williams Realty Infinity - Naperville, IL
Stager and Relocation Professional

Dave, this is a great post.  I believe we also have a communication gap between the agent and the buyer.  Not enough agents understand the various programs that allow the buyer to build renovation costs into their mortgaged amount.  It is possible for buyers to get their dream home--we just need to make sure that we educate our cllients and show them all of the possibilities out there!  Enjoy this beautiful morning!  Linda

Feb 15, 2011 12:55 AM #1
Rainmaker
580,027
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Dave, this is very good information that some sellers just do not consider before they make their choice.

Feb 15, 2011 03:54 AM #2
Rainmaker
277,641
Beverly Carlson
Carlson Properties 325-721-2429 - Abilene, TX
Abilene's Staging Realtor

For big items, the sellers will need to give allowances, or reduce the price however you look at it.  Don't forget the basics.  Every home should be shown squeaky clean and clutter free  Don't let a house sit there with worn out or outdated furniture in it either.. 

Feb 16, 2011 05:00 AM #3
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Dave Halpern

Louisville Short Sale Expert
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