Selling a house without upgrades….

[suesinfl]

I’m thinking of selling and moving. I’ve been in my house for 25 years and when I bought it, the house had major upgrades that were only a couple of years old (kitchen remodel, new roof, air conditioner, carpet, paint, etc.) Subdivision was established in the early ‘70s and now is mostly rentals because of it being a rural area, low housing prices, and old.

I have replaced the air conditioner, hot water heater, carpet in the living room and master bedroom, installed new vanities and toilets, laid ceramic tile in the kitchen, dining room and hallway. Inside has also been painted several times over time, had a new shed built. It’ on a corner lot about ¾ of an acre and is just under 1100 sq ft, 3 br, 1 ½ bath.

I needs or will need windows and roof (soon to be needs), but I have no desire to do anymore to the house before selling. Chances are that an investor will buy and either flip or use as a rental.
What is the best option to selling? I want to sell “as is” but that sounds like there is something major wrong with it other than what I have listed above. What type of realtor do I look for? Or is there some way to find a company that buys houses like this? The less money I have to shell out the better, in fact, I’d rather not shell out much of anything.

I don’t plan on making a large profit, I just want out. I also have a crazy ex, who after being divorced for 10 years is still harassing me, hence one of my wishes to move.

[cronewitch]

Don't say as is then when they come back with a list of improvement just say no. Some people are looking for something that needs minor improvements and some will tear out brand new things just because so offer them a discount for accepting things.
My house is even older and not updated much, lots last year but needs a lot of work, I am getting a new roof next month but I am not a handyman and don't want to do new floors and things or deal with remodeling so will just say no.
You might raise your price to a little more than you dream you could get then offer a $5,000 roofing cash back at closing so they can choose a roof and not whine about yours is bad but don't offer until the inspection.

[happyhoix]

You don't have to say 'as is'  - people know (or should know) that they are a buying a house as is, that's why most people have a home inspection done prior to buying a home.

What I would do is pay for my own home inspection, just to make sure there isn't something seriously wrong that would have to be fixed before the house could be sold (electrical violation, for instance). This will also give you some idea of the other items that might be a concern for a potential buyer (roof won't last another 5 years, for instance).

This way you can price the house so that, if a potential buyer makes an offer but wants a $5000 credit to offset installing a new roof, you'll still at least break even.

You don't need a special type of realtor to sell the house. They're all good at describing the condition of the house in the ad to let people know it needs work - "Needs some updates" for example. It may attract a flipper, and it may also attract someone who is handy with home improvements who wants to buy into your house at a lower cost and improve the value himself through sweat equity.

Just make it clear to the realtor that you aren't going to be paying for any upgrades (other than those required by code) and that the buyer will need to understand that they are on the hook for all improvements. Shouldn't be a problem. Good luck! And sorry about the crappy X.

[kjto1]

We sold our house last year without updating it.  We replaced our ancient furnace/ac, and put in a modern fuse box and some other things that wouldn't pass inspection.  Our buyer had a down payment, and pre-qualified loan, so we didn't have to deal with the VA or other picky inspections.  We also priced our house accordingly - some others in the neighborhood were priced 20-30k higher than us - and on the market for 6+ months.  We didn't pay for a pre-inspection - I would just address whatever their inspector found or was concerned about - not look for additional things to fix.  I wouldn't list "as is".  We also did not paint the rooms neutral beige.  We had beige carpeting upstairs, but most of the rooms had color on the walls.  We also had our house on the market the end of March for prime selling season in our city.  Our realtor tried to get us to do a bunch of stuff that we didn't want to do - and we didn't do them.  They weren't necessary - just to make it easier to sell.

Our house was 100 years old without a garage in a really old neighborhood.  People shop there for the charm of old houses - not the flash of the new modern look.  We had white appliances with formica countertops.  Good luck!

[suesinfl]

Thanks everyone for the advice. I've never sold a house before, so I have to really on is what I've read on the boards. I need to do some research, but I need to write down all my questions first.

[Deleted]

I wouldn't recommend an inspection beforehand. I've had two inspection reports on the same house (2 different prospective buyers) that contradicted each other. You're just buying trouble since you have to disclose what they found.

Part of the answer is your "audience". Our realtor had me do some things like de-cluttering and painting the outside light fixtures black (they were very tarnished brass plate) that were relatively easy and cheap. Flippers can see beyond the cosmetic so don't waste your energy.

Maybe the landlords here can answer your question from their point of view. The nicer and more updated it looks, the easier it is to rent, but if you make expensive upgrades and build it into the price, potential rents may not be high enough for them to make a good return.

If you're trying to sell to people who will live there, you may want to make some cosmetic improvements, have it professionally cleaned if necessary, etc. I wish now I'd seen more HGTV to get an idea of the superficial things buyers want. We bought a Home Warranty that protected the sellers for a year after the sale. Well worth it, IMO. If something breaks they call the warranty company, not you.

I agree with the others that "as is" in a listing is a red flag. My attitude on negotiation after an inspection is that I'm not making deals on things we all saw when they looked at it- an older roof, dated appliances, etc. Those are reflected in the price. I WILL deal on issues the inspector found that were a surprise.

[suesinfl]

Thank you everyone! So "as is" is a no, but with the understanding that unless it is absolutely necessary I'm not investing any money into it to sell the darn thing. I don't have the money, energy or time to do anything other than de-clutter and clean, which needs to be done anyways.  

[hoops902]

Don't sell as-is.  If they find things wrong during the inspection (wrong, not outdated) then you can always give them a credit for needed fixes.  Leave the door open, you don't know everything that may be wrong with your house.  Maybe they'll find something you had no idea about, in which case you give them a credit so they can fix it later.  Normal buyers aren't going into a house and saying "I'll buy it, but first you have to go through a full renovation". 

You're not really trying to do anything differently than pretty much all other buyers.  Nobody really wants to update things to sell.  There's nothing special you need to do here.

[happyhoix]

Oct 21, 2015 10:32:07 GMT -5 suesinfl said:

Thank you everyone! So "as is" is a no, but with the understanding that unless it is absolutely necessary I'm not investing any money into it to sell the darn thing. I don't have the money, energy or time to do anything other than de-clutter and clean, which needs to be done anyways.  

Yes, and when you select your realtor they will do a walk through with you and will point out any glaring things that they think might cause potential buyers to get cold feet. You can decide which ones are worth your time and effort to change. For instance taking down old, stained curtains and replacing them with new blinds (or not replacing them at all) might make a small dark room seem brighter and bigger, and might even help if you have a smell problem (like due to cigarette smoke).

If you tell the realtor up front you aren't willing to do any improvements except those required by code to repair, he'll let potential buyers know, if they try to make an offer contingent on you getting certain things repaired.

[suesinfl]

Oct 21, 2015 11:14:45 GMT -5 hoops902 said:

Don't sell as-is.  If they find things wrong during the inspection (wrong, not outdated) then you can always give them a credit for needed fixes.  Leave the door open, you don't know everything that may be wrong with your house.  Maybe they'll find something you had no idea about, in which case you give them a credit so they can fix it later.  Normal buyers aren't going into a house and saying "I'll buy it, but first you have to go through a full renovation". 

You're not really trying to do anything differently than pretty much all other buyers.  Nobody really wants to update things to sell.  There's nothing special you need to do here.

happyhoix--

If you tell the realtor up front you aren't willing to do any improvements except those required by code to repair, he'll let potential buyers know

Sorry, I don't know how to multiple quotes. But thank you for the information, it gives me some more things to think about and add to my list.

[CCL]

Be sure you get everything in writing and get a copy of it. In my experience, Realtors are a bunch of liars.

[Malarky]

The fact that my house had no "upgrades" was a major selling point when I bought it.  I didn't want to have to redo someone else's idea of done.  

[Deleted]

That's the attitude DH and I had. Location, condition, dimensions- those are important. We can adapt the rest of it as we go.

[TheOtherMe]

When my parents sold their very inside outdated house, the buyer didn't even ask for an inspection.  The house had a new roof, new siding, new carpet, new window coverings and some new windows.  Other than that, it looked the way it looked when they bought it 20 years before they sold it. 

Yes, it cost them on the selling price.  Realtor had to convince them to lower the price to something reasonable after it was listed way too high to begin with.  He convinced them by showing them photos of houses under contract or sold that were right at the price range they had listed.  Once they lowered it to his recommended price, it was under contract in less than a week.

[gooddecisions]

My inlaws sold their 20 year old house last year. They put it on the market for $340K with comparable price per square feet for their area. The only problem was that they had done no renovations or improvements and were trying to sell it for what new construction and remodeled homes were going for. They were totally unrealistic for what they could get for their house. They had to drop the price three times before they finally sold it for $250K. 

Price accordingly and you'll be fine.

[suesinfl]

Thank you everyone, I can't tell you how much I appreciate your input. It is making the decision much easier, although, it will be after the summer when dd goes off to college and it is just ds and myself.