Margaret Rome's Blog

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Decision: To Sell As Is

 

 

Recently met with a family who is in the process of selling one house, buying another house, and selling their current residence. That's three transactions at the same time. Can you see the stressful situation with the family all at home and in the middle of a pandemic? 

Questions Margaret Rome

Upon evaluating their home, they had questions for me:

How much can you sell this for? How much do we need to do? What if we sell as is? Can we have a fast settlement?  How long will it take if we sell it as is? If we put money in to make it show house ready, how much could we get for it? How long would that take?

 

Remember three houses, three settlements all to happen in about six weeks.

My questions for the homeowner:

How much do you owe? How much do you need to move forward? What is your time frame? How long will it take you to clear out this house? How long will it take to get the contractors in for estimates? How long to finish the repairs? What will the market be like by then? Interest rates? How much time and energy do you have to spend on redoing this property?

 

At the least, it needs full paint, some outside maintenance, some window repairs, some roof repairs, and some massive trees that need removing.

Stay tuned, and I will let you know what decision they make.

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Margaret Rome

 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 

Comments

Hi Margaret:

That's a complex situation, and clearly you are asking some great questions that need to be addressed in your fast-moving market. And some questions the sellers have are tough to answer in a simply manner. Sounds like some "it depends" issues.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California, Inc.) 4 months ago

In our state we could still ask for repairs to be done even on a house that is sold as is. In my years, this has happened twice and the seller paid for the repairs...

Happy Friday Margaret Rome Baltimore 410-530-2400 

Posted by Paul S. Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC) 4 months ago

Having to get two houses ready to sell at the same time, plus buy another one, is indeed a stressful situation! I have one listing coming up and it will be sold as is. I have another one listed now that has been totally remodeled to sell. Both are estate sales, and both sets of sellers made the decision to fix up or not fix up based on their needs. Good luck with your sales, Margaret!

Posted by Rose King, Friendswood / Pearland / Houston Bay Area (David Tracy Real Estate) 4 months ago

Morning Margaret.

A monumental task is ahead of them, I'll stay tuned in to see their decision

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) 4 months ago

Margaret, A good set of questions to pose to your clients in the midst of 3 simultaneous transactions.  They knew you would guide them through complicated decisions even more challenging during a national and state wide recovery.

Posted by Kris Collis, Associate Broker, Professional Results you Expect 702-574-8102 (Smart Way America Realty) 4 months ago

Good morning, Margaret Rome Baltimore 410-530-2400 "the eye buys" and the closer one can become to calling that vision "eye candy," the sooner everything will sell.... those are jobs that can be hired out and all repaired at the same time.....no one will be in anyone's way...

Posted by Barbara Todaro, Previously Affiliated with The Todaro Team (RE/MAX Executive Realty - Retired ) 4 months ago

Those are some big decisions, and I find sometimes that the repairs you do help speed up the process, but may not necessarily bring you more money always. But paint is always a good investment if done well and they use neutral colors that  people like.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

Good morning Margaret. Perhaps they will seek your counsel along the way to make the best choices. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 4 months ago

They have a tough road ahead, and have asked good questions. Your question in return will help them find clarity. Looking forward to learning how they proceed.

Posted by Lottie Kendall, Helping make your real estate dreams a reality (Compass) 4 months ago

While there are often buyers for As Is homes, for the seller it is important to calculate cost of repair and renovation against potential increase in profit upon sale.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 4 months ago

Hello Margaret - the combination of asking questions and careful listening helps confusion in real estate disappear.  

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 4 months ago

Good morning Margaret Rome Baltimore 410-530-2400 - three at a time is stressful enough.  But all in six weeks.  Wow.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 4 months ago

"As is" can work, but often when there is little emotion involved. As in, investor purchases.  But then, as you well know, the price reflects the condition. I hope they listen to your advice and take care of the basics. We have a listing with a backyard that needs some serious pruning, the sellers said nobody will care. If they want the house, people will see past it. Nope, it has had a flurry of showings and the main concern is the backyard. I am sending a report to him this Monday. There are attorney's involved in the sale - too complicated to explain, but the PR for the trust wants to strangle this young man. He is the one living there and refusing to clean up as needed. The PR is trying,  rather her lawyer is trying,  to force him to move out so we can get the things done to present it in optimal condition. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 4 months ago

AS IS and TOP DOLLAR rarely ever intersect  ! I tell them that my marketing can get them at least 90% of their propert’s value . How they stage and prepare the property will affect obtaing Top Dollar

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 4 months ago

Good morning, Margaret.
Those folks are so fortunate to have you to guide them through that complicated process... which is further complicated with new guidelines in real estate transactions.  Will look forward to your updates.

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) 4 months ago

Margaret Rome Baltimore 410-530-2400 - although a challenge and complex situation, I can't think of anyone who can help these people achieve all their goals as quickly and effectively as you. When closure comes, they will thank you. What you do, is magic!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) 4 months ago

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