cathmom Posted January 1, 2012 Share Posted January 1, 2012 How do you decide what to do and what not to do? Do nothing at all? But if you do nothing, there's no chance of selling/renting. Do the basics - paint, fix inexpensive obvious things, carpet allowance? Trying to figure out the future here LOL! Quote Link to comment Share on other sites More sharing options...
bettyandbob Posted January 1, 2012 Share Posted January 1, 2012 Is this for you to live in. How long? Quote Link to comment Share on other sites More sharing options...
cathmom Posted January 1, 2012 Author Share Posted January 1, 2012 no, to sell/rent our current home Quote Link to comment Share on other sites More sharing options...
NotSoObvious Posted January 1, 2012 Share Posted January 1, 2012 I think selling vs. renting is a big difference. If you sell, you could just clean it up and try to sell as-is. If it's not moving, then maybe freshen it up with a little paint, etc. If you rent it out, I think it's absolutely worth it to paint, repair, and do anything you can to have it in good condition. That way you'll attract better renters and you can have higher expectations for when they move out. Quote Link to comment Share on other sites More sharing options...
Rhonda in TX Posted January 1, 2012 Share Posted January 1, 2012 I would probably ask a local realtor what they recommend. Maybe get the opinions of several realtors. A lot of it depends on what people looking in your neighborhood are expecting. Quote Link to comment Share on other sites More sharing options...
bettyandbob Posted January 1, 2012 Share Posted January 1, 2012 For selling it's pretty much a buyer's market. You can't have the house look tired and unmaintained. At the very least I would paint everything one neutral color and put in decent carpet (assuming the current carpet is not in good shape). You could give a carpet allowance, but if the carpet is in really bad condition you may be better off getting it out of the house before you show it. If you have any fixtures you are taking, remove and replace them now. For instance if you have a very nice ceiling fan, take it down, store it for your move and put up a fan from the local hardware store. Make sure all outlets, fixtures and appliances that convey are clean and in working order. Check bathrooms carefully. Look at all the problems with the grout you've been ignoring for years. If you have a yard, make repairs or remove sheds, fences and playground equipment. Quote Link to comment Share on other sites More sharing options...
SunD Posted January 1, 2012 Share Posted January 1, 2012 Oops paint (lots of neutral colors that people mixed and then decided they just weren't "right"), white on the molding/doors/frames. Cheap carpet. Cheap linoleum. Refinish and new hardware on cabinets. Then fix anything that's broken and noticeable. A few plants or cheap grass seed to spruce up the yard. Clean absolutely everything in the house thoroughly. Then price it well and hope for the best. Quote Link to comment Share on other sites More sharing options...
cathmom Posted January 1, 2012 Author Share Posted January 1, 2012 Our street was built in the late 1990s, a cul de sac of manufactured homes. We were the second or third family to move here. In all that time, I don't think any house on this street (there are about 10) has ever sold in the normal way - they've all been walked away from and/or foreclosed on. There's one house that has been for sale for quite a while. I just checked and they've lowered the asking price by $15,000 since I last looked. They're now asking for $30,000 less than we owe on our mortgage. Our house is nicer, bigger, and on a better lot, but I highly doubt we can sell it for anything near what we would need to. So that's what I mean, is any dollar we put into this place just throwing it away? How does one decide this? Quote Link to comment Share on other sites More sharing options...
Renee in NC Posted January 1, 2012 Share Posted January 1, 2012 In your case, it is throwing it away. If it isn't going to sell for what you need to pay it off, a short sale is a short sale. Quote Link to comment Share on other sites More sharing options...
kalanamak Posted January 1, 2012 Share Posted January 1, 2012 How do you decide what to do and what not to do? Do nothing at all? But if you do nothing, there's no chance of selling/renting. Do the basics - paint, fix inexpensive obvious things, carpet allowance? Trying to figure out the future here LOL! What type of house? The big house I was selling needed a new, granite covered kitchen to make people not walk out the door. Here is an idea: tour some houses for sale near you and see what the realtor points out. If they all yak about the kitchen, you can trust that buyers in that area ask about it. E.g. we were told that husbands like a dramatic entry-way, wives a nice kitchen and master bath. We focused on those, and some "little extras", like heated floors in the bathrooms. (Hubby is a carpenter, and all I had to pay was parts, however.) :grouphug:It is a tough market. Quote Link to comment Share on other sites More sharing options...
cathmom Posted January 1, 2012 Author Share Posted January 1, 2012 What type of house? The big house I was selling needed a new, granite covered kitchen to make people not walk out the door. Here is an idea: tour some houses for sale near you and see what the realtor points out. If they all yak about the kitchen, you can trust that buyers in that area ask about it. E.g. we were told that husbands like a dramatic entry-way, wives a nice kitchen and master bath. We focused on those, and some "little extras", like heated floors in the bathrooms. (Hubby is a carpenter, and all I had to pay was parts, however.) :grouphug:It is a tough market. People will not be expecting granite countertops in this house LOL! It's a manufactured house with 2070 sq ft and 4 bedrooms on nearly 2.5 acres. Quote Link to comment Share on other sites More sharing options...
Moxie Posted January 1, 2012 Share Posted January 1, 2012 (edited) Our street was built in the late 1990s, a cul de sac of manufactured homes. We were the second or third family to move here. In all that time, I don't think any house on this street (there are about 10) has ever sold in the normal way - they've all been walked away from and/or foreclosed on. There's one house that has been for sale for quite a while. I just checked and they've lowered the asking price by $15,000 since I last looked. They're now asking for $30,000 less than we owe on our mortgage. Our house is nicer, bigger, and on a better lot, but I highly doubt we can sell it for anything near what we would need to. So that's what I mean, is any dollar we put into this place just throwing it away? How does one decide this? When you say manufactured home, is that a trailer or something else? All I know about trailers is what I have heard on Dave Ramsey and he says they always go down in value and to get out of them however you can. Talk to a realtor. I was surprised when our realtor told us about half of the things we had planned to do were of no value in our neighborhood. Edited January 1, 2012 by Moxie Quote Link to comment Share on other sites More sharing options...
In2why Posted January 1, 2012 Share Posted January 1, 2012 If you are renting go with the cheapest looks only items you can. Just assume you will need to repaint and rip up carpeting after every renter. Or look at commercial products that are made to last. But I agree with others. If you have to move and it is going to be a short sale, don't throw away anymore money. Make the decision and let it go. The best of the bad choices is what you have to do. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted January 1, 2012 Share Posted January 1, 2012 Our street was built in the late 1990s, a cul de sac of manufactured homes. We were the second or third family to move here. In all that time, I don't think any house on this street (there are about 10) has ever sold in the normal way - they've all been walked away from and/or foreclosed on. There's one house that has been for sale for quite a while. I just checked and they've lowered the asking price by $15,000 since I last looked. They're now asking for $30,000 less than we owe on our mortgage. Our house is nicer, bigger, and on a better lot, but I highly doubt we can sell it for anything near what we would need to. So that's what I mean, is any dollar we put into this place just throwing it away? How does one decide this? It's worth a try. I'd still clean it immaculately, get rid of as much stuff as you can, and paint things that look really bad. Quote Link to comment Share on other sites More sharing options...
Unicorn. Posted January 1, 2012 Share Posted January 1, 2012 People will not be expecting granite countertops in this house LOL! It's a manufactured house with 2070 sq ft and 4 bedrooms on nearly 2.5 acres. In that case, you are selling the land, more than the house. Spend some time on the yard- curb appeal! Grass seed, flowers in pots or beds- all can be done fairly cheaply. Fix anything that's obviously broken. You don't want the stairs leading to the front door wobbly or collapsing on prospective buyers. Clean the windows and powerwash the outside- actually, get some jomax and bleach, and you don't need to powerwash! Pull out carpet only if you have huge holes or stains, otherwise, rent a cleaner. Get rid of clutter, any furniture you don't need, and make it look huge and inviting inside. Good luck! Quote Link to comment Share on other sites More sharing options...
cathmom Posted January 1, 2012 Author Share Posted January 1, 2012 When you say manufactured home, is that a trailer or something else? All I know about trailers is what I have heard on Dave Ramsey and he says they always go down in value and to get out of them however you can. Talk to a realtor. I was surprised when our realtor told us about half of the things we had planned to do were of no value in our neighborhood. It is a Palm Harbor manufactured home on a permanent foundation, which was supposed to be the equivalent of site-built homes. :glare: Quote Link to comment Share on other sites More sharing options...
Myeightkiddies Posted January 1, 2012 Share Posted January 1, 2012 Declutter and repair anything that is damaged. Clean it well, and don't forget to clean-up the yard. Go on a house selling site, such as Realtor.com and search for houses in that price range in your area. Look at the photos and see if there is anything cheap that you can do to make yours comparable. At this point, anything you do is money that is gone. Decluttering, repairing cosmetic items, and cleaning the yard/house is the cheapest things to do. Do those and see how it goes. Don't lose more money than you need to. Quote Link to comment Share on other sites More sharing options...
PrincessMommy Posted January 1, 2012 Share Posted January 1, 2012 Oops paint (lots of neutral colors that people mixed and then decided they just weren't "right"), white on the molding/doors/frames.Cheap carpet. Cheap linoleum. Refinish and new hardware on cabinets. Then fix anything that's broken and noticeable. A few plants or cheap grass seed to spruce up the yard. Clean absolutely everything in the house thoroughly. Then price it well and hope for the best. Yes, that. We're right in the middle of making these decisions ourselves. The thing about realtors is that they push for all the latest upgrades. We had our kitchen re-done about 18months ago (in prep for moving). It's a nice kitchen but I put in Formica counter tops because I like it better than the fancy stuff. One realtor said we should spend $$$ to upgrade to granite. :confused: Are you kidding me???? it's over $5000 to do that. She also wanted us to to do a lot of other expensive upgrades just to get the best price. My husband says it's not worth the 5-10% more you'll get. Quote Link to comment Share on other sites More sharing options...
Dolphin Posted January 1, 2012 Share Posted January 1, 2012 If you can afford to rent it and sell when the market improves. You might even find a renter who wants to buy it. There are people out there who can not buy as they have been foreclosed on. Check out rent to own sites. My friend is doing this and it is working really well for her. They settled on a price that is $45,000 more than the mortgage (so the house owner will have some money at the end) She has taken over the mortgage and property tax payments. When their credit improves she will get a loan and "buy" the house. If she walks away, those payments were rent and the homeowner doesn't lose anything except a tenant. Just something else to look at Quote Link to comment Share on other sites More sharing options...
Tammyla Posted January 1, 2012 Share Posted January 1, 2012 I would clean, declutter and paint at the very least. Quote Link to comment Share on other sites More sharing options...
Alice Posted January 1, 2012 Share Posted January 1, 2012 Instead of talking to a realtor, you could go look at comparable homes in your area that are selling for what you'd like to sell. Get an idea of what they all have that you might want to change. You could also market it more as a fixer-upper in good condition. Not everyone likes a house that is "done". When we were looking dh really wanted to find a house that needed some work as he wanted to do some of it himself. We looked for good condition so we didn't have to do major work but we were fine with ugly. We wanted clean and functional but not pretty. It might depend on where you are and and how it's marketed if that would work. Quote Link to comment Share on other sites More sharing options...
lynn Posted January 1, 2012 Share Posted January 1, 2012 Some improvements may not see a return in cash value but it will put your home above another. Ask a realtor what upgrades will help for future sale of your house. In our area getting rid of all brass for the Satin nickle look, hardwood floors and tile sell houses. Many buyers here want granite and don't want to have to put anything into homes they buy. I wanted to add that there is nothing wrong in doing improvements that you can enjoy while you are living in the house. Why do things just for the new owners to enjoy. If you want new fixtures or flooring to enjoy go for it. Quote Link to comment Share on other sites More sharing options...
cathmom Posted January 1, 2012 Author Share Posted January 1, 2012 Some improvements may not see a return in cash value but it will put your home above another. Ask a realtor what upgrades will help for future sale of your house. In our area getting rid of all brass for the Satin nickle look, hardwood floors and tile sell houses. Many buyers here want granite and don't want to have to put anything into homes they buy. I wanted to add that there is nothing wrong in doing improvements that you can enjoy while you are living in the house. Why do things just for the new owners to enjoy. If you want new fixtures or flooring to enjoy go for it. Money is extremely tight, and we would be worried that, with 4 dc 8 and under and pets, whatever we fix before leaving would just get messed up. Probably the best bet is to move out and then paint/clean up and see what happens. Quote Link to comment Share on other sites More sharing options...
Barb_ Posted January 1, 2012 Share Posted January 1, 2012 Is it a short sale? Quote Link to comment Share on other sites More sharing options...
lllll Posted January 1, 2012 Share Posted January 1, 2012 .. Quote Link to comment Share on other sites More sharing options...
black_midori Posted January 1, 2012 Share Posted January 1, 2012 It is a Palm Harbor manufactured home on a permanent foundation, which was supposed to be the equivalent of site-built homes. :glare: We were told that, too, but when we actually went to sell it (about 4 years ago - after living in it for 7) we were told that it didn't DROP in value as much as a non-permanent foundation one would but it didn't INCREASE in value like an actual site-build home would have. On a side note - we were also selling mainly land (1.5 acres) and got a pretty good price (this was right before things got pretty bad - I wouldn't expect nearly as much now). HOWEVER - the only reason we were able to sell it for a decent price & quickly was that we went out on a limb and did seller financing. BAD CHOICE!!!! The same ppl still own it, but we have done numerous "assists" on payments & deal constantly with late payments. The reason we did it (aside from price & speed) was because the realtors told us that the manufactured houses were really hard for people to get mortgages for and that many a buyer would be lost while they waited in vain for funding. This was before mortgages got so hard to get, too! Quote Link to comment Share on other sites More sharing options...
Brigitte Posted January 2, 2012 Share Posted January 2, 2012 HOWEVER - the only reason we were able to sell it for a decent price & quickly was that we went out on a limb and did seller financing. BAD CHOICE!!!! The same ppl still own it, but we have done numerous "assists" on payments & deal constantly with late payments. The reason we did it (aside from price & speed) was because the realtors told us that the manufactured houses were really hard for people to get mortgages for and that many a buyer would be lost while they waited in vain for funding. This was before mortgages got so hard to get, too! Most lenders will require a 20% down payment for a manufactured home mortgage. Unfortunately, most people in the market for a manufactured home don't have 20% to put down. To the OP, I recommend talking to a realtor before you do anything and ask about what they know about lenders in the area who might offer better loans than 20% conventional for a manufactured home. Having that info for potential buyers can be invaluable. Quote Link to comment Share on other sites More sharing options...
jennsmile Posted January 2, 2012 Share Posted January 2, 2012 I agree talk to a realtor. My MIL had a mobile home and rented it for years before selling it. But I don't know that you can get lending on it. My friend recently moved and they did all the fixing up after they left. It looks goregous and they priced it well and I think it has sold already. There was no way they could have kept it show quality with her 6 kids. But once they were out and hired the work done it looked great. Quote Link to comment Share on other sites More sharing options...
Mynyel Posted January 2, 2012 Share Posted January 2, 2012 It wouldn't happen to be in NW PA would it? :D Quote Link to comment Share on other sites More sharing options...
cathmom Posted January 2, 2012 Author Share Posted January 2, 2012 It wouldn't happen to be in NW PA would it? :D Nope! :D Quote Link to comment Share on other sites More sharing options...
Tabrett Posted January 2, 2012 Share Posted January 2, 2012 Find out how much the forclosures have sold for in your neighborhood. Unfortunatly, that is the price you are going to be able to sell the house for. In order for the buyers to qualify for a loan, the sell price must be near the appraised value. The appraised value is determined by the average sell/forclosure auction price of the houses in your neighborhood. It doesn't matter if your house is nicer, the computer/bank generated value only looks at square footage and the sell price of surrounding houses. We just closed a short sale. We did not do anything to fix it up. Our realtor told us not too because we were loosing money. Your house should sell if it is priced near the average cost of what the foreclosed houses sell for at auction. Quote Link to comment Share on other sites More sharing options...
livingnlearning Posted January 2, 2012 Share Posted January 2, 2012 We are in the throes of this situation ourselves right now. I'm sitting here exhausted after a long day of painting, repairing and cleaning up. Get a GOOD realtor and ask their opinion. Ours said to just make sure everything was clean and give a flooring allowance since our carpets obviously are going to need replaced. I think any more unless carpet is brand new people will want to replace it anyway. We did repairs to the roof, sheetrock, and one faucet. We painted (and are still painting ugh) most of the rooms and scrubbed the walls on the ones we didn't paint. Our kitchen floor was beyond bad and needed replaced years ago so we got those bombproof little cheap (.69/foot) tiles at home depot and redid the floor. Someone may not like those things and plan to negotiate or change them but they don't give the same bad impression that the old floor would have given. it's new and clean in here, it smells new. We were told over and over that we wouldn't get our money back out of it but the fact is you need to make an impression. If your way of getting paid is that someone sees your house and it doesn't gross them out and so they buy it-you just got paid. IME buyers don't look past neglect and dirty but they can look past the wrong kind of floor or cabinets. Also, empty your place out. We are moving out before we list ours and it makes a WORLD of difference. if you're not moving out yet, at least get the vast majority of your stuff into storage. it will make your house look bigger, cleaner and it will be easier to keep up while it's on the market. Quote Link to comment Share on other sites More sharing options...
mycalling Posted January 2, 2012 Share Posted January 2, 2012 If you're going to rent it or sell after living in it for a while with lots of kids, put in cheap neutral tile with grout that's either the same color or darker. You may have to replace a tile or two here or there if broken (easier than it sounds), but you will not have to replace the floors again after renters move or when you go to sell. Quote Link to comment Share on other sites More sharing options...
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