DawnM Posted February 2, 2015 Share Posted February 2, 2015 Ok, so we were focusing on the interior of the house and getting it ready to sell. We had a contractor come out, a real contractor, not that hack job we hired previously. The exterior of the house has quite a bit of damage. Way more than we thought. It is a wood house and there is a lot of water/rot on the widow frames of two large rooms with huge picture windows, and the wrap around porch is far more damaged than we thought. They showed us, they aren't trying to pull one over on us. They have suggested we do two things before they do any work: 1. Hire an inspector to tell us exactly what will pass in a house sale and what won't so we can concentrate on things that matter. (I think that was also a response to me telling them that my husband doesn't want to spend so much $$ to do the work, they think that this will help open his eyes.) 2. Hire a different realtor who is more knowledgeable than the one we have and can give us a better picture of what we can make on the sale. Our current realtor is a little vague. It is looking like we will NOT even get out of this house what we put in at all and we had thought we would make a profit. I am sick. Quote Link to comment Share on other sites More sharing options...
ILiveInFlipFlops Posted February 2, 2015 Share Posted February 2, 2015 :grouphug: :grouphug: :grouphug: I'm so sorry. I'm in complete denial about what we're going to need to do to this house before we can sell, and it's not even in our near future. I'm absolutely dreading it. Do you have to move? Is staying and doing the work slowly or yourself an option? Quote Link to comment Share on other sites More sharing options...
Ali in OR Posted February 2, 2015 Share Posted February 2, 2015 When we sold our last house by owner, we hired an inspector (maybe $200-$300??) so there would be no surprises and so we could say that our list price reflected the house's condition. It can be a helpful thing to have for negotiations. Some things were easy for us to take care of (moss on roof, mold on inside of garage door). Some things became a negotiating point--we knew we had siding that had been part of a lawsuit and either needed extra care or replacement--we had been going the extra care route. So I think I would do what your contractor suggested and get an independent inspector to tell you what the issues are, help prioritize repairs, and maybe give you suggestions on how to fix some of the stuff yourself or at least less expensively. Quote Link to comment Share on other sites More sharing options...
MistyMountain Posted February 2, 2015 Share Posted February 2, 2015 I'm sorry. Selling a house is stressful enough when you are not blindsided by costly repairs that need to be done. I would do the two things they suggested. Quote Link to comment Share on other sites More sharing options...
sbgrace Posted February 2, 2015 Share Posted February 2, 2015 :grouphug: Quote Link to comment Share on other sites More sharing options...
NorthwestMom Posted February 2, 2015 Share Posted February 2, 2015 :grouphug: :grouphug: :grouphug: :grouphug: I agree with the private inspector suggestion. Quote Link to comment Share on other sites More sharing options...
creekland Posted February 2, 2015 Share Posted February 2, 2015 :grouphug: :grouphug: :grouphug: An inspector and second opinion regarding the sale are probably both worth it. I'm sorry to hear your news though - it has to be incredibly frustrating! Quote Link to comment Share on other sites More sharing options...
YaelAldrich Posted February 2, 2015 Share Posted February 2, 2015 Just going through this today in fact. Realtor came to look over the house/ The housing prices for the area are less than what we paid and we put a bunch of money into the house already (close to $30K). Wah! We just bought this house 18 months ago! Quote Link to comment Share on other sites More sharing options...
DawnM Posted February 2, 2015 Author Share Posted February 2, 2015 :grouphug: :grouphug: :grouphug: I'm so sorry. I'm in complete denial about what we're going to need to do to this house before we can sell, and it's not even in our near future. I'm absolutely dreading it. Do you have to move? Is staying and doing the work slowly or yourself an option? We have been here for 10 years. My husband keeps saying, "I will be finished with everything within 2 more years." He has been saying this for the last 8 years. However, he has NO TIME and I cannot do it, I don't have the skill set. So, no, it will not be done by us. And no, we don't have to move. I can very unhappily continue to drive between 2-3 hours per day to all of our activities and DH can continue to drive 2 full hours to his job and back every day. Quote Link to comment Share on other sites More sharing options...
Elisabet1 Posted February 2, 2015 Share Posted February 2, 2015 Ok, so we were focusing on the interior of the house and getting it ready to sell. We had a contractor come out, a real contractor, not that hack job we hired previously. The exterior of the house has quite a bit of damage. Way more than we thought. It is a wood house and there is a lot of water/rot on the widow frames of two large rooms with huge picture windows, and the wrap around porch is far more damaged than we thought. They showed us, they aren't trying to pull one over on us. They have suggested we do two things before they do any work: 1. Hire an inspector to tell us exactly what will pass in a house sale and what won't so we can concentrate on things that matter. (I think that was also a response to me telling them that my husband doesn't want to spend so much $$ to do the work, they think that this will help open his eyes.) 2. Hire a different realtor who is more knowledgeable than the one we have and can give us a better picture of what we can make on the sale. Our current realtor is a little vague. It is looking like we will NOT even get out of this house what we put in at all and we had thought we would make a profit. I am sick. I am so sorry!! (((hugs))) Quote Link to comment Share on other sites More sharing options...
Momof3littles Posted February 2, 2015 Share Posted February 2, 2015 I am not sure if it is like this everywhere, but even if the house will "pass inspection," the buyers may want it repaired anyway, kwim? I have been on both ends, and even if it isn't absolutely necessary, depending on inventory and condition of other houses in your price range, it may end up being a sticking point for buyers no matter what. We've always hired an inspector, and they just pretty much report on what issues there are, what kind of time frame we are looking at for things like roof, windows, whatever, that type of thing. Buyers may still expect you to price the house accordingly if there is damage like that, even if it passes a local government's type of use and occupancy inspection. I'm so sorry you were hit with this unexpectedly. We've bought and sold several times and have considered another move recently, but ugh, it is such a stressful process. eta: definitely get other opinions. I would not give the realtor more info about what price you are hoping for than you have to, having suspicions that I was once burned through such a discussion with a realtor. I'd get the opinion of an inspector (not connected to your realtor in any way IMO. I prefer to find my own for several reasons) and maybe another contractor or two. Yes, you are looking at some $$, but better to have a thorough picture of what you are looking at, what will be necessary, what potential alternatives there are, etc .than spending that $ based on one contractor's opinon. it doesn't mean he's wrong in any way, but I wouldn't start expensive repairs without other opinions. Quote Link to comment Share on other sites More sharing options...
Arcadia Posted February 2, 2015 Share Posted February 2, 2015 :grouphug: My condo's HOA just won a lawsuit against the developer and it took two years and at least two inspections per condo unit. Luckily the settlement would pay for repairs and all legal costs. I can empathize about moving. We have been in this home for nine years, been looking for three years and no good match location and price wise. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 2, 2015 Share Posted February 2, 2015 Ok, so we were focusing on the interior of the house and getting it ready to sell. We had a contractor come out, a real contractor, not that hack job we hired previously. The exterior of the house has quite a bit of damage. Way more than we thought. It is a wood house and there is a lot of water/rot on the widow frames of two large rooms with huge picture windows, and the wrap around porch is far more damaged than we thought. They showed us, they aren't trying to pull one over on us. They have suggested we do two things before they do any work: 1. Hire an inspector to tell us exactly what will pass in a house sale and what won't so we can concentrate on things that matter. (I think that was also a response to me telling them that my husband doesn't want to spend so much $$ to do the work, they think that this will help open his eyes.) 2. Hire a different realtor who is more knowledgeable than the one we have and can give us a better picture of what we can make on the sale. Our current realtor is a little vague. It is looking like we will NOT even get out of this house what we put in at all and we had thought we would make a profit. I am sick. I would follow this very good advice. Do only what is required. Disclose all else, assuming your state has disclosure forms. Quote Link to comment Share on other sites More sharing options...
Guest Posted February 2, 2015 Share Posted February 2, 2015 I would get a few quotes for the cost of fixing the wood damage and then see if it's something you can afford. If you can't, be willing to negotiate on the price you sell it for. Quote Link to comment Share on other sites More sharing options...
prairiewindmomma Posted February 2, 2015 Share Posted February 2, 2015 Regardless of whether you are selling or not, windows and siding are must-fixes. It stinks. Our house came with all wood casement windows. We have been replacing some with wood Pellas, but all of the basement ones have been replaced with Gerkin vinyl ones. We actually prefer the Gerkins, and they have great energy efficiency ratings. Other windows, we just had the sills replaced as the rest of the window frame was fine. Sounds like it's time for an inspection and new realtor. We are getting ready to do our preinspection as well. Hugs! Quote Link to comment Share on other sites More sharing options...
prairiewindmomma Posted February 2, 2015 Share Posted February 2, 2015 An outside appraisal is also helpful. We did one last year and it was $250. It helped us target our repairs and updates. Quote Link to comment Share on other sites More sharing options...
Anne in CA Posted February 2, 2015 Share Posted February 2, 2015 Is there any chance you could just make it a rental house in the condition it is in? I am sorry. I was once stuck in a house I hated and was unable to sell and it was not fun. Quote Link to comment Share on other sites More sharing options...
Spryte Posted February 2, 2015 Share Posted February 2, 2015 I am so sorry. How terribly stressful. :grouphug: Quote Link to comment Share on other sites More sharing options...
Mergath Posted February 2, 2015 Share Posted February 2, 2015 Is there any chance you could just make it a rental house in the condition it is in? I am sorry. I was once stuck in a house I hated and was unable to sell and it was not fun. If they already don't have time to do any repairs, becoming landlords probably isn't the best idea. The kind of renters who don't care if the landlord makes repairs or not generally aren't the kind of people you want as tenants, and a lot of cities are cracking down on rentals that need a lot of work. Quote Link to comment Share on other sites More sharing options...
applethyme Posted February 2, 2015 Share Posted February 2, 2015 :grouphug: :grouphug: :grouphug: Quote Link to comment Share on other sites More sharing options...
Lolly Posted February 2, 2015 Share Posted February 2, 2015 A lot of times, you are better off pricing it to sell as a fixer upper and not doing the repairs. At least, that is the way it is here. Unfortunately, getting money back that you have in the house is often not possible. It is sickening. The realtors here who advise fixing up the house are looking for a larger commission. It is in THEIR favor for you to fix the house first, not yours. Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted February 3, 2015 Share Posted February 3, 2015 I'm so sorry. 1dd bought a house with a pre-listing inspection the owner provided. they also provided a contractor supplied estimate of costs of each repair. (coincidently - we knew the contractor's son, who works for his dad.) she actually accepted theirs and didn't order one herself. (it was a very "hot" house, and one of the things in her favor. if she'd waited and gotten her own inspection, she would have lost the house.) the bank can be picky - and so she didn't let them know she had an inspection so they didn't have it to look at. (she has a couple expensive repairs - but she knows about them. e.g. the deck needs to be replaced.) she made the most pressing repairs before she moved in (and some upgrades.) I can only think of one thing the inspector missed. (a non-gfci outlet under the kitchen sink. you don't expect to find one there, so he didn't move the garbage can.) there was also a bunch of stuff that wasn't a very big deal, but again, banks can be demanding in how "perfect" they want things. I agree get a new RS agent. you need to have complete confidence in your agent. it may be the agent doesn't have a realistic idea of what you'll net - and it could be the agent is so desperate for a sale, they won't tell you the truth for fear you'll drop them. Quote Link to comment Share on other sites More sharing options...
marbel Posted February 3, 2015 Share Posted February 3, 2015 I'm so sorry. This is bringing back (bad) memories of our house sale in 2011. We discovered at the last minute that a 2nd-story deck had serious rot and needed a vast amount of $$$ repairs. I am not sure how the realtor got the buyers to split the cost with us. There were other last-minute surprises too. It really was a miracle that that house sold, though we got far less for it than we had expected. I'd say follow the advice. Other than that, I can only offer :grouphug: :grouphug: of sympathy. Quote Link to comment Share on other sites More sharing options...
Guest Posted February 3, 2015 Share Posted February 3, 2015 I'm sorry, Dawn. That is a sock to the gut. I would do as they recommend, but I would be sick about it, too. Quote Link to comment Share on other sites More sharing options...
SamanthaCarter Posted February 3, 2015 Share Posted February 3, 2015 So sorry. Our house appears to have a FMV the same as our appraisal from 13 YEARS AGO. That's not adjusted for inflation, with 13 years of proper maintenance, and with a 25K kitchen renovation. Stink. Quote Link to comment Share on other sites More sharing options...
creekland Posted February 3, 2015 Share Posted February 3, 2015 Is there any chance you could just make it a rental house in the condition it is in? I am sorry. I was once stuck in a house I hated and was unable to sell and it was not fun. I agree with this IF you think the market is going to come back. Rentals need to be in good shape, but not great shape. We've even had some tenants ask US if they could upgrade things at their expense. Uh, sure! What they had wasn't bad/defective, etc, it just wasn't as premium as they wanted. If you do rent, definitely do credit checks, etc. That really does help weed out tenants you don't want. In 5 - 10 years more time, more of your mortgage has been paid off (if you have one), the repairs/upgrades can still be made, and the housing market could be a bit higher overall. Of course, if you have wood rot damage, that will still need to be fixed now either way. Some things just have to be done when discovered. Keeping the house as a rental is more of an investment for the future rather than taking as big of a loss on the sales price now. Quote Link to comment Share on other sites More sharing options...
Random Posted February 3, 2015 Share Posted February 3, 2015 Ok, so we were focusing on the interior of the house and getting it ready to sell. We had a contractor come out, a real contractor, not that hack job we hired previously. The exterior of the house has quite a bit of damage. Way more than we thought. It is a wood house and there is a lot of water/rot on the widow frames of two large rooms with huge picture windows, and the wrap around porch is far more damaged than we thought. They showed us, they aren't trying to pull one over on us. They have suggested we do two things before they do any work: 1. Hire an inspector to tell us exactly what will pass in a house sale and what won't so we can concentrate on things that matter. (I think that was also a response to me telling them that my husband doesn't want to spend so much $$ to do the work, they think that this will help open his eyes.) 2. Hire a different realtor who is more knowledgeable than the one we have and can give us a better picture of what we can make on the sale. Our current realtor is a little vague. It is looking like we will NOT even get out of this house what we put in at all and we had thought we would make a profit. I am sick. Just a thought about the bolded: different home inspectors will say different things need to be repaired. The mortgage company of the buyer may have a different inspector who will have a different set of fixes he/she requires on behalf of the lending financial institution. (Unless you are talking about things that have to be repaired in order to bring the home up to the current building code, the IBC, licensed by goverment agencies.) I could PM you about the huge variety of experiences we've had with home inspectors (licensed by ASHI). This is what I'd do, if I were in your shoes: 1) If you really want to move, talk to three realtors and then choose your listing agent. 2) List the house, as is. If your realtor is good, he/she can work the 'fixer-upper' angle to your benefit. You may be able to sell at a discount to you and to the buyer, if the house needs work. -OR- 2) If you need top dollar for the home, talk to three contractors who can give you bids and references. ABSOLUTELY, talk to the references. Then, decide. Check the local state licensing agency for complaints. Then, hire the contractor to do the repairs and to get the home in excellent shape and then list for sale. This is a set back, for sure, but you can still move. It's good that you are moving for convenience and not necessity. Maybe you move one year later than you originally thought? Home values are strange and quirky. A great realtor can be like a miracle worker! So can a great contractor. It sounds like your contractor discovered damage that has to be repaired, regardless, right? :grouphug: It's never fun to hear that kind of news. Quote Link to comment Share on other sites More sharing options...
ILiveInFlipFlops Posted February 3, 2015 Share Posted February 3, 2015 We have been here for 10 years. My husband keeps saying, "I will be finished with everything within 2 more years." He has been saying this for the last 8 years. However, he has NO TIME and I cannot do it, I don't have the skill set. So, no, it will not be done by us. And no, we don't have to move. I can very unhappily continue to drive between 2-3 hours per day to all of our activities and DH can continue to drive 2 full hours to his job and back every day. :( :grouphug: Quote Link to comment Share on other sites More sharing options...
Melissa in Australia Posted February 4, 2015 Share Posted February 4, 2015 :grouphug: Quote Link to comment Share on other sites More sharing options...
DawnM Posted February 4, 2015 Author Share Posted February 4, 2015 No, we will not rent the house out. Besides, if the casings of the windows are rotted, the last thing we need is to have it fall out of the back of the house and break a $2,000 window or all 3 for $6,000. This isn't really a rental area. I also can't take a chance on renters not paying or moving out and having 2 mortgages. And I certainly don't want damage to the house. This is not a starter house. I am afraid selling this as a fixer would have us losing over $50,000. I think it is a gamble to fix up, but once we get the quote I can figure it out better. My guess is that we will need to pay $35,000 to get everything up to sellable condition. My guess is that if all is up to speed, we could either break even or lose only $15K-$30K, but again, no guarantee. We had an appraisal done 1.5 years ago when we refinanced. No mention of the issues were brought up. We have the appraisal on file. This is really depressing. Quote Link to comment Share on other sites More sharing options...
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