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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Selling my house, where do I begin? |
I'm disabled, live alone and still dealing with effects of Katrina. I need to sell my home so I don't lose it but don't know where to begin. It's a cute house, but needs several minor repairs and clean up. Pressure washing house and drive, minor plumbing, carpet pulled up and lino put down in 2 rooms; is stained, some painting. The fence is broken at the bottem from the kids and dogs next door. If some repairs aren't done how much does that effect the selling price, or do they overlook some things? I can't find a hanyman despite asking everywhere in town. Seems they are all working on bigger construction since the area is booming. Is it difficult to handle the sale myself? Ideas as to what % realtors get? Does the equity/check come directly to me right after the sale? I have a student loan that is overdue, though I paid regularly before I had my accident. My dire needs have to come first right now.Any chance 'they' could take that before or after I receive it? Thanks You seem to be in a tough situation. What I would do is to first contact several real estate companies in your area and ask them to come and talk to you. They should be able to provide you with a CMA (comparative market analysis) letting you know what your home should go for (aproximately) in your area in today's market. Thes agents should also be able to let you know the difference in price that you could get if the repairs are done and if they are not. These agents should provide you with this information with no strings attached, no comitment on your part. There are also real estate companies out there that will help you sell your home yourself. Commissions should not be a major factor, because by law they are not set. Commission percentages are entirely negotiable. Some may say that they usually charge 6%, but you could negotiate them down to say 4.5%. The needed repairs on your home could also be used as a barganing chip. Say you are asking $250,000.00 but tell buyers you would give a $10,000.00 allowance towards repairs. This could mean that the repairs would become the buyers responsibility and no longer yours..... A good agent should be able to point all of this out to you. As to the check, escrow will settle up on any leans against the property and will give you the balance. If your loans are listed as a lean against the property, they will be paid otherwise it will be up to you. Source(s): Licensed real estate broker Those minor repairs if not done will effect the amount you will get for your home. There are many factors to consider, the neighborhood, other houses in the area etc. I would suggest you get a Realtor. They will usually charge about 6% commission on the sale price of the house. But a good one might be able to help you find a handyman that could help you. Plus they can tell you what you really need to fix and what you can let go, depending on those other factors I mentioned above. You might also check with churches in the area and tell them your situation. Often they will have a men's club that would be glad to come and do the work, especially if you provided the materials. I am not sure about the student loan situation, I know they will get your tax rebate but doubt they will take the equity in your house. You will get a check for your equity at the closing when you sell your house. This will be minus the Realtor fees, closing cost etc. The total fees for selling a house including Realtor commission usually run about 9% of the selling price. Good luck. http://www.HelpMeSell.com http://www.HelpMeSell.com |
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