What can Dudley Realty Group do for you when your house isn’t in ready-to-sell condition?
Life happens while we’re busy making plans. We’ve all experienced this on some level, right? When it comes to buying or selling a house, most people have planned for it and are ready for the process. But what do you do when all of a sudden you have to move and your property is nowhere near ready to market?
Earlier this year a seller was referred to us with this particular situation. They had to move out of State very soon, there was no one that could handle the process of getting the house and property ready to sell, and there was a larger problem at hand. It was going to take many days worth of manpower and many dumpster loads to clear out the house. Here’s a glimpse of what we had to work with…
I met with the seller at the house to assess the situation and work out their options for getting the property sold. I did a comparative market analysis to see what the property would likely sell for if we only cleared out the house and did no repairs. We looked at the balance remaining on the mortgage and estimated how much they would spend on dumpster rental and manpower and how much they might expect to pay in closing costs. With those considerations, IF they made a profit, it would likely only be a few thousand dollars.
So we changed the conversation. How much would it cost to do the trash removal, hire the professionals we are connected with to clean, repair and replace the damage in the home, and how much could they likely sell the property for with those improvements? By doing the work, their bottom line improved by a projected $100,000. Luckily, the seller had enough money available to pay for repairs up front and the real estate market, especially for their location, was extremely hot. The house was a desirable size, in a desirable location, with several acres of land. This was definitely the way to go to get the most out of their investment. So we got to work!
Our seller packed up and moved out quickly as their situation demanded. We rented the dumpsters and hired our handyman team to start clearing out the house, garage and property and scheduled them to also keep the yard mowed regularly while work was being done. We then brought in the painter and flooring company to get quotes. Over the next couple of months, repairs were made to termite damage, exterior and interior painting, new carpeting, vinyl and refinishing of wood floors, light fixtures, hardware and a new electric range and microwave were installed. The seller spent about $15,000 to do the repairs. We listed the property for $250,000. They ended up selling for $242,000 and our seller netted about $80,000 after all was said and done.
One of my favorite quotes is ‘Nothing is impossible. The word itself says, “I’m possible.”‘ -Audrey Hepburn. A tough situation requires a little problem solving and a list of people you know and trust and anything can be worked out to the best possible outcome!