She should be able to sell it as a Fixer-upper on a prime lot. But it
might have to be a cash sale to keep the banks' and insurance companies'
and goverment's noses out of her business. If it's uninsurable, she may
not get much more for it than what the lot is worth, but she won't know
unless she tries.
The only kind of repairs y'all should be making is stuff like painting,
repairing shutters, replacing broken glass, putting new washers in the
dripping faucets (because you will never recoup the money you spend
making major repairs.)
Ah. Sell it as a tear-down. Offer to cover demolition as part of the
purchase price. Believe me, there *will* be takers in this market.
I recently saw, along a street in a semi-suburban outer Chicago
neighborhood, three lots that must have at one time been identical
boxlets (one story, <1000 sq. ft. or so). In the middle was an original.
On one side were the fruits of the last spate of development some 20
years ago, a six-flat squeezed onto the same size lot, with
postage-stamp grass. On the other side was a McMansion in the
finishing-touches stage, with approximately the same massing as the
The original boxlet could have been its garage. Actually, the garage was
To comment on the original post:
- past bankruptcies don't rule out loans. We can talk about it off-line;
- any plumbing work in MA must be done by a licensed plumber. If the house
is to be sold soon any serious plumbing work without permit means trouble;
- in general it is hard to recover the cost of repairs by increased sale
price. In MA I have seen many houses otherwise described as "dumps" sell for
minimal discounts. I purchased such a piece of art a couple of years ago. It
may take longer, but the time to sell is now;
- doing a major DIY rehab under the best of circumstances is a headache. It
is next to impossible when somebody in the household is recovering from an
illness and needs peace and quiet. Also, it is usually the second or third
rehab that comes out "right".
"Mark S" < firstname.lastname@example.org> wrote in message
You need to understand the purpose of charities and student groups is
to help those who are poor or elderly and can not help themselves.NOT
to help someone who cannot get a loan because they mis-managed their
finances and took out bankrupties thus causing the rest of us who are
financially responsible, to pay for their debts with higher interest
Any charity or school that provides a service such as this should loose
its tax exempt status. It is not the role of a charity or school to
enhance the market value of an asset so that the owner of that asset can
obtain a larger profit from its sale. If she were to deed all or a
portion of the property to them so that they would profit it would be a
To even think of doing this is absurd.
Steve B. wrote:
In this situation, if a charity makes a profit, it is OK, but if
they do not, it is bad?
Computerese Irregular Verb Conjugation:
I have preferences.
You have biases.
He/She has prejudices.
On Sat, 22 May 2004 09:39:03 -0500, someone wrote:
Those are really two separate things.
If the home needs extensive repairs, then it needs them even if she
planned to keep it.
If she wants to sell it, sell it as-is (for a lower price).
Does she owe more than the home is worth in its present condition?
That's actually a third problem, having borrowed too much. (That sort
of thing is how people end up bankrupt.)
Why would she qualify for charitable programs, is she actually POOR or
just has bad credit (not necessarily the same thing either). I don't
think a charity would look kindly on fixing someone's house for free
so that they could sell it for more $.
If she owes more than it is worth, she may need her attorney to talk
to the bank about taking a short sale or she'll walk. She already has
bad credit from bankruptcy so she doesn't have a lot else to lose.
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