Jannie, you are describing a house like I am looking for, cept the price... in our area, we can still buy decent for less than $80,000.00

I love the retro look of the older houses.

Moni

This is a tough market, which means you need to do these things in order to make a sale - unless you can wait months or years.

I sold my house 3 years ago. It was new construction when we bought it, in 1984...and the interior - rugs, kitchen, baths, etc. were original and in excellent condition.
But, I knew things had to be done.
I invested in all new carpets in neutral greys, rec room was got grey tweed,
Had all the wall paper taken down, and rooms all painted in neutral colors.
Baths got new hardware and light fixtures.
Basement walls were painted with KILZ.
Kitchen (which had an almost new Pergo floor) got a new dishwasher(I left the refrigerator,which was only about 5 years old) and new sink hardware. Stove was also less than 10 years old.

It sold in 3 weeks, and I got my price.

Except for laying the rugs, painting, and putting in pluming fixtures(professionals did these) - my brother and a couple of friends did the work on weekends for a modest amount.

It sounds like a of of work, but updating relatively minor items and painting gives a real fresh, clean look that house hunters from minute 1 that they walk in.

Step back, Jannie, you are too close to the situation and your emotions are interfering with your decision. Today's market is so tough, you need every advantage you can get. Are you working with an agent? They can give you the best advice for your market.

We looked at a couple of houses that hadn't been updated since the 60s... we only spent a couple of minutes in those houses... They'd need WAY too much work for the $$$ the sellers were asking.

Personally, I enjoy fixing up old houses, so I'd love to see that house - BUT only at that price or even less.

If updated modern ones are going for $150K, you can't expect even a well cared for, but original to the 60's, to go for anywhere near that.

Your emotions are involved. I'd advise your brother to sell it at the $70K price, unless he wants the hassle of trying to update it himself. Updating/remodeling may or may not bring more of a profit, and takes a lot of time and cash outlay up front.

The house we bought for our retirement is a 50's rancher. Luckily, no one has gone into the home and 'modernized' it--it wouldn't have half the charm and interest it does. We've got the original Italian tile in the kitchen and bath, terrazzo floor in the laundry room, the original hand-made kitchen cabinets (made by the first owner). Even the appliances are from the 60's. Yes, we've done a few things to upgrade (put a stacked washer/dryer in the laundry room so there was room for a utility sink), capped the chimneys, installed wrought iron railings on the exterior steps, put a roof over the back deck--but we've done NOTHING to destroy the wonderful retro feel of the place. It's such a find, so fun, and even the young folks I know are enthralled by the cool retro feel of the place.

That's our choice, our liking.

However, this house sat for a long time before we came along. There were people who went through who immediately started talking about the things they wanted to rip out and replace.

In this market, retro may not appeal to a large number of shoppers. On the other hand, you only have to find the one right buyer.

However, I'd really have to think long and hard about spending that kind of money to 'modernize'. These jobs almost always cost considerably more than the first estimate, they take time, they make mess that then has to be dealt with. And even once done, there's no guarantee that the rennovations will make enough of a difference in the price.

In a case like this, an inheritance, I'd think it would be worth taking less, and getting rid of the house, rather than gambling a LOT of money on extensive remodelling. Every month that house sits, it's costing a lot of money--mortgage (if there is one) but even if there's no mortgage, there are taxes, insurance, utilities, AND the current economic situation where the price of houses is continuing to drop.

But it sounds like, bottom line, this is your brother's concern. If he's the only heir, then it's really up to him to do what he deems best, right? Me? I'd do minimal cosmetic stuff--painting, serious cleaning, etc, and then sell it for what I could get.

Two of my kids have been house hunting the past 5 years, and the line that shocked me was, "Oh, I did not like it. It was so '80's!" We bought the house they grew up in brand new in 1979, and to me, this is still my New House!

Of course, my first clue was when they were in junior high and the campy school dances were of my high school era--poodle skirts. That's when I knew I was OLD.

What are your priorities to sell or to make money? Personally, I would price it to sell as is. I would not add the stress/work/expense to "update" when everyone who moves into a home makes it their own, meaning you will spend money on something that will get changed as they move in!! This is just WRONG IMHO. Waste waste waste. My in-laws home was built for them, 10 years old when they died. We cleaned the carpet and sold it empty, the day before it was ever listed.

There is more of a market for mid-century 'time capsule' homes these days but those buyers are still harder to find than those looking for updated homes.

Retro renovation is great mid-century decorating site that may give you a feel for what people still like about mid-century homes. What it really comes down to is the condition.

Here is a link that might be useful: Retro Renovation

If you just must, I wouldn't go crazy with kitchen renos or anything like that but I tell ya...most people just cannot look past stuff like ugly carpet or wallpaper. A very simple replacement of light fixtures and paint and wallpaper can make so much difference! Or offer a carpet allowance that way they can look knowing "HEY NEW CARPET and we can pick whatever color we want!"

I am dealing with that too...

My mom's house is a wood sided covered over log cabin/1 bathroom that sits right off the road with an acre of ground. My grandparents raised 8 kids in there so it is full of tiny, tiny rooms.

Mom had everything decorated nicely, everyone who came in said how charming the place is. Now the empty house looks dated (try 70's paneling in the bedrooms) and chopped up.

I wish we were even close to getting $70,000 for it. The appraiser said more like half of that amount.

We have decided to let it sit until spring and then decide if and when we can let it go. None of us are up to dealing with renters right now.

It stings I know, but the decision will need made. A house is not your (or my) family and is not your mom.

We have had 3 yard sales, took tools to auction and hauled stuff to the dump and still stuff remains.
My brother has stepped out of the whole process. My sister needs coaxed to go in there and decide what she wants to keep of the stuff that has skipped all the yard sales (heartstring tuggers).. It's all so final and so heartbreaking. I walk in the house that used to be so warm and inviting and just sob.

Is there time to step back and wait a bit before making your decision?

The loss can make doing things and making decisions very hard. I pray every day we find nice people to go into mom's house. The first thing they will do (in my mind) is cut down the 100 year old grapevine.

Hugs, It's awful - I know...but it needs done. I wish you the strength to do what you need to do..

Kathy

Oh I just reread brother is the sole heir..I guess the problem is his then. Boy that adds another dimension..

Thanks for all the advice. Yeah, I'm too close to the problem. I still miss my Mom a lot. My brother has one more problem, he's been treated for depression on and off for years. Discharged from the Army because of it. He's divorced. Zero relationship with his own children (now adults). I'll suggest to him, maybe just take the $70 K and be done with it. The house does have an ugly kitchen. And I know from experience, it costs a lot to re-do a kitchen. I spent $30,000 updating my own kitchen 5 years ago. Thanks for the advice!

Bless you Jannie....I know how hard this time of year is too.
Hugs, Kathy

I've been a real estate broker for nearly 30 years.

Realtors have have a legal fiduciary responsibility to put their client's interests before their own;
no Realtor should *ever* make an offer without disclosing that s/he is *not* representing you, that he is working for his own interests & not yours.

If the other houses are selling in the 140s/150s, the offer is about 50%.

You (or the buyer) can do a heck of a lot of renovation or modernization for $70000.

In your shoes, I'd call another Realtor & ask for a market analysis showing the other sales & the active listings in the neighborhood.

$70000 is way too much money to p!$$ away in any case, & it sounds like your brother will need to build up as much savings as possible;
if you urge him to take this extremely low offer & later in life he runs out of money, who's going to take care of him? you?

might be to your own best interest to help him get the most possible out of the house.
Maybe your parents left everything to him to try to assure that he'll have a home or at least the value of a home to help him in the future.

I wish both of you the best.

Though I know little of real estate, it seems to me that to do a lot of upgrading to a home, which may not suit new owners, so well may be discarded and replaced, seems like such a waste.

A friend did that, with a substanial upgrading of her home on an acreage a few miles from the city. Though some of it was necessary, I wonder whether she received anything like adequate compensation for the outlay to do the upgrading.

Having bought a condo, she's nearly out of money, and has considered taking in a person to rent a room ... which has been ongoing, with no action, for upwards of a year.

She's younger than I.

ole joyful