Selling Moms house. 2
kathyg_in_mi
7 years ago
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Need advice re selling Mom's house
Comments (16)Oh wow I feel for you as this can't be an easy decision. So many things to keep in mind. If you move to the cheaper place will you still be able to work there? Do you work from home so it doesn't matter? What are your chances of your DH finding work where you move vs. where you are at now? Are the houses you see on realtor.com really typical for the area so that they would need minimum maintenance or are they of the type that will need it and thus priced lower. Ie trading one for the other. Maybe a condo/townhome would be a better option, however until you calculate the costs and compare it might not be too bad. Also did you factor in taxes and insurance when calculating the cost? When you have a mortgage you will need insurance. What are your monthly costs right now ie taxes and insurance? How much would the essential repairs cost you where you are at now? Ie non-cosmetics. What would taking out a mortgage to fix the current house cost you? How does that compare. Also could you include some costs to fix up the cosmetics. Maybe if your DH is handy he could do some of that work to save ya'll money while he is unemployed. I don't know about costs in your area, but if you went with mid grade updates etc. in my area you could have all the things you need fixed for less than 70K. You might want to price things out in your area and then compare fixing it up to buying something else. If the equity you have in the house is a lot more than the cost of fixing it up and if the cost is a lot less to fix things it might be worth staying. Not sure how the loans work if you could take out a mortgage on a house you own or if it would have to be of the 2nd mortgage style like a Home Equity or ... ? Also keep in mind that there are costs involved with buying and selling real estate when you figure the numbers....See MoreSelling Mom's House
Comments (9)susanjf -- Having a home inspection before putting your house on the market can be a problem. In my area, the seller has to sign a declaration about what he or she knows about any problems in the house. A seller may not want to have a HI's report stating some previously-unknown and expensive-to-remediate problem. Realtors can advise you on what you need to do to move your house in the current market. You may not get back your investment in improvements, but it will sell if it's priced right. While some areas are booming seller's markets, that is only true here in a medium price range. Although our neighbors not only bought during the bubble, but also overpaid, their house has been on the market for two years. They have now 'followed the market down' to where they will be out nearly half of what they paid for it. It's a beautiful property, but it's not *new* -- same with two other large, expensive houses nearby that have been 'on' for three years. (That's a lot of property taxes and upkeep.)...See MoreDANG! selling Mom's house....
Comments (4)Good luck Kathy! Sorry to hear your mom's home did not appraise at your selling price. Hope it all works out for you now....See MoreSelling Mom's house complications
Comments (18)I'm so sorry you're going through all this. When my husband died 11 years ago, I quickly discovered (in about 2 hrs the morning after his death, late the night before!), that very little can be done without a death certificate. I also realized that the funeral home with whom we were dealing, were idiots. So, I got the correct forms from them, called the doctor's offices and asked if I could bring the forms in right away and he could sign them while I waited, and then drove 1 hr away to the State Capitol where the office that issues the certificates, is located. I had called ahead to be sure they could do the work while I waited. Yes, they could. Got there about 30 minutes before they closed and when they realized he had died the night before, they were very sympathetic and quickly issued the certificate. I got 12 copies and only have 2 left - I'm STILL being asked for this 11 years later. When you get it, read it VERY carefully. When my father died, they had him listed as "female". It took us 3 months, multiple phone calls and innumerable documents to prove to the State of Missouri, that my father was actually male....See Morekathyg_in_mi
7 years agokathyg_in_mi
7 years agoSuzi AKA DesertDance So CA Zone 9b
7 years agokathyg_in_mi thanked Suzi AKA DesertDance So CA Zone 9bkathyg_in_mi
7 years ago
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