rokk
Long Live =^.^=
Bryant said:Thanks for the offer. Unfortunately, everything is on hold right now. The developer that wants to buy my house tried to low-ball me. He offered me $35,000 for my home and land. my agent told me, it should sell for between $65,000 and $85,000. It is ashamed, because I actually went and seen the properties the other day. The one with the mobile home on it is fantastic and practically perfect for me.
I certainly don't know the ins and outs of the real estate business, but I know a mobile home needs to be blocked under in order to fincance it via FHA. With the money I would be able to put down, had I sold my house to said asshole developer, I could have had just the land financed for the rest if necessary. I wouldn't have need of much cash left after the purchase, but with 5.5 acres, I would have to buy a good quality lawn tractor, and get a couple of pieces of furniture (used would be adequate considering I would have such a small mortgage payment as I could take time to buy nice furniture at my disposal.)
My agent says I should put my house on the market. Do you agree and if so, how much time/money should I invest on renovating it ? There is nothing "wrong" with my house less old age. Other than cosmetic (paint, trim etc.), windows and doors are the only things in bad shape.
Have your agent do a compartive market analysis (CMA) to evaluate what you may be able to sell it for. This will tell you what house may sell for. The analysis should be free of charge (make sure you ask).
Once you decide to list your home your agent may have suggestions for you that will enhance the marketability of your home. Keep in mind that there is a difference between value and marketability.
Value will be based on physical features of your home such as, but not limited to, number of bedrooms/bathrooms, square footage and size of the lot.
Marketablity are things you can do fairly inexpensively such as new paint, clean/new carpets, de-cluttering (boxing up everything but the basics), and enhancing the curb appeal (flowers bushes yard etc.) all these things can help your home sell quicker and you'll get closer to your asking price.
Also ask your agent once he has done the CMA to fill out a "net sheet" for you based on the potential selling price. This will show you what expenses will be required of you that will come directly out of the equity (profit) in your home. Also ask what the average time on the market is for homes in your price range. This can give you an idea of how long you can expect your home to be on the market.
All this information should give you a better foundation with which to decide what is best for you.
Feel free to PM me if you have any more question.