Thinking about letting my house go *update post 39*

[mom'sfolly]

You have an identical home on your street listed for $142,000.

You need to get at least $126,000 to break even, if you do the repairs.

I think you should rip out the carpet, paint the floor (makes it look decent, I've even seen stained plywood subflooring look almost as good as hardwood), and list the home for $130,000. This leaves you with a house that needs work listed for more than $10,000 less than a comparable house in the same neighborhood. Your house looks like a bargain, you have wiggle room to break even, and you don't trash your credit. If it sells for the $130,000, then you have money to buy down your credit card, if you dicker and sell for $126,000, you break even and haven't trashed your credit.

Ripping out the carpet should be one long day's work. Cleaning and prepping the floors maybe another couple of days, and then a couple to paint. With less than a weeks worth of hard work you have it ready for the market.

I painted the concrete in my downstairs before I had the floors replaced. I simply couldn't stand the gross carpet anymore. I used a faux finish and made it look like marble. I did this at night when my small children were asleep. It was a lot of work, but not impossible. I even had to scrape and clean plaster off the floor before I could start. It took me less than a week, working only at night.

 

[BirdBrain]

We bought our current house knowing there was atleast $50k of work needed. Someone will see the potential!! Like someone said, rip up the carpet and paint the floor white. The carpet in our house was awful!!! We pulled it the day we signed papers and painted the floor just to get by until we could have the flooring replaced. It was amazing how having a white floor brightened up the place and made it passable.

With out carpet, a potential buyer can make a better judgement on what they are buying. Nothing is hidden. I always suspect that new paint and carpet is hiding defects. Do you have any friends that would be willing to help? Or family? Have you shared your situation so that your circle of friends and family know how bad things are? I'm sure someone could help you rip up carpet.

When we sold our first house, I was pregnant with#3 and having trouble. People came out of the woodwork to help me with Sheetrock, paint, electric and packing. Noone charged me a thing. People want to help but often don't know of needs.

I am currently builing coops. I called my friend at the flooring whesaler and asked if he had any ugly, damaged on the edges, or otherwise unsellable roll vinyl. I came home with 4 rolls. Most of it looks too good to go into a coop, but that is it's destiny.

Maybe see if there are any BYCers in your area that can help. We are a friendly bunch...

 

[sunflowerenvy]

i would rip out the carpet and put down tiles or painted the floor.then try to rent it out you can take out the refrig n stove in tenn landlords do not have supply in the home only a water heater and somehow to heat in the house.
it depend on your law in your state.

i am looking to buy a home. when i go into a home. i look at the building and windows and doors and bathrooms for leakings, and power box i bypass the carpets, walls colors, because i will redo them anyways.

good luck sell your home your self too .
laura

 

[Wifezilla]

You need a pros help on this. A real estate attorney maybe. Do not just let it go back to the bank. As said before, look in to a short sale or deed in lieu of foreclosure. Make sure the terms are well spelled out and documented. As others have already said, if it is a repo, the bank will sell it for dirt cheap and bill you for the difference.

 

[Joz]

I like a lot of the suggestions I've seen. As an architect-in-training, I look at a lot of houses. I shopped a lot of houses and bought mine a year ago. I think about houses a lot. This is also meant as a warning: I'm a designer, and so some of my suggestions are going to be a bit highbrow.

Removing the carpet is the first step. This must be done, asap. You'll have a better idea where you're going, and the horrible carpet won't be dragging you down anymore.

Then, depending on your construction and subfloor, you have a few options:

1. Leave it alone. Let the new buyer customize the floor. I'm not gonna buy a house with brand new carpet at a premium price because I'd just tear all the carpet right back out.

2. Install laminate flooring. It's cheap and easy, and looks like wood. You can buy it at Sam's Club and install it yourself. It's pretty standard these days (even tho I'm a snob and hate the stuff, I'm not as vehement about it as I am about carpet).

3. In case of a nice smooth concrete slab: Stain or paint the floor. This is the classiest option from a design standpoint. Beautiful concrete is totally IN! I ADORE deep brown stained concrete. I considered a slab-on-grade tract house for that very reason: I could tear up whatever flooring they had down, and stain the slab. Very modern and posh.

4. Stain/seal or paint the plywood subfloor. Makes it liveable while the new owner sorts out new flooring (or not), is adequate for a renter. Just because it's not normally done doesn't mean it's not functional, adequate, and can be attractive. Rent a floor sander from Home Depot if you really want to do it up right. This is my favorite option, as I believe it's the least expensive and the most versatile. Cost per square foot may be comparable to laminate flooring, but I'd prefer a properly finished wood floor even tho it's not the proper unit-size (ie, 4x8 sheets of wood rather than narrow strips).

Paint is easy. It's a bit tedious, but mindless. Paint makes a wee bit of a difference. Pick a good color though... don't just do white walls, or you may as well not paint it at all. Cost should be about the same, and colors are a bit like staging (see below). Unless you're going with a minimalist/modernist designer white, in which case you should stage it as such or it will look like a blank canvas.

And stage the house, for either rental or sale. I know deep in my heart that staging doesn't really mean squat, but the truth of the matter is that EVERYONE is a sucker for the lifestyle of a well staged house. You could maybe get a higher rent for a staged house, and it *will* sell faster (provided there's not something horribly wrong with it... like nobody over 5'-4" can stand upright in the shower). If you just can't stage it, put some lamps in and light it well. Put a couple potted plants in corners that get good natural light. Everyone likes to think they will be able to keep houseplants alive in THIS house.

I've seen three very well staged houses; all were over my budget, in lesser neighborhoods, and way too small for my purposes (and one did fall prey to the precise "horribly wrong" I listed above), but I still spent hours trying to justify purchasing each one of them and figuring out how to live in them before I finally had to bone up to reality and jettison the idea. THREE TIMES!

 

[suburbanminifarm]

1.There is a service that comes out for about 150.00 and puts a machine in the house that emits a "fog". You seal up the house for 24 hours and the fog totally de-stinks the entire house. We bought a home once that had been heavily smoked in for years by old folks (who then died in it!) and this worked like a miracle, totally fresh, I'm sure it would remove all urine and musty odors from your house in the event that you decide to put it on the market.
2.As for the carpet, an old trick is that the lowest grade plush carpet it is possible to purchase (they call it apartment carpet I think?) STILL looks fantastic for the short time it would take to show the house, especially with no one even living in the house now.
Best of luck to you, I'm sure you will find the right solution for your family

 

[drdoolittle]

My husband and I also have two homes. The one we don't live in, is in a subdivision, on almost an acre. We tried and tried to sell it, but in this economy, houses are just not moving. So, we decided to rent it out. Our house also needed a LOT done to the inside, so we rented it out cheap at first--3 or 4 months---so the people would have money to fix it up, and then the rent went up to what the mortgage payment is. At least we don't have to worry about paying the mortgage on two homes, and the lease agreement my husband had drawn up states that the renter is responsible for any upkeep or repairs on the home/property------that is due to the VERY low rent the pay us (especially for the area the house is in----we could get twice the amount they are paying). Anyway, just an idea.

 

[Sonoran Silkies]

Lots of good advice here. Some realtors may have handymen who can do a lot of the work needed, and may be willing to hold off on payment until closing. Certainly do not go to great expense, but do the absolutely required things. Definitely remove the carpeting and clean up the subfloor. Depending on what it is, consider following one of the less expensive suggestions listed by others. Look at eh house room by room to determine which ones, if any need paint, or if cleaning will take care of it. Look at the front of the house--what you see when you drive by and as you walk up to the front door. THAT needs to present an excellent welcoming appearance. Make sure the landscaping is appropriately trimmed and maintained, add annuals if colour is needed, hang some soft of welcome sign or wreath on or by the door.

List with a realtor. You do not pay a realtor, the cost comes from the sale, and if there is not a sale, you will not owe money. Interview several realtors and make sure to ask questions such as the number of homes they have sold each of the last 3-5 years, and the average length of time their listings are on the market before a sale. You want lots of sales and about 1 month timeframe. Less than that and the houses are priced too low, more than that and too high or inadequate service and advertising.

 

[Livinzoo]

Ok you guys have talked me down from just walking away. I'm just so stressed out and I guess these hormones are kicking in.

The $3000 for flooring that is was figuring is for bamboo hardwoods ($1.89 sq/ft). My stepdad said he would come help install them. I would never replace carpet with carpet. I'm chemically sensitive and have issues with carpet. Laminates aren't much cheaper so I figured the higher grade would help sell.

How does this sound. If I rip up the carpet. Paint the wood subfloor a tan or something, the walls are off white and trim is bright white. First covering the urine stains with Kiltz. Then list it with Century 21 Click it (basically a buy owner thing with MLS listing and yard sign) The lowest package they offer is $299. I could list at $120,000 and say something about if they want flooring allowance included we could add it to the price. So if they want $10,000 for flooring then the selling price would be $130,000.

Also if I don't make mortgage payments for the next few months how bad would it hurt my credit? My biggest issue is I feel like I'll be throwing money away, because when I go out on short term disability (hopefully as late as November, but possibly earlier) the house will no longer be paid then and without a guaranteed buyer, I don't want to throw $1000 away for the next few months. I might try calling them and tell them I'm having financial difficulties and am trying to sell the house and see if there is anything they can do.

I appreciate all the advice.

 

[Three Cedars Silkies]

If I were in this situation this is what I would do.

1. Rip out all the carpeting/padding and leave the sub-flooring bare. Treat the sub-flooring with Urine-gone (yep, it works when used properly) if necessary to assist in removing the odor.

2. Go ahead an paint the entire interior in a neutral sand color. That will make it look larger, more cohesive and help cover the odor of the urine

Buy paint in 5 gallon buckets and don't go with the most expensive paint.... OR the cheapest.

3. Clean, clean, clean. It doesn't cost much and makes a world of difference.

4. Repair what you can for a reasonable cost.

5. Clean up the outside and increase the curb appeal. It's usually pretty cheap. Even a few flowers don't cost a lot but make it very appealing.

6. Put it up For Sale By Owner (consider FSBO...it's not free but much cheaper than an agent)

7. List it in "as is" condition. Offer a $2000 flooring allowance. That might not be enough to completely cover reflooring, but that's the buyer's responsibility.

8. Ask less than others in the area, but above your payoff. You might not make much on it, but you'll be free of the mortgage and your credit will be intact.