Why would a realtor say my house was a 'tear-down'?
It just struck me as being overly-harsh to say that to a potential client. It is a 123 year old Victorian and it could use some updates, but it’s perfectly livable if one is not too fussy. The realtors around here just seem to want houses in move-in condition so the can sell them quickly. One said that I’d have to do at least $100K in renovations before he would even take it to list. Why should I fix it up for someone else that will come in a rip out everything I had done and put in their own updates.
- curtisports2Lv 72 months agoFavourite answer
Professionals know their markets. If you have to put $100k into a property that will not come close to paying for those improvements in increased selling price, it's a tear-down. You start fresh. The buyer's market for distressed properties is so small that it's not worth the time and effort to list if the seller demands too much money.
- 2 months ago
Three words, and they're your own: Extensive. Delayed. Maintenance.
Late husband and I purchased two homes in our life together. He viewed doing the work as a hobby. Not everyone would. And in fact, the money we spent buying house #1 and then renovating it just about equaled what the buyer paid us for it. (So, very little in labor costs.)
Just as a for instance: YOU don't want to live there.
- n2mamaLv 72 months ago
Yes, realtors want houses in move in ready conditions because that’s what most buyers want. If you don’t want to upgrade your house then don’t, just be realistic about the value of your property. Not what you want it to be worth, not what you need to sell it for to get the money you are looking for out of it, what is the actual fair market value of it. If you are insisting that your house is worth $200,000 and a realtor knows there is no way it will sell for more than $125,000 in current condition, you need to decide if you are willing to do upgrades or drop your price down.
And let’s be clear on what it means to be live able if someone isn’t too fussy. There’s a big difference between “my kitchen hasn’t been updated since the 70s and still has avocado green appliances” and “all the wiring in the house doesn’t meet current code” or “there are a couple of holes in the ceiling because of a roof leak we had”. I doubt most of your issues are only cosmetic, since updating that would be less than 100k. But if the cost of bringing your home up to date (and possibly up to code) is 100k and the house would only sell for 150k, then yes, it’s a tear down.
- Christin KLv 72 months ago
Find another realtor. You can sell your house in any condition you want. The realtor has no say in the matter. And once you sell it, what do you care what the buyer does? If they want to update it, they will. It's going to be their house, not yours. If you want to sell your house, have it cleaned, staged and listed "as is." Be honest. and price it by the market, not your personal feelings.
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- babyboomer1001Lv 72 months ago
They are telling you what it needs in order for you to realize the money you want for the house. If you are willing to accept what it is worth in the current condition, then don't put any money into it if you don't want to. It's your choice. Realize thought that most people are buying a house to move into soon. They are selling the one or might have already sold their house and need one to move into "now". They can't wait three or four months, or longer. So, you will have a more limited number of people who would be in a position to buy the house in its present condition.
- 2 months ago
Your realtor was trying to get you to except as small a price as possible so he could be sure to have a buyer, maybe an associate who remodels, and he knew what it was worth in that market.Source(s): ex realtor
- Anonymous2 months ago
I am actually looking, for a home to buy.
I read about people doing renovations on their homes, and yes I would consider buying a home that is maintained by the current home owner, but not a home that is not maintained.
The people who I am speaking with said the same thing as you. They said that what they are showing me is livable, but I disagree. I have spent time doing research, so I am aware if what l plan on buying is livable, or not.
Sometimes I notice missing details about what some people want to sell me, and of course if I was truly interested in what some people are trying to sell me then I would inquire about those missing details that I quickly noticed.
The new home owner, and that's if you are able to sell your home could either live in the home, sell it, tear it down, remove your updates and put in theirs, or maybe put in more updates and keep yours, so if you don't invest then I suppose you would be on your own trying to sell your home.
Lastly if I do buy a home then it would be my decision to make what I end up doing with it.
- realtor.sailorLv 72 months ago
You've got to look at the ARV - After Repair Value. Depending on the neighborhood perhaps it's not worth repairing.
- 2 months ago
Blame your culture for its fixation with everything needing to be new and its lack of good taste. In the UK we would never demolish a brick house although it does look as if the wood detailing has already been taken off your house which is very sad.
- Anonymous2 months ago
Because it IS a tear down.
No one is going to invest six figures to upgrade this. They will tear it down and build what they want. Most likely it will be an investor and if zoning allows, they will plop down a six-plex and make a mint.
As far as residential homebuyers go, a turn of the century home is out of style. Even if you do updates like new flooring, windows, HVAC, etc. it's still got the wrong floor plan, wrong size rooms, wrong pretty much everything. Buyers want to spend their money on what they actually want.
"perfectly livable if one is not too fussy" A home purchase is the single largest purchase most people will make in their life. They are going to be "fussy". Why shouldn't they be? Jesus.
You won't have any problem selling your home if it's priced properly.