Interesting seller scenario

[Jessica G.]

I have made the acquaintance of a homeowner who wonders if there is a way to responsibly get out of his home without cleaning it, making repairs, selling his belongings, etc.

He owes $114K; he says homes in his neighborhood sell for $130-$140K. It is in an excellent school district and would probably rent for $1500.

The home is full of "stuff" that he doesn't want anymore, but he says that if someone took the time to sell everything on craigslist, it would be worth several thousand dollars. (Audio visual equipment, expensive bed, appliances, etc.) There is a dead tree that needs removing and he said the attic needs insulating because the A/C can't handle Texas summers right now.

Is this something an investor would be interested in? I know the numbers don't make sense as a flip, but is it a good buy and hold deal? Would investors want to deal with a houseful of personal belongings?

[Brian Mathews]

You have to figure out how much it's actually worth. His opinion is probably a little high to get somebody to buy it. Next you have to figure in how much it would cost to get it rent ready or sellable.], what repairs are needed. Find out how much it would cost to have somebody come in and take his junk and toss in a dumpster. Because once again, it's his opinion that his broken dvd, big screen tv, 8 year old bedroom suite with stained mattress and toaster oven have any value. Then you have to sort through the junk to find anything that might be of value, then find somebody to actually buy it and store it somewhere so you can begin repairs on the house, because his stuff isn't going to sell in a day. If you're going to sell the house, you have to figure in fees associated with selling it. I'm thinking this guy is delusional about the value, he's looking for a sucker to take it off his hands.