Advice for distressed seller

[Heather W.]

I have a friend who really needs help. She's in a tough situation and needs to sell her property fast. It's not in great condition and I've been trying to help her make repairs. There are also back taxes owed. My heart goes out to her because she's a single mom who has lived through a tough six years: lost her husband in a motorcycle accident, raising three young children with special needs and survived a bout with breast cancer. Living through all of this, she just hasn't had time to keep up with the place.

If this were your friend or relative, what advice would you give her? My gut tells me that she ought to market the property immediately FSBO as a distressed property with excellent investment potential. This would save her paying 6% in seller's fees or investing more money into fixing it up. I've solved all of her plumbing problems, but there's a laundry list of cosmetic issues and the electrical system should be upgraded. The home is in a terrific, family-oriented neighborhood. Erie, PA market.

[Wayne Brooks]

@Heather W. While going fsbo Seems like she might save money, it’s generally not so.  80-90% of the buyers out there will never know the property is for sale.  All the r jabbers and investors will likely see it on mls, as well as owner occupiers.  She’ll likely Net more money listing it with a competent agent, and surely sell it faster, if that is a concern.