I want to help my mom get the most for her house

[Randon B.]

Hey guys I apologize if there is an obvious answer for this in advance...But I'm not aware of it so here I am ha!

This is my mom's personal residence. She has lived in this house since 1999 when she bought it for 45k.  The loan has since been paid down to 33k on a 8.25% 30 yr mortgage.

This house is located in Odessa Tx, and since the new oil boom the housing prices have gone up in the area. She is thinking about selling the house while prices are up, but it would be beneficial to do some work on the house to get it up to standard. Which I am estimating conservatively to be about 15-20K . Recently sold houses in the area have gone anywhere from 90-130K.  The tax assessment value of her house now is about 86k.

Now here lies the problem,  being a single mother throughout the 90's and racking up school loans and credit card debt, she doesn't have the greatest credit score and has been denied a refinance in the past.. which is what would be the best scenario right?

Is there anything that I could do? I've read about 203k loans, since she would be occupying the house for a while at least. Would I need to buy the house and have it in my name? Is that even allowable? 

What would you guys do?

Again I apologize if this question is below everyone's heads, I'm just trying to figure out ways to help her since she has done so much for me.

Thank you guys

[Jon Holdman]

What needs to be done to the house?  $20K of work is a LOT for a $100K house.  That's a new kitchen and bath, flooring throughout, and paint in and out.  Is it really that bad?  Have you gone with an agent and looked at the competition?  If she's living it in right now I would guess its really not all that bad.  Some sprucing up with some paint, along with a very thorough dejunking and cleaning might be all that's needed to get a sale.

Even if some major improvments would draw a higher sales price the cost of those improvements can easily exceed the added value.  You do not want to do anything that falls into that category, even if it would draw a higher price.

Have three agents come and look at the house and give you their assessment of the selling price and suggestions for what you should fix.  You may be pleasantly surprised at how little you really need to invest.

Selling to a retail buyer on the MLS is almost always the best way to get the maximum price. Get it spruced up, cleaned up, dejunked and priced right and you will sell quickly.