All Forum Posts by: Marc Woodward

It was a shocker and an eye opener for us that someone was willing to pay what they did for our property!  The agent knew the market and we did not.  It is as simple as that.  That was a great lesson for us going forward.  So that everyone can follow the numbers, we owed about $115k, our agent listed for $135K and we sold the house in two days to a cash buyer for $130K.  We were actually already in talks with the buyer after the first day!  Final negotiations were hammered out the following day.  

My Dad read me an article yesterday over the phone, stating that the booming housing market in Charlotte, NC is such that very little discount is being realized for houses needing rehab...  Even less than 10%!  That certainly helps to explain how we came out the way we did with our house.  

We drove by the old house a few days ago out of curiosity.  The new owners have certainly been busy!  By the looks of things, they must be over $60,000 in renovation costs so far.  I guess in a boom the numbers don't necessarily have to make sense to some people!

 Again, please read my last post.  The issue is resolved.

Better re-read my last post.  :)

Here is an update on our "nightmare property"...  The lessons of this story are as follows: 

-"It is a big mistake to assume You know anything without doing your research."

-"You don't know what you don't know."

-"You have not because you ask not."

Cryptic, I know... so to make a long story short...  After making $1,000/mo. payments on an empty house in severe disrepair for 18 months... and assuming nobody would want the property because we didn't think the numbers would work for a rehab, we finally listed it with a very confident and persistent agent who sold  it in 2 days!   Not only that, but we actually walked away with a check after closing for over $7,000!  

Our agent, Daniel, had the perspective that we did not.  He looked at the property with optimism and fresh unbiased vision where we were pessimistic and fatigued over the situation.  I am so thankful to be out of that house and thankful that pesky agent who called me for months never stopped chasing after the listing!  

Congratulations!  Impressive deal.  You are certainly not lacking in guile!

Good thought.  Need to talk to a real estate agent.

With limited options to sell this property as is, We are weighing the possibility of fixing it up to either rent or sell.  

I met with a contractor who spent a couple days with the subs getting some numbers together.  The number is approximately $30,000 to bring the house to basic "turnkey" condition.  It looks like this is our best option, but I am concerned about how to fund the project.  I have about half that amount in cash, but it would not my first choice to go cash poor doing this.  Any thoughts?

 Thank you for speaking with me earlier, Don... And thank you for the advice.  Lots to think about!

I think this might be the best option.  Thanks for the reply.

Thanks Joe for your thoughts.  This is more in line with what I have been thinking lately.  

Like I said in the original post, it's a LONG story spanning over a decade.  It involves a legal battle, a fraudulent contractor and much more.  That being said, the loan is current and there is no financial hardship here now other than the fact that that I am bleeding money paying for this empty house every month.  

I have been paralyzed for a year trying to figure out what to do.  My credit is good and I have some cash, but I don't want to throw good money after bad.  I have no connections in the home repair industry and I have been taken before, so I am somewhat leery of contractors in general.  I relish the idea of turning this lemon into lemonade, but I don't really know where to start or who to trust anymore.