Newsflash: Options for Selling a House in (Very) Bad Condition

An older relative of mine in Louisville, Ky made a very poor decision after their spouse died and left them in dire financial straits. They had to downsize VERY quickly and rushed into purchasing a home that had a lot of issues and was situated in a less than desirable area. That was over 10 years ago, and they haven’t exactly maintained the place very well, so it is in pretty bad condition.They really want to get out of the home and into a nicer place (likely a condo), but I cannot imagine the house would sell on the normal market and they are unable to perform the many repairs that would likely be needed. They did pay cash for the house, so there is no mortgage involved. I think they understand they will likely lose money, but ideally, they’d like to have enough cash to buy another place or at least have a good down payment for one.What are their options in this situation? Has anyone else been through/worked on such a situation? I’ve seen those ads for “we but ugly houses,” etc, but I’m guessing those people/companies are out to screw people like my relative.Any suggestions/stories would be greatly appreciated!!’

Read more at https://www.reddit.com/r/RealEstate/comments/6qbi9p/options_for_selling_a_house_in_very_bad_condition/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s