One of my ads for buying handyman specials caught the attention of a realtor who gave me a call with a house she swore she couldn’t sell.
I answer my own phone (unlike other We Buys Houses Fast companies). Â Â The agent told me that her seller just wanted to get rid Â of the house.
I made a fast offer of the handyman special.
We followed a pretty good process:
1. Â We talked about the handyman property in its current condition.
2. Â We talked about expected repairs that the realtor knew about.
3. Â I ran the expected numbers through my formulas and found a price that worked for the seller and myself.
4. Â I put house under contract with a 14 day inspection period and had signatures within 24 hours.
5. Â I had the house inspected for repairs and to confirm the repair budget.
I made the offer on the house based on numbers and expected condition. Â If you want to sell your house fast, we can follow a similar process based on expected repairs.
My Fast Offer for that house wouldn’t work.
Here is where it became impossible for me to buy this handyman special.
The inspections revealed all sorts of defects that the real estate agent didn’t know.
- A 200 ft2 addition was added to the house without a permit.
- The foundation of the addition was built on piers.
- Siding and boards on the side of the house were touching the ground and rotting.
- The electrical panel, installed outside, was not weather proofed and installed upside down.
- Illegal (not to code) roof repairs required a complete roof replacement.
- The kitchen floor slopped in two directions and could only be fixed from above (no crawlspace) by ripping out the existing tile floor and replacing it.
Many estimates of repair were exceeding 30,000 and one estimate went as high as 80,000 to fix.
In this case, the seller hadn’t told the realtor of all the problems, and the realtor had no clue of the amount of repairs.
With the amount of repairs exceeding the amount in my calculations, we agreed to part ways. Â The seller had no room to cut the price because of a loan on the house.
If you are a seller and want to sell your house fast, you need to be realistic about the amount of repairs. Â In this case, I was unable to buy this handyman special, even though they got our offer fast.
What you need to do to get a fast offer on your handyman special
I do buy handyman special houses.
The amount of repairs needed doesn’t really matter to me as long as that budget fits the formulas I use in my pricing.
In order to have finished with the agreement to purchase this house, the price would have needed to go down another 30,000 to allow it to fit into my formulas. Â This would allow for extreme circumstances if the un-permited section had to be torn and rebuilt.
If you want a fast offer on your handyman special, please call me directly at 804-719-1489 during normal business hours on the east coast.
Or fill out the form below.