Hi All,
I hate posting non-alembic material, but I usually get such good advice and input from the people on this forum that I have found it is the best place to turn to for input.
I live in eastern PA, just outside pf philadelphia (if anyone is local and wants a more exact location to better answer my questions, please email me).
I advertised my home on craigslist a few months ago after doing research to find out what I could expect to sell my house for. This research was done by looking comps. This was in february....I knew the house needed some work, but at that point I thought it was just some cosmetic work such as painting...Based on that information, a friend who is a realtor advised me to list at 290k, and that it would probably sell for 280k. Advertising privately, I found a buyer, and we agreed upon a pre-home inspection price of 275k. This was arrived at with buyer knowing he was buying ahouse that needed painting, an updated kitchen, and a bathroom that needs to be done..
The home inspection was yesterday, and a few things were found. While I do not have a full report yet, the major issues that I am aware of are as follows:
1) Dryer vent is supposed to vent to the outside, there is a vent in the back of the house, but is sealed with duct tape. Apparently the home inspector could not determine where it is venting to (this was all unkown to me)
2) half bath in downstairs has no fan, local code calls for a fan or window to be in all bathrooms....this was the way my house was when I moved in, my home inspector never mentioned it.
3) rotted trim around two circle top windows....(already have an estimate for this, that would 1k to replace)
4) some siding needs readjustment, as it is letting rain in once in awhile....
5) deck is basically junk, just old and worn out, plus it has no footers....(that was the condition it was in when I moved in)
With this information in hand, the buyer is already making comments about how since the real estate market continues to slide, and with these repairs needed, he feels a readjustment in price is needed. The real estate market in my area has not declined that much, (example, a middle unit townhome is listed across the street from me at 330k, but this has basement, and backs up to open space, mine has no basement, and backs up to a highway, and I was told that the lack of a basement and the backing up to a highway will make a 15k difference in price) and the repairs will probably not be more than 4-5k or so...
So, keeping in mind that I am saving realtor fees by selling privately, the buyer is saving fees by buying privately, and the house is already priced a little below market, should I tell this guy to walk and take my chances by going with a realtor, or just lower the price even more......(also, according to my friend the realtor, as of two days ago he still said I should list the house at around 290k)
Time is critical here, because I need to move in with and help with my moms care, and take ~5-6 months to get myself together financially enough to buy her property....
Oh, just to keep SOME alembic content in here, remember, the more I get for my house, the more chance I have of getting a custom SII.
