How do I get a quick sale on a fixer modular?

Question

We have been through the wringer with a contractor who has done substandard work and wandered away with projects half done. Now we just want out. How do we get a quick sale on a modular on a permanent foundation on it's own lot? Are any of those "We pay cash for homes" websites legit? We have some plusses, such as a great location and big decks, but the the carpets are the pits and the back deck is dryrotted, among other problems. Total repairs to get the place into top-notch condition would be 15-18k. Any ideas? How low is too low? A very similar home, except in good-not great-condition went for $345k last week. How badly will we need to discount this place to attract a buyer? Any insight is appreciated.

Answer 1

First, fire the contractor and find a lawyer to litigate.

Find another contractors and get estimates on what needs to be done. Just fixed, not fancy.

Follow this guidance, "Caulk and paint to make it look like what it ain't."

Depending on what needs to be done, you will have to discount it more than the cost of repairs that need to be done.

You can try to price it at the lower price and see if there are any bites.

You can get home improvement loan, or some such financing, and complete the repairs. I would suggest that you place time limits on completion of the work by the contractor though.

Now, on handling contractors, only pay down sufficient to cover immediate supplies and require them to be kept on premises. Also require the lien release from the supplier so that the contractor doesn't leave you with mechanics liens.

You could also create an account that the contractor may use, but you pay personally. Often this type of agreement is cost plus supplies, with supplies your responsibility.

Good Luck