Buyer's remorse; What's the best way to get rid of this house?

Question

I just bought a house that has been a nightmare for me. This is my first house and I cut serveral corners trying to purchase it including not getting an inspection. Since moving here, I've discovered problems with electrical outlets in the bathrooms, bootleg cable wiring, and after a few shingles blew up on the roof, the insurance agent said the roof will need to be replaced soon. I fear that I will have a hard time selling it because of the color of the exterior the outdated wall paper on the interior. Also I bought it for about $10,000 above the average home in this area. I would rather go back to renting until I can afford a newer home closer to the city. I don't want to put much money into the house and I've decided to stay for at least a year. What's the best way to sell without losing any money? Would it be better to use an agent and try to sell it the old fashioned way, or should I use one of those quick sell companies just to get rid of it and maybe make a few (very few) bucks.

Answer 1

Lot of questions here. First of all those quick sell companies usually will cause you to lose money instead of making a few bucks. Keep the house for 2 years if possible to avoid the capital gains tax and due to the fact that real estate in most areas is a buyers market right now.

Sink a little money into it and make it "home". It's like putting money in the bank. Have a bunch of friend over, order a couple of pizzas and some cold beverages, and have a paint party.

And then in a couple of years when the market is better, sell it and you'll have a nice down payment on something more to your liking.

Answer 2

I didn't read the other answers. First of all Honey. let me give you a little advice. I've been in the "business" for over 47 years. Both Real Estate and as a contractor.
You've been spinning your wheels, looking for a quick rich scheme to get a house and took the first one, thinking you got a deal, scheme and got screwed. It's as simple as that.
He got you first. That's the name of the game. Now, you can be honest with the selling of the place and, list the problems, a smart person like me will find out what's wrong and walk because you've lied or, omitted the problems to them.
They'll think "what else is wrong I don't see?"

So. Take the loss and get out, the next time, be careful, have someone look at the house for you, inspect it, go all over the place, it's going to be your home.

Or, you can make the place your home. This is what I would do. Put some money into where it needs it. First, where is the worst of the problems, the wallpaper, if that what bothers you, Lordy, take it off and paint. For Pete's sake, it doesn't take that much and it's simple. Redecorate for Heavens sake. If it's the roof and it can wait, let it. Have the roof done next year.
Then after a few years, after you redecorate, you still don't like your new home, then resell, you'll have it fixed up, some assets in it, you won't lose that much.

Answer 3

If you use a realtor, you could easily end up having to take money out of your pocket to pay the commission. Don't sell to a quick company unless you are desparate with financial problems, like heading for foreclosure.
Fix the cosmetic fixes if you can. Those are the ones that make the first impression. Sometimes you can just repair the roof for the meantime. You will have to ask someone else about the electric, but sometimes all that you need to do for the immediate is install GDFI outlets. If you call an electrician they will probably want you to have everything rewired, but ask someone who knows about electricity what will get you by.
Two years would be better to stay, but that depends on how bad your situation is. Maybe you will even grow to love it.
I have just started a blog, and the posts are mostly directed to the real estate investor, but you will gain from it also. The discussion right now are on marketing a house to sell. See the blog at www.realestateinvestorgirl.com
Best of Luck, and contact me on the blog if you wish.

Answer 4

Well, you are gonna have to fix the obvious - the electrical in the bathroom....either nuke the plug and cover it over as a dead spot....fix the missing shingles on the roof so it looks as good as it did....the cable is an add on..some people have it some don't.
The outside color is personal taste...some like it some don't.
Outdated wallpaper - to who? You? Not a biggy either. Some people like old wallpapers(some peoples tastes are just different). Staying in it a year, you will see other problems guaranteed. Fix what needs to be fixed and leave the "taste" issue alone.
Don't plan on making a wad of cash on it. Maybe you can, maybe you can't. But fix the exterior problems first. Looks matters. If it looks kept up, less likely for an inspection as they will fall in love with it on first sight.
Just so long as everything in there is working properly and it is clean and neat it will sell.

Answer 5

you could just count your down payment as a hard lesson and let the bank take it over, or sell it to someone else to take over the payments.