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Investor Home Sale About to Close

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    Investor Home Sale About to Close

    Yesterday the investor paid our house a visit to plan exactly how to install an AC/Furnace combo and apparently was measuring the outside dimensions of the property. The realtor came along with the HVAC installer and we hid in the house but did manage to ease drop on their conversation a little from an upstairs window.
    From all indications , this investor intends to pull out all the stops and turn this 1975 two story family home into a showplace which 5 years of BK13 enforced neglect ensured we would never be able to do. She is planning to remove all popcorn ceilings and is also interested in installing a basement master bath suite. We believe she will gut all bathrooms and the kitchen and remove all carpeting and turn the main level floor into hardwood and she will probably remove some walls to accomplish some of her remodeling.
    So the original idea that a budget of 30K would be enough was both naive and wishful thinking on our part. Clearly painting the inside walls and replacing the carpet and adding all-SS appliances would not have sufficed to get us as much money as we'll get by selling to this individual without doing anything!
    While I would never recommend following our lead, I do believe selling to an investor is the only course that makes sense in our just discharged case.
    Of course, we would have preferred to clear 300k instead of 200K, but without enough money to make these required updates a reality, this is our best case scenario and it is a win-win for us after a grueling five year BK13 because we finally get to leave Colorado with a sizable little nest egg in hand !

    #2
    Barbisi That is WONDERFUL news!! Take the money and run, run away
    I am not an expert. I just share my experiences in the Wonderful Wacky World of Chapter 13! Filed 3-30-18 Confirmed 7-11-18 Discharged 6-8-22

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      #3
      Carmella , thank you!
      When the realtor first approached this investor, she offered 50k less, which would have lowered our take -away profit by some thirty thousand (adjusted for commission and junk fees). To her credit, our agent said, "They won't go for that." The investor then raised her bid. (We could have had an investor bidding war, but given the fluidity of our timeline (a job waiting in Washington with much higher pay),it just didn't make sense to gamble and try and find some one else in such a compressed timeframe).
      And she was more than willing to take over the detested solar panel lease, which could have been a major sticking point with a conventional buyer. We did lose $3200 on the teetering old furnace, however, but there was really no way around that.
      Two more takeaways from our experience : (1) never buy an old, poorly maintained, never updated fixer-upper if you don't have enough cash to fix it up properly and have to end up using 100k+ on credit cards (house #1) and (2) never buy a house with a solar panel lease (house #2).
      Last edited by Barbisi; 05-20-2022, 07:24 AM.

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        #4
        I'm glad to hear that this is progressing in the right direction!
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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          #5
          justbroke - Thanks! I am very late to responding; been non-stop since May 23rd. Starting to slow, settle now.

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            #6
            justbroke , speaking of investor house #2, our former neighbor sent Zombie 13 a phone photo of the front - it looks like they removed part of the porch and repainted the shutters black.
            I wonder what they've done to the inside.................

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              #7
              Beware of wonder.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog

              Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

              Comment

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