Project Manager · Algonquin, IL · Member since 2015 · 5 posts · 0 votes
Hello All,
I have a friend in the Madison, WI area who is in the process of moving her parents into elderly care facilities. I know she would like the process to go smoothly/quickly as it is a truly difficult time for her and her folks. I would like to facilitate the process for her in some way either through an agent or by reaching out directly to investors in her area. Wondering what process you would recommend to a loved one if you had no financial stake in the decision, but solely based on a balance between simplicity and potential profit. House is a 1950's, 3 bed 1.5 bath in the Orchard Ridge neighborhood, southwest of downtown. Owner was an engineer so the property was maintained throughout its life. Typical condition for a house this age so she would need to sell to someone willing to update the finishes either way, although i do believe it would pass FHA in its current condition. I am waiting for more details on some of the other specifics, i.e. equity, condition of major components and such. If anyone has any advice i would certainly appreciate it.
Waunakee, WI · Member since 2015 · 63 posts · 28 votes
10y
Eric,
My advise to you/your friend is to actually take a walk through the property, and try to fix the easy stuff, missing door knobs, replace light bulbs, fix the gutters, vacuum the rugs, clean the place, deodorize etc... Also, take a look at some of the stuff that is easy to hire out, paint and carpet. If it is really old and out of date it may be worth dropping 5-10k to repaint and recarpet as you'll get the money back on the sale and it may go quicker because most people would rather pay extra to not have to deal with it.
It should only take a weekend to get it taken care of. By doing this you'll get max dollar for minimum effort. You'll be leaving some on the table by not updating the fixtures, but thats a lot more time and capital outlay.
Real Estate Broker · Chicago, IL · Member since 2015 · 531 posts · 266 votes
10y
1. Put her in touch with a good estate sale company that can handle emptying the property and generating some money.
2. Encourage her to hire an inspection company to go through the property - then assess with a Broker what needs to be fixed prior to the sale.
3. Make some inexpensive, cosmetic updates like fresh paint (basement floor too) and ripping out old carpet will increase value significantly in the eyes of buyers.