house selling advice
 

My aunt died and left me this crappy house on land that could probably be used for 2 hourses. Someone is living there, paying only electricity and $175 in rent. It's a crappy house, but it's all paid off and she was renting it out when she died.

I know the person living there is gonna move out soon so I won't get the measley rent anymore and I want to sell the house. I know this is a really really vague question, but I just want to sell the house for cheap (I know for a fact it could never sell for more than $15,000) and really really quickly and get it over with. Any advice? I don't know ANYTHING about this shit.

neither do I, but good luck dude

maybe an estate agent would be a good thing

this would probably not be the best time to sell what with the market being down. wait for the market to build back up but don't wait for too long.

Hmmm!

however, this would be a good time to buy a house if anyone's looking to do that.


edit: this is for anyone in america, i don't know how the international market is right now.

and we also got one who wants to sell

ebay houses

Hahaha.

BUY NOW PRICE

do you got pictures of your house?

No.

I just inherited it recently...

try to sell it via ebay with this picture, you will be rich my son fuckin RICH!

http://case-appartamenti.ebay.it/?_trksid=m37

don't you have this kind of stuff on ebay.com ?

I was kiddin', yep, but not THAT much..

edit : condolences?

Yeah, you can sell anything on ebay.

:)

EXACTLY.

moreover, you could fix it up, increase the rent, and make a profit (you gotta pay property taxes). ok, being a landlord is not an easy business, but it can happen.

the other thing you could do is turn it into a music studio and become "the albini of indiana" :P

anyway, this is a great time to buy houses because the prices are going to hit bottom in about a year and then they are going to go UP again.

so find a way for the house to pay for its own (you gotta pay property taxes, etc) and you'll be ready to cash out in a few years, maybe double, who knows?

thing is though with a little paint and some clever landscaping you can increase the value of a house.

etc etc bla bla bla. too long a subject for before breakfast.

Good points and they echo things people in real life have told me.

I think I'm going to uh... sell by contract.. to a dude I know who already owns like 4 houses... I just talked to my mom about this.

Absolutely insane time to sell.

You will get more money renting it and waiting for the market to stabilize (former Fed chairman Alan Greenspan predicts the market will bottom out in early 2009, so things will likely be better soon enough).

If you got to http://www.zillow.com you can find out what the approximate appraised value is. You probably want to watch that for a while before you seriously consider selling.

i would in no fucking way do that. i guess when things land in our hands for free we don't value the opportunities that come with them. but you might have your reasons for wanting quick cash instead of long term profit, so who am i to judge?

i'd fix it up, find a nice tenant, and set myself up with a steady stream of cash for life. but that's me. i want more money :D


i've heard other opinions ranging between 1 to 2 years because real estate is a slow market and it's hard to predict, unlike, say, stocks, which can fall overnight.

I'm not terribly concerned with accumulating money, but even I would wait a bit on this, especially if I were living in my mother's house.

ok adam i just ate some fruit so i have more calories in my brain & my thought is this.

the other day you were talking about having saved some money and wanting to learn about investing. which i hope you're doing, because savings accounts pay shit in interest.

what you have received now is worth more than all your savings and has the potential to land you a sweet profit if properly managed.

so what i'd suggest at this point is DO NOTHING. because you have said you know nothing. so sit on it, educate yourself, learn, and make a move only when you're ready.

most people PAY for an education. in your case, you would BE PAID to get an education. in other words, you have the opportunity to make a lot of money just by being well informed.

for example--

if you rent that house, wich cost you nothing, you could say get $250 a month, that's $3,000 a year, like, forever, and you keep the value of the house as it increases in the next cycle.

if you were to sell it, after paying income taxes & all, say you end with say $11,000, and what would you get on a savings account, 3%? so you stand to make $330 a year or so? ha ah aha.

then again there are estate taxes which i know little about but maybe thats what youre worried about paying. but you'd still have to pay income tax in after paying the estate tax.

think man, think. educate yourself, read some books, take your time to learn, check with a financial planner, and you stand to be sitting in a nice wad of money before youre 30 while everyone else is sitting on a pile of debt. but take your time to school yourself before you do something inadvertently dumb.

--
i edited to add the estate tax bit, and apparently there is no estate tax for you to pay? i am not clear. but like i said, educate yourself.

random googles:
http://www.askmehelpdesk.com/taxes/d...sold-8677.html
http://answers.yahoo.com/question/in...8175440AAACUM3
http://www.linkedin.com/answers/pers...47255-21581011
etc///

WOAH i was right about something for once!!

hurray! you feel better about yourself now? :D

True, but hitting bottom doesn't mean immediate recovery either. I wouldn't move on anything until it had gotten up pretty far from the bottom, and that's probably the one to two years you heard about. I trust just about any economic prediction Greenspan makes because: 1) he's watched and controlled the economy longer than any other human alive and 2) enough people believe whatever he says that they move on it and tend to make it into a reality via self-fullfilling prophecy.

I'm sure where I live in the NW the recovery will be first. We weren't even hit as hard as the rest of the country. Plu we have this inevitable bounce back factor that there is always California on the map below us and millions of people who still have some money and desperately want out.

haha.

no.

Oh, Byron, it's old and small and needs a lot of work to really be liveable. I mean, it isn't infested by bugs or real nasty or anything, it's just... out of shape I guess.

Thanks for all the tips guys.

It may take a while to post pics on here, I don't own a digital camera.