Do not get lazy Tarun - Posted by Jim IL
Posted by Jim IL on January 18, 2001 at 20:56:47:
My brother, don’t get lazy on us now.
This could be a decent deal, especially since you have the out of letting the home go.
I’d do two things right away with this one if I were you.
First, call the lender and verify ALL the info you have. IF the numbers are right, then goto the next thing.
While you are talking to the lender, see if they would do a short sale.
Then, you can perhaps sell it to a qualified buyer retail with a loan. You may be able to get the balance down and create some equity for you to get out of it.
But, if the lender will play ball or not, get this place cleaned up.
You are young, and should be able to do the work yourself.
Goto the local dollar or discount store and spend $30 on cleaning supplies.
Clean the mess up in the whole house.
Scrub like a madman.
While at the dollar store, get a bottle of white Vinegar and several of thise Glade Plug ins with inserts. Use the vinegar to scrub the worst cat urine spots, it kills some (not all) of the odor.
Then, rent yourself a rug doctor for a day, (under $50 usually) and clean the carpets.
After they appear to be clean, you will STILL have the cat smell, maybe a bit worse until the carpet dries all the way.
Now, spread some carpet deorderizer on the carpet and do not vaccum it up, leave it there.
Then place those Glade Plug ins all over the house, and put more than one in the rooms that smell the worst.
Next, paint the rooms that need it.
You can do this yourself and save labor at least.
And, if you goto a few different paint stores, you can surely find free or really cheap paint, in the form of “Mis-tints”.
Most stores either give it away or sell it for $.10 on the dollar.
Who cares what color it is, it is free.
Just get decent colors, not BRIGHT obnoxious colors.
And clean up the yard if it needs it.
Now the home will show better and you can sell it however you want to.
I’d never leave a home this messed up and try to sell it.
It is cheap enough to overcome.
You may also want to E-mail Rick(CA) below and ask him about the air cleaner he mentions in his post.
I know to what he refers, and have one myself.
This machine seems to get the odors out of many homes I have done, as well as mold, midlew and other things.
After the place is cleaned up you can then incorporate some of the ideas already given to help sell this.
And lastly, market this place like mad.
Call mortgage brokers and tell them about it.
You may tell them that you are willing to finance it now for someone they have who cannot get a loan just yet, but can soon.
Then just promise to send the buyer back to them for a refi later.
And Tarun, DO NOT assign the beneficial interest in the trust over to a new buyer and walk away without geting a good release from the seller first.
Take a look at the mess that Tim Jensen is facing now, and avoid being in the same position.
I sure do not envy him, and you can be smarter than that, thanks to him sharing this here on CRE.
Good luck Tarun, have a drink for me in Atlanta,
P.S. Something else you may try that has worked for me with homes that have an odor problem.
When people call and want to see the home, schedule multiple showings. Schedule several people to show up at one time, and then get there 30 minutes early.
When you arrive, take with you a pan, an apple or two, some cinnimon (sp?) and maybe an orange.
Put all this together in the pot on the stove with water and boil it.
It will give the whole house a nice smell that may remind some of Grandmas cooking and baking.
It will also help to cover any odors you may still have in the home.
I learned this trick from a RE agent, she does this with ALL her open houses, and it does seem to work.