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Help on selling Mother's house: Odessa, Tx

1,371 Views | 10 Replies | Last: 23 days ago by Eliminatus
Eliminatus
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Going to need some advice/tips/leads on selling my mother's home in Odessa. The situation is she is retired and moving up to be with my sister in Ohio. I am out of state. She has no one reliable nearby her and she has never sold a house and is absolutely clueless on the matter. So am I tbh. She will need someone to hold her hand through this entire process.

The biggest issue is that it is an old house and I fear it has far greater damage and needs of repair that anyone is expecting. Including her. I haven't been there myself in over a decade but I am not even sure if it is considered marketable at all currently. No AC, plumbing issues, ceiling leaks, potential long term flooding damage, etc. And that is just the stuff I know about.

Second issue is that this is essentially a beater home in a poor neighborhood. It frankly is not worth that much. Tax assessed at $66K this year. Regardless, my mother is basically a pensioner and barely scraping by as is and will need every dollar possible she can get.

So, first step is find an agent I am assuming and get them connected. Need to get an inspection done as well ASAP which I assume can be arranged through the agent? Does anyone know of someone in the area who is honest and reputable and willing to take this on? In my head, for houses of this price, it's only really scumlords and "We buy houses AS IS!" weirdos who prey on people exactly like my mom. Honestly, this is why I am just so anxious since I can't be there constantly. I'm arranging a trip by years end and early spring at a minimum but everything in between she will be on her own. Figured I'd ask here first before random googling some names. I trust yall.

Timeline is sell by spring if at all possible.

Thanks for any and all help.
leighann
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Sorry to hear about your mom's situation.
I wouldn't pay for an inspection. A buyer could if they wanted to, but unlikely in this price range.
Could you reach out to neighbors to see if anyone is interested in buying it? Or maybe there is a Facebook or next-door group for the neighborhood where you could find a buyer?
I wouldn't put any money into it, as it sounds like the buyer will basically need to gut it anyway. Save your mom's limited income for her care and needs. Best of luck with this, I know that managing family financial and health issues can really be challenging, especially from afar.
BUZZAG
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PM sent
Diggity
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Eliminatus said:

Going to need some advice/tips/leads on selling my mother's home in Odessa. The situation is she is retired and moving up to be with my sister in Ohio. I am out of state. She has no one reliable nearby her and she has never sold a house and is absolutely clueless on the matter. So am I tbh. She will need someone to hold her hand through this entire process.

The biggest issue is that it is an old house and I fear it has far greater damage and needs of repair that anyone is expecting. Including her. I haven't been there myself in over a decade but I am not even sure if it is considered marketable at all currently. No AC, plumbing issues, ceiling leaks, potential long term flooding damage, etc. And that is just the stuff I know about.

Second issue is that this is essentially a beater home in a poor neighborhood. It frankly is not worth that much. Tax assessed at $66K this year. Regardless, my mother is basically a pensioner and barely scraping by as is and will need every dollar possible she can get.

So, first step is find an agent I am assuming and get them connected. Need to get an inspection done as well ASAP which I assume can be arranged through the agent? Does anyone know of someone in the area who is honest and reputable and willing to take this on? In my head, for houses of this price, it's only really scumlords and "We buy houses AS IS!" weirdos who prey on people exactly like my mom. Honestly, this is why I am just so anxious since I can't be there constantly. I'm arranging a trip by years end and early spring at a minimum but everything in between she will be on her own. Figured I'd ask here first before random googling some names. I trust yall.

Timeline is sell by spring if at all possible.

Thanks for any and all help.

There's a lot of sharks out there for sure, but the situation you described is going to carry a ton of risk for whoever takes on the project, without much upside. I wouldn't expect a ton of interest for a home in a rough area that's beat up.

In a rural area like you're describing, most investors aren't going to go over 65-70% of ARV (less repairs).

Let's say the home is worth $100K and needs $30K in repairs. They would pay no more than $40K in that scenario.
DannyDuberstein
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The most important thing here is finding the right realtor that understands this area and how to maximize value while minimizing cost. If you can find the right one, they can help with the "here's what I'd advise dressing up because you will more than get your $$$ out" vs "just gonna have to let that go". A good one will also have contacts to get any "must do's" done most economically. I'd set up some interviews with some experienced ones, lay put your questions, then see who seems to know their stuff when it comes to what you need. And you might just get an honest assessment that dumping it on a firesale investor is the most realistic move
Eliminatus
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Thanks for the replies everyone. Very helpful and will get on finding that agent ASAP with the new understanding that fireselling as is might be the most feasible route forward.
Agswin25
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More than likely to sell it you'll either have to fix it up to meet FHA inspection requirements or sell to an investor. Most buyers in this price range will use fha and they want most things fixed… if you don't want to take the time or spend the money to fix it up, sell it as is to an investor. I'm. Sure you could make a little more money if you fix it up. Contact a couple of local realtors and get their opinions of what you could sell it for as is vs fixed up.
SteveBott
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A I agree with Agswin. The wholesalers I know would buy about 30-35% of value. They know all the cheap contractors. Well the ones that have not been picked up by ICE.
Waiting on a Natty
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I will call an Aggie friend of mine who lives in Odessa and see if he can reccomend a realtor.
Waiting on a Natty
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Two realtors who my Aggie friend sent me:

Mandi Higgins
432-894-0099

Francine Grimsley
432-934-4597

But, as noted above, will be hard to find a realtor willing to take this on because not much money at all to be made. Someone who buys, fixes up and then flips older houses will be your best bet. One of these realtors may be able to give you a name of such a person.
Eliminatus
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Thanks so much! I'm still gathering data and this is very helpful. Thanks for taking the time to get these for me.
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