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Fixer-Upper Property Questions

A fixer-upper is real-estate property that needs considerable repairs and maintenance work, although it is still good enough to be lived in. Many people buy a fixer-upper so they can fix it and then raise the value of the property to get a good return on the investment. A few popular questions asked about fixer-uppers are mentioned below.

A potential buyer is interested in a fixer-upper house that I inherited but wants to buy it using a Contract for Deed. He doesn’t have the money for down payment and wants to use the $8000 tax credit for it. How safe is this for me?

You probably should not sell your house to someone who doesn’t have any assets or offer to close the deal at a lower sale price. What you could do is to explore leasing with option to purchase that would then give your potential buyer a little time to find the money or get approved for a loan.

I have a fixer-upper in Kansas City in which I have a friend staying, based on a verbal agreement. In lieu of repair work that he was planning to do, he hasn’t paid me any rent. Two months ago, I gave him notice to vacate since no repairs have been undertaken in the house in the past eight months. How can I evict him legally?

You would have to treat your friend as a regular tenant although no money is being paid, because he is still rendering you a service in lieu of rent money. In order for you to get him to move out, after having given him 30 days written notice, you would need to initiate an “unlawful detainer” proceeding in the Housing part of the Kansas City Municipal Court. The clerk at the court should be able to give you the necessary forms and information to proceed with this.

A potential buyer saw my fixer-upper and agreed to undertake the necessary repairs and upgrades. Later, he had a home inspector look at the property who then told him that the house was a piece of junk and not worth buying. Can I legally take action against the home inspector?

In all probability, you do not have a claim since a home inspection company is required to provide an assessment. Besides, you didn’t have a contract with the company to allege a breach. However, if the buyer signed a contract with you and now wants to back out, you could have a claim against him.

I have a house that has been paid for but needs numerous repairs to pass a home inspection for a new mortgage. Can I sell it “as is” or as a “fixer-upper”?

There could be investors willing to buy your home but you may not get the market value for it since they would be out to make a good profit. What they might do is buy the house “as is” and then repair it to sell it as a profit. This means that although you won’t get the price that you want, you would be able to at least sell the property. The other alternative would be to undertake some of the repairs so that you can increase your asking price for the house.

Buying a fixer-upper has many advantages like a lower sales price, potential for re-sale profit, less competition, and so on. However, it is always good practice to get a proper home inspection done if you want to buy a fixer-upper so you are aware of exactly what you are getting into.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
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2 Real Estate Lawyers are Online Now

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Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Fixer Upper Questions

  • I belong to a small neighborhood association of only 16 parcel

    I belong to a small neighborhood association of only 16 parcel owners, with only 6 homes in the development.
    There are CCR's but they really haven't been enforced. The CC&R's allow for an Architectural committee to enforce the CC&R's to some degree.
    What is the benefit of an HOA? Without one, how do we go about changing or updating CCR's?
    Kim
  • My wife and I are California residents and have filed bankruptcy

    My wife and I are California residents and have filed bankruptcy in 2008. It was discharged in Oct. 2008. Included in the bk was all commercial credit, business assets, investment property, and the 2nd mortgage on our primary residence. We restructured our first mortgage a year and a half later under the HUD program. Would we be able to refinance the first mtg to a shorter term? If so, would we be obligated to pay the 2nd which was discharged? Also, can I sell the house without being responsible for the 2nd off.
    Thank you,
    Darren Acosta
  • Here is the situation, I decided to buy a condo. Contacted

    Here is the situation, I decided to buy a condo. Contacted a mortgage company and got prequalified, then found a condo for sale by HUD that had FHA financing listed as one of the options. I bid on it and won. Later my mortgage company told me that this condo does not qualify for FHA, not sure how this is possible if seller is HUD non the less, the mortgage company offered to redo everything into a conventional loan with 5% down. I agreed now with days before closing , they are telling me that loan can not be approved and they are not able to provide a specific reason why. There were no changes in my income , no changes in my credit score or debt to income ratio. My question is " What can i do , this all sounds a bit funny, is anyone familiar with similar situations. How can they say NO since i have the pre qualification letter. Thank you
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