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April 4, 2014

Selling an Inherited House that Needs a Lot of Work

In 2007 Peter’s grandfather passed away, leaving Peter his three bedroom home in Hyattsville, Maryland when Peter was just a Junior in High school. Peter had no use for the house he had inherited at that time, and didn’t know what to do with it, so he ended up not doing anything with it. It sat vacant while he finished high school, completed college, and started work for an accounting firm based out of Silver Spring MD.

In total the house had sat empty since Peter inherited it- for a total of 7 years.

In 2013, Peter proposed to his long time girlfriend whom he had met in college. As Peter and his fiancé started to plan for the wedding and decide where they were going to live once they got married, the house he had inherited came to mind again. He’d done nothing with it for all this time, and the couple of times he’d visited it was pretty appalled by how much maintenance it needed.

He wasn’t sure what to do with it, but knew that the cash from selling the house could be useful for what he knew was going to be a pretty expensive wedding and honeymoon. He was also excited by the idea of using the funds from selling the house for the down payment on a new house for him and his new wife- they were hoping to buy a small single family detached house in Arlington, VA.

So Peter decided it was finally time to sell his grandfather’s old house, but the house was in awful shape. 7 years of sitting vacant had really taken a toll on the house. The roof had started leaking and caused a huge mold problem in the main floor and basement. The yard was completely overgrown and all the appliances were original from when his grandfather bought the house in 1972.

Peter wanted to sell the house but he knew that it would be almost impossible to find a normal retail buyer who would want to take on what he figured was going to probably be a complete gut renovation. He showed a couple of Realtors the house and they weren’t interested in listing something that showed that badly and had such a significant mold problem.

Peter had gotten a few yellow letters over the years about the house, and the one he got most recently he decided to call to see what an investor would pay him for the house. He had seen these types of things before and was sure that either a) This was a scam or b) This company would lowball him and refuse to negotiate a fair deal. However, urged on by his fiancé, he decided it was worth it to give them a call, just to see what they would offer.

He spoke with Jon, who offered him a cash deal. It was for more than the lowball offer Peter expected, but a little less than he wanted to get for the house.

After Jon explained how he would take the house “as-is” and pay the closing costs, Peter realized that the offer was more than fair, especially since the deal would close in less than a week and he could finally be done with it.

To the relief of his fiancé, Peter and Jon closed out the deal 12 days after their first phone call. The cash they made off the deal completely paid for their wedding, made a significant dent in Peter’s college loans, and provided them with enough left over for a down payment on a 3 bedroom Colonial style house in Shirlington, VA.

If you have a house that you need to get rid of but don’t think will sell in the retail market, consider contacting 4BrothersBuyHouses to see if we can come to some kind of agreement to help you like we helped Peter and his fiancé.