My credit rating is poor - bk within last 10 years and never fully recovered.
I own a home that appraises for $125k. I owe $60k. I would like to put $15k into it for renovations. Banks won’t look at me. I might sell it once renovated and move to an apartment. I’m tired of cutting grass (it’s a double lot).
I’ve thought of working a deal with a contractor to do the renovations with a contractors lien, with payment plus interest due at time of sale, but don’t know if a contractor would buy that or not.
Does it make sense to do the renovations before selling and try to get top dollar out of it, or to sell for say $90k “as is” and move on.
TIA for any suggestions.
Hi,
Sell your home "As Is" as you would net yourself almost the same thing without going through the process of a remodel.
I calculated if you list it for $95k you will clear (assuming both routes offers were excepted with the same discount) about $2k less than you would to borrow hard money, remodel and pay the increase percentage of closing costs and realtor fee’s.
So sell as is for $95k
Good Luck,
GR
How bad is bad? what is your credit score?