What the realtor said

In addition to the listed issues, another "show stopper" would be your house electric "capacity". Some time back, you mentioned that your house had only 30 AMP service at the main breaker box. If that is correct...and the house has ancient 2 wire wiring (no separate ground wires), this house would NOT serve the needs of most people. At that capacity, you would not be able to run any major household appliance, and a TV, and lights, etc., simultaneously without tripping the main breaker.

It would cost many thousands to bring that house up to current standards...200 amp service, and replacement of all the wiring and outlets, etc.

If the appraisers, or buyers noted this electrical issue, the value of this old house would probably be not much more than $100K.
 

The realtor would definitely have noticed and so would the investor. Knob and tube wiring is hard to miss, and they surely would have made note of it and taken it into consideration when determining the value.
 
A new breaker box can be installed even though it might be knob and tube wiring. I can't imagine that anybody would go to the trouble for a mere 30 amps except that it would lessen the possibility of fire. Thirty amps is barely enough to keep your fridge going!

Check your basement ceiling where you can see the wiring. Knob and tube is just what it says it is; you can't miss it.
 
We moved from the City to the suburbs almost 2 years ago.We got $160,000, For it. The new owner only painted a few of the walls and then sold it for over $400,000 dollars. That's the last time I talked to the realtor (who was my cousin)and his son-in-law was the one who bought it.
 
If I were going to buy your house, I would take its value if it were in pristine condition and subtract from that the cost of doing the work it needs to make it pristine and up-to-date, inside and out. If necessary, I would include the cost of someone to clean the house thoroughly, and of someone knowledgeable to oversee the work. I would likely have to add a certain percentage of the costs to get it into shape because there are also hidden defects in many houses, and cost overruns.

If I were you, I would get the house appraised.
 
hollydolly said:
Deb, take it...walk away.. and never look back. Get that boulder off your shoulder.. , and start a new chapter in your life, clean slate, new home.. and no weight and worry about the old house..
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I would if I could find a buyer. Since I haven't heard anything from the man that looked at it, I may assume he changed his mind after seeing the mildew garden in the cellar. It looks like white Spanish moss hanging from the overhead.
 
debodun said:
I would if I could find a buyer. Since I haven't heard anything from the man that looked at it, I may assume he changed his mind after seeing the mildew garden in the cellar. It looks like white Spanish moss hanging from the overhead.
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Deb, I'm in agreement with Hollydolly. Since you haven't heard from the guy that you thought was probably an investor, why not call the realtor back and ask her to list it? Let her do the work, leaving you free to get yourself moved. Another thing...as we move along closer and closer to winter, there will be fewer and fewer prospective buyer. They seem to be somewhat more active in the no-snow months.

And take the first offer closest to the $150K she mentioned. Having that albatross off your shoulders will be a tremendous relief, even if you don't get much $$ from it. Think of it this way: You didn't buy it so except for maintenance and repairs over the years, it was a "free" house to you.
 
It is difficult to conceive that I paid almost $300K for a house half the size of mine that I probably wont get half of that back.

Many people that come inside to look at things when I'm having a sale say what a lovely home it is. Yes, the front hallway is probably the best part with the mahogany staircase and stained glass window on the landing, but then they don't see the kitchen and cellar. It's like buying a car by just looking at it. You have to test drive it and kick the tires.

Sometimes I ask people that say, "Oh! I just LOVE old Victorian homes." if they want to make an offer. The usual response is, "Well, I do love them, but I don't want to own one."

I am still agonizing over what to do with the big furniture I can't sell.

The last etate sell I contacted said she was booked up until mid-December.
 
Big furniture that you can't sell...just leave it in the house. When a buyer turns up, they can either keep it or unload it themselves.

In 1992 when we bought our house in Michigan, it had been lived in by the same family since 1922. There were pieces left in the house that we kept, pieces that we gave away and pieces that went to the dump.
 
It is difficult to conceive that I paid almost $300K for a house half the size of mine that I probably wont get half of that back.If it is your forever home why do you care?

Many people that come inside to look at things when I'm having a sale say what a lovely home it is. Yes, the front hallway is probably the best part with the mahogany staircase and stained glass window on the landing, but then they don't see the kitchen and cellar. It's like buying a car by just looking at it. You have to test drive it and kick the tires. Agreed

Sometimes I ask people that say, "Oh! I just LOVE old Victorian homes." if they want to make an offer. The usual response is, "Well, I do love them, but I don't want to own one." Agreed

I am still agonizing over what to do with the big furniture I can't sell. 1-800-GOTJUNK

The last estate sell I contacted said she was booked up until mid-December.You cannot wait
 
Last resort...selling it yourself? Ads in local newspaper, online (FB?). You definitely need a real estate attorney and a title search company.

I realize that's a lot of work and headache, but if it moves the house...
 
I just received an email from the man that looked at my house. He apologized for the delay, but said he is waiting to hear from his contractor. Could this be a delaying tactic to make me more desperate as we get further intro autumn? If his contractor is taking this long, he can't be very efficient.
 
GeorgiaXplant said:
Since you haven't heard from the guy that you thought was probably an investor, why not call the realtor back and ask her to list it?
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If you do decide to list, have a clause that says if the original man decides to purchase there is no fee paid to the realtor.

I saw this afterwards.
debodun said:
I just received an email from the man that looked at my house. He apologized for the delay, but said he is waiting to hear from his contractor. Could this be a delaying tactic to make me more desperate as we get further intro autumn? If his contractor is taking this long, he can't be very efficient.
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Contractors are in high demand at this time of the year. I don’t think it’s a stalling tactic.
 


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