How can I sell my house "as is"?

Question

My mom is in the process of getting her name on the deed and when that falls through, we are going to sell it. But the thing is, it is not livable. It needs to be knocked down and built over. I was just wondering, can we sell it to a realtor for the shell and they can basically buy the land? How exactly does this work? Also, there is still money still owed on the house, does the realtor pay it off when they buy it or do we have to pay it before we sell?

Answer 1

The mortgage is paid when it is sold.

You are not likely to find a Realtor looking to buy vacant land.

No bank will finance your house as it is unlivable, so you need to find a cash buyer.

You should have a realtor come take a look and give you some suggestions.    This is going to be very hard, if not impossible to sell.

Answer 2

You wouldn't sell it to a realtor, just list it on the MLS same as any other property for anyone to buy.  If its possible to renovate it I'd list it as both a house and raw land (list it in both those sections of the MLS - the realtor would enter 2 seperate listings).  If there is no way to renovate it (even for a builder) then just list it as land.  Of course in the listing say that the house is in terrible shape and probably has to (or must) be torn down.  Say the value is in the land and if its dangerous for people to enter the house - state that clearly in the listing.  Also go to the house and put up "Danger - Do not enter" signs on the doors if it is dangerous to enter.  If there is enough value in the land hopefully someone will buy it for that (heck if its not in that bad a shape maybe someone will even buy it to renovate the house).  The mortgage will be paid off at closing.

Answer 3

You apparently don't know much about real estate.  Realtors don't buy houses.  They represent sellers and buyers.  Further, you cannot sell the house unless the loan is paid off as part of the sale.

Answer 4

it is appraised as is and if and when it sells the proceeds are used to pay off the mortgage and any thing left over is hers. This will most likely be a cash sale as no lender will lend on a condemned property

Answer 5

You don't sell it to a realtor.  A realtor is the person who sells it for you, for a percentage of the sale price (4-6%).  The realtor shows the house/property to buyers, advertises, does the paperwork, etc.  You can sell the home "as is", but you have to declare what is wrong with it.  Sounds like you are intending to sell the land but the downside is that the buyer has to take care of the cost and hassle of demolishing the house.  A realtor can answer your questions - this is what she/he gets paid for.  When you sell the home (this is called the "closing"), the buyer pays, all the money owed on the property is paid (taxes, loans, realtor, etc.) and the owner gets the balance.

Answer 6

It's doubtful that a realtor would be interested in buying your house, but a developer or real estate speculator might.

As to the loan, when there is an existing loan on a piece of property that is sold, one of two things can happen - either the purchaser will assume the loan, or it will be paid off out of the proceeds of the sale. Either way, the loan balance will be deducted from the sales price before your net return is paid out.