I've already started a list of "lessons learned" for House #2, and it seems the bad luck keeps on a comin'.
I called a carpet cleaning company to come out next weekend to try to get the odor out. It's mild enough to notice, but not over-powering, so I'm thinking a good cleaning is all it needs. This past Friday, I load up the car to go over there and do some yard work. Weeds have started cropping up, and the yard didn't look too good (Tip #1: A nice yard is the first impression a potential buyer sees). My wife had bought some Febreeze to try on the odor, so I took it, too. It took a while to mow and weed eat the place, but the difference is night and day now. Sadly, the houses on both sides still look bad (as does most of the street). Beforehand, I went around and sprayed Febreeze everywhere there was carpet. After finishing the yard work, I went back inside, and could still smell the odor a little. While leaving, I went down the street and noticed a house for sale by owner/agent that has an absolutely horrible weed condition. He has weeds growing in the front yard that must be 3-4' high and at least an inch thick. Good luck with that, dude!
Next day, I decided to stop by the store and pick up some carpet deoderizer and air freshener to see if it would help. I sprinkled the deoderizer ont the entire carpet, and vaccuumed. I also plugged in a few air fresheners and left.
On Sunday, I stopped by the house again. When I opened the door, the odor had been replaced by a nicer smell (at least THAT worked - for the moment, anyway). I then went around the inside checking to make sure everything was okay. I noticed that there were foot prints in the carpet, so an agent must have come by since my last visit. Then I noticed bit of wood lying by the back door and the weather stripping was loose on the bottom of the door itself. When I opened the door, the stripping fell completely off and a bunch more wood peices fell out. I reached my hand under the door and felt nothing but rot. It feels like moisture had gotten into the bottom of the door and it was now rotting away. So now it looks like I may have to buy a whole new back door for this house, too. Great. I may go down to the local rehab store and see if I can get one for cheap.
I also talked about House #1 more with my wife. The renter wants to lease it out for another year once the current lease expires. My wife laughed and said heck no to his idea. She (and I) just want to sell it after his lease expires. So I caleld him back a short time ago and left him a message saying 'sorry!'
Update: I went by the house again to get measurements of the door, and did a little bit more investigating on the door itself. Although it's a little rotten, I don't think the damage is as extensive as I first thought. I then realized that the "weather stripping" is actually called a "door sweep", and replacing it may be all I need to do. So I went to HD afterwards, and picked up a door sweep. It was getting late by then, so I put off installing it until the next day. Hopefully, that will fix the problem. Instead of paying $250+ for a new back door, or even $40 for a rehab replacement I found, I may end up only spending $8+tax.
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4 comments:
Have you tried baking soda on the carpet? Nicey smelly stuff perfumes the situation but doesn't rid you of the root cause.
Due to a death in our family, I heard from an old HS friend who, believe it or not, is in real estate in Round Rock! Getting caught up, since more than a few years have passed since I talked to them, she said her market is TOUGH now. The spring bounce she was counting on hasn't materialized because of the increase in inventory and elimination of many first time buyers due to subprime lending practice changes. Of course, this is hardly news, but thought I would share.
Any more thoughts on dumping #2 at breakeven to rid yourself of debt and focus on #1 and new projects?
What's your thoughts on the neighborhood? It sounds like more and more houses are losing curb appeal.
Actually, that's exactly what I used (A&H baking soda carpet deoderizer).
My short "lessons learned" list consist of several items that were not immediately known (i.e., subprime lender fallout, replacing back door, carpet odor problem) and some that were known, but not fully researched (i.e., the particular subdivision has a HIGH foreclosure rate, which has more weight on resale values, terrible builder, winter market). For now, I'm trying to just get out of this property in the red (barely). If I have to hold it past June, I'll really start feeling the pain.
At this point, I will NEVER buy a home in that neighborhood again, unless it is a one-in-a-lifetime buy. The city it's in is booming, but this particular neighborhood (and house) is just one bad problem after another.
I may end up having to either put more work into the place or sell at an even more discount, which will show me at a loss. I guess sometimes OJT is the best teacher there is.
As far as your friend goes, they are right. The area is booming, but the RE boom hasn't gone up this far north (mainly in Austin itself). Hopefully, with spring around the corner, things will start picking up. I know my property is getting LOTS of traffic, but just no buyers.
I was afraid of that situation after you posted how "unkept" the neighborhood looked...it's a dead giveaway. You can't change the neighborhood dynamics, but you can do some things to get your butt OUT of there.
I've made some deals that looked GREAT going in, but as the picture became clearer, they sucked. As I've said before, cut your losses and move on. Sometimes the money you do NOT lose is "profit"......
I would do as little as possible to get it buyer ready. Do the cheap door, the yard, a walk around that addresses cosmetic issues, and pop a nice buyer's agent bonus into the mix. If June is the date, have it conditional for closing by the end of May....that's two months for them to find ONE buyer. You know, there are a LOT of agents who aren't making squat these days so maybe you can have an honest talk with yours and come to an understanding....both of you are committed to give a little to make the sale. If I were them, I'd damn sure take 1% less for a sale than full commission on nothing.
If you are getting lots of traffic, but no offers; it's either the price or lack of qualified buyers. There are lots of subprime "buyers" who are out wishing and hoping their broker can find SOMEBODY to package their loan. It's only going to get worse....that's a given.
The old saying about "A lesson bought is remembered long after a lesson taught" is true....but expensive.
I hope you find a good out, breakeven or better, and move on a little older and a lot wiser. :)
Thanks Stanely. My sentiments exactly. My agent claims the price is inline, and maybe even a tad lower, for comparables in that neighborhood, but it still isn't moving. I'm guessing now it's one or a combination of the neighborhood and submprime fallout. I have a "$2k to buyer" clause already, but may throw in a buyer's agent clause (and/or revise the original bonus, and/or reduce the price further) just to get it out of my hair.
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