I'm kinda new to reddit. I hope I'm posting this in the right section.
My mother is the only one left living in our house. Dad isn't in the picture. I moved away years ago, my brother moved away years ago, and my aunt/her sister recently passed away a couple of months ago. My mom inherited the mortgage. She owes about $55k on the home. This house needs a lot of work:
-The air conditioner is flat out broken. It hasn't worked in 15 years and they never got it fixed. -The kitchen sink doesn't work. The pipes are corroded and they never got it fixed. -There are portions of the ceiling in the laundry room that have fallen down. TNGIF. -The shower handles and faucet are being held together by duct tape. TNGIF. -Assorted other small issues like heavy flea presence, worn and faded blue carpet, cracks in one wall, and so on.
My mother is a daycare teacher. She was the beneficiary to my aunt's retirement fund, so she's able to get by for now. She's pretty much set on moving out. But the lingering question is what to do with the house. Other houses in the neighborhood sell for $120-$140k.
1) pay for repairs for the numerous problems, get the house looking pretty, pay it off and then sell it. 2) pay off the home, sell it as-is, and eat whatever difference (side note, what do you think could she fetch for a house that needs so much done?) 3) another option?
Any advice is appreciated.
Submitted July 06, 2017 at 02:15AM by tvkyle http://ift.tt/2ssAciU
