Selling a Falls River Home That Needed Work, With No Repair Budget

Carole Langheim

A seller in Falls River was going through life challenges that were overwhelming and emotional. Her brother was set up as Power of Attorney to assist if she became too overwhelmed. Her goal was to downsize and needed to sell a 5-bedroom, 3-bath, 3,100-square-foot home that needed paint, carpet, and repairs to wood rot and drywall. There was no money for the repairs so our strategy was to clean the home up as much as possible, price it slightly below similar listings, and be transparent in the listing that there was work to be done which was reflected in the lower price. It sold in 7 days at the full $650,000 asking price to a family using a VA loan.

What was this Falls River seller facing?

She came to me through a friend in the neighborhood. She was downsizing, and she needed to sell a home that needed work with no money put into repairs.

The house had 5 bedrooms, 3 bathrooms, and 3,100 square feet. It needed interior paint, new carpet, and some wood rot and drywall repairs. It also needed a lot of clearing out before anyone could see it properly.

If you'd like a deeper look at the area, read my Bedford & Falls River guide.

How do you get a home ready to sell with no repair budget?

You make it as clean and uncluttered as possible, because that costs effort, not money. I rolled up my sleeves and helped with the decluttering myself.

We held a garage sale, made several trips to the dump, and donated what was left. Then we cleaned the house so it looked as presentable as it could without any repairs.

How do you price a Falls River home that needs work?

Price it for its condition, and say so. We listed it slightly below similar homes on the market. In the listing description, I said the home needed a little love and was priced with that in mind.

Being upfront set expectations. Buyers who called already knew it was a home with projects, priced for them.

Price it for its condition, and say so.

What role did power of attorney play?

It was a precaution, and it turned out we didn't need it. Her brother held power of attorney in case he needed to step in. Part of my job was having that conversation with him so the backup was in place.

In the end, she signed every document herself and talked decisions through with her brother. The power of attorney was never used.

How fast did it sell, and for how much?

It sold in 7 days at the full asking price of $650,000. A family who was happy to take on the projects made the only offer.

The market was starting to cool after the pandemic rush, so a solid offer in hand mattered. The deal included $19,000 in seller concessions at closing. That was high, but she needed to sell, and she accepted it. As I understood it, the buyers planned to use it for new flooring.

What happens when the buyer uses a VA loan?

Expect the VA appraisal to require some repairs before the loan can close. Here, the VA appraiser flagged wood rot, and it had to be fixed to clear the financing conditions.

We got quotes, and the repair came to $1,300. The seller paid that upfront, and it was finished in time to close. In my experience, siding condition comes up on every VA loan.

What would I tell a seller in the same spot today?

Price for your home's condition. That's essential in today's market. Prices have risen a lot, and with higher interest rates, buyers are very selective. If they're paying a premium, they expect value and good condition.

If your buyer is using a VA loan, be prepared to spend some money if you want the deal to go through.

Frequently asked questions

Can I sell my North Raleigh home without making repairs?

Yes, if you price it for its condition and are upfront about it. This Falls River home needed paint, carpet, and wood rot and drywall repairs. Priced slightly below similar listings, it sold in 7 days at full asking price. Some repairs may still come up later, depending on the buyer's loan.

Does a VA appraisal require repairs?

It can. On this sale, the VA appraiser flagged wood rot, and it had to be fixed before the loan could close. The repair cost $1,300. In my experience, siding condition comes up on every VA loan.

What does it cost to get a home ready to sell with no budget?

Mostly time and effort. We decluttered with a garage sale, several dump runs, and donations, then cleaned. Those steps cost little and made the home look as presentable as possible.

Can a family member with power of attorney handle a home sale?

A properly set up power of attorney can let someone sign for you. In this sale, it was only a precaution, and the seller signed everything herself. If a family member may need to sign, talk with your closing attorney early so the document is reviewed in time.

Should I accept seller concessions to get a deal done?

It depends on your goals and your market. This seller accepted $19,000 in concessions on a full-price sale because she needed to sell in a cooling market, and it was her only offer. Compare what you'd net with the cost of waiting for another buyer.

Carole Langheim

(773) 294-5274 (773) 294-5274

I'm Carole Langheim. Call or message me at (773) 294-5274 (773) 294-5274 and I'll give you an honest read on what your home actually needs before it goes on the market, then we'll build the plan around your budget.