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Parents Inherited A House That Might Be A Tear Down (orange County) What Can They Get?

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Treven Irey

Freshman Member
Joined
May 4, 2006
So my mom inherited her parents house in Santa Ana, CA (Orange County). The house was built in 1949 and is in horrible shape. It's a 3/1 with a detached 1 car garage. It's not in the best neighborhood (gang territory). It has major plumbing and electrical issues and is in bad shape & my parents (elderly) are doing their best to rwmove all the rubbish. Zillow has it at $469,000 but what is it really worth, just the land value? Or what you could fetch minus rwpair costs? One agent wants my dad to repair it so they can make more money (of course a greedy RE wants more money) but my parents need to sell ASAP and don't have the funds for the repairs in the first place. So what is everyone's opinion? I was an appraiser trainee 10 years ago in AZ and no longer follow the business. My opinion is that it's qorth 225, the agent thinks he can fetch 300 and my parents would be happy with 200. Any help would be appreciated. The address for the property is 1417 S. Flower St, Santa Ana , CA

Thanks for any help guys. (I grew up in Mission Viejo btw)
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Question: Parents inherited a house that might be a tear down what can the get?

Answer: splinters
 

sandpiperapp

Senior Member
Joined
Apr 5, 2011
Professional Status
Certified Residential Appraiser
State
New York
Don't be penny wise and pound foolish. Hire a local competent appraiser and pay for their unbiased opinion of value. It could save you thousands in the long run. Pricing the home to low or to high can cost you big time.
 
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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Appraise it, but auction is the quickest way to get rid of a house. So unless the RE agent can get it sold within 20% of the appraisal within 60 days, auction. Worked for me. Realtor said $110,000. I said $90,000. Brought $89,000 auction. Closed in a month. No utilities, no insurance, lawn mowing, etc. Adjacent housed listed for 115,000. Sold 12 mo. later $105k...not worth the wait imho. This is stressful to old folk. Get it done fast
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
If OC is hot like LA, I suspect it is, you don't need an auction to sell in a reasonable short time frame. Find a good appraiser and spend maybe$400 or so, depending mostly if there are comps, or if it is an oddball property.
If poor condition might need a cash buyer.
 
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