[momovsix]

My house is worth about $190,000.in good condition. It is not in good condition. It has major roof leaking problems and also indoor ceiling damage. We have plumbing problems. Our windows are in poor shape. We are getting a apprasial done . We need it to be $80,000.how bad does it have to be not two be at that estimate. Houses are selling good in our area. We also have other problems with it. We are not asking for a apprasial but an estimate as to how bad the damage can be for the house to not be worth the $80,000.

[dclynch]

Perhaps one of the contractors can take a shot at giving you a ballpark idea, but part of the value of your property is the land. Do you know how much an empty lot in your area would sell for?

[ballengerb1]

I am not really sure what question you are asking but the condition of the home does make me think it is only worth the price of the land. Your damages and repairs are fairly large. Unless you can do the work yourself it will be difficult to recoup your investment.

[RubyPitbull]

As Ballenger noted, I am not sure of the question, it is a little unclear.

If the figure for the worth of the house in good condition is accurate, then it actually is a simple mathematical equation. If you need to get $80,000 out of your house, all repairs and closing costs should not amount to more than $110,000.

Usually a realtor will come in and do an appraisal. They will take into consideration all the things you have listed that are in need of work or upgrading, AND if your house is in a desirable neighborhood. It could be falling down around your head but if it is a neighborhood that people are looking to move into, even with all the repairs that need to be done, you could find that your house is worth much, much more than the $80,000 you need to get out of it. You have a lot of leeway here. When you put your house up for sale, most states require that you sign an owner disclosure on the problems you are aware of. It allows the buyer to make an informed decision prior to purchasing and leaves you off the hook for a lawsuit if you are truthful. The buyer will be aware they have to fix this stuff if you are unwilling or unable to do so.

The best thing you can do for yourself at this moment is get a realtor's appraisal and take it from there. They will advise you as to what minimum repairs you need to do to make it more appealing to a prospective buyer. The appraiser may very well tell you that without fixing anything, they can put it on the market for $125,000 and expect it to sell for that price. You don't lose anything by having them give you an appraisal. You also don't lose anything by getting a few contractors in there to give you an estimate for repairs. Either scenario will not cost you any money but will give you a better idea of where you stand financially.

Hope this helped.