I’m trying to figure out a fair value for a house I’m helping sell, and having a hard time with it.
Zipcode is 90026 (Silver Lake area of Los Angeles)
Zillow Estimate is $1,296,300. Officially, it’s a 2/1/946sqft, though it’s a little bigger due to reasons I’m really not sure – basically “added” a downstairs that would have had to be there for any of this to exist anyway…it’s complicated, but it adds probably another 250sqft. Built 1950, 7600 sqft lot that is on a really rough hill. The view, though, is amazing – you can see Downtown LA and it’s one of the MAJOR selling points for the property.
Biggest problem – it’s not inhabitable. Basically had a light-to-medium hoarder situation. Plumbing is shot, electric has MAJOR MAJOR issues. Foundational cracking (it’s on a hill) with a lot of structural damage. Can probably mostly take it down to the studs and be fine, though a guy I had in felt you might be able to preserve some of the things like current ceilings since they’re original and gives the house a lot of flavor.
We’re entertaining a cash offer from someone. Bypassing appraisal all together because don’t think it actually would appraise. I’m trying to figure out what percentage of it’s perceived estimate is fair for a “walk away” offer. We’ll grab some stuff from the house and everything else is left for the buyer to deal with. They’re looking at it from an investment perspective.
I just don’t know enough about this to know what percentage is fair. Any info is greatly appreciated.