Name: Edna Penn
The home: A duplex (two-bedroom, one-bath units on each side) built in 1920.
Where: Atlanta
Why she sold: Penn, a senior adult, inherited the property after her uncle died. "It was in the will for me to sell it," said Penn, who lives about 20 minutes from the property.
Time on market: 7 days
Original price: $28,900
Sale price: $20,700
What it took: Penn found her real estate agent, Nicole Borden with Coldwell Banker Residential Brokerage, after seeing Borden's name and phone number on a nearby "for sale" sign. The home, which was vacant, had been difficult to keep up and had been broken into several times. "Somebody broke in and took all the pipes out," Penn said. "There wasn't nothing I could do about it. When I went back, they were all gone." Even on the day of closing, the buyer discovered the door had been kicked down, but the buyer did not back out of the sale.
Some agents told Borden the home should just be given away, since it needed a total renovation. No changes had been made since the home was built in 1920, Borden said. She added photos to the listing and emphasized its location across the street from a new Wal-Mart and near Atlanta University Center, which includes Morehouse College, Morehouse School of Medicine, Spelman College and Clark Atlanta University. Within the last 12 months, the average home in similar condition in the area was selling for $5,000 or less. Borden said she appealed to investors by creating a list of repairs and renovations needed (electrical and plumbing were at the top of the list). She was prepared for investors to try to subtract the cost of the renovations in their offer, but she wanted to sell for a price close to what she and Penn were asking. They negotiated with a buyer who was willing to pay cash and planned to renovate and rent the property. They had to be willing to move quickly, since the buyer wanted to close in two weeks.
Potential stumbling block: Closings were delayed multiple times because of the legal paperwork required for an estate sale, Borden said. Penn needed to turn the last batch of paperwork in to the closing attorney in downtown Atlanta, but she does not drive. Her agent, who is based in Duluth, a north Atlanta suburb, arranged for a cab to pick her up and take her home. The paperwork was completed and she closed on the home in April 2013.
Seller's hint: Make an effort to keep the house clean. "Keep it up as much as you can," Penn said. She cleared out most of the furniture and cleaned the home, trying to make it as presentable as possible, as Borden recommended. Penn and her neighbors packed up and even threw away items, such as old clothes.
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