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Dan: We're here again with Bryan Schroeder of Faster House Real Estate in St. Louis.
One of the specialties of Faster House has and Bryan Schroeder has is that they help
people who've inherited home figure out what the best thing is to do with the house as
far as selling it, fixing it up, and maybe even renting it out could be option.
Bryan, I wanted to get your feedback on this and your expertise, you've been in the industry
for decades now. In your opinion, when it might make more sense to fix a house up before
trying to sell it rather than selling it as is?
Bryan: Generally, I think it's going to be if the repairs are not that much. If it's
just some cosmetic things like fresh coat of paint down your interior or new carpet,
just some minor cosmetic things, then I think it probably makes more sense to just spruce
it up and list it with a traditional real estate agent
Especially if the person that's doing it has the time, for one thing, and also is in town.
A lot of the folks that... with the way the world is these days, quite often you've inherited
a house and you're in another state or something and then that's definitely a challenge.
If you're local, you have the money, because sometimes it's hard to get the money out of
estate, and the repairs are cosmetic, then I think it might make sense to just spruce
it up and list it with a good, traditional real estate agent in those area.
Dan: It sounds like time is a huge factor. Meaning that do you have the time to mess
with it and also maybe do you have the time to wait for it to even sell in that situation.
Correct? Bryan: That is true. Absolutely. Quite often
it's interesting when somebody inherits a house quite often they have three or four
brothers and sisters and my experience is that the one that's handling the affairs of
the estate is the responsible one and maybe there's one or two others that are in the
family that are saying, "[Inaudible 00:02:26] sowing his money in our pockets." That's quite
often the case so time does come into a factor in that instance sometimes.
Dan: So that would be a good reason to try and sell the house as is. What are other situations
where you see people anywhere ... you're thinking, 'Yeah. It makes much more sense for you to
sell this house as is rather than spend much time on it?'
Bryan: That's usually the case where it hasn't been updated for years. Especially if you're
getting into it and you need to update electrical, or plumbing, or replacing your kitchen or
updating bathrooms, really digging into the house a little bit, then definitely, from
my experience, it makes a lot more sense for you to sell it as is. Most people especially
in their busy lives don't have the time to manage a major rehab project unless they're
really in the trade and they really know what they're doing, which most people these days
don't. They usually underestimate the time required and the amount of money required
to get a house fixed up and in shape to list it if it hasn't been updated for years.
Dan: I think in one of our earlier interviews you said listing and selling a house and fixing
up a house can be a full time job. Bryan: Yeah. Pretty much, it sure can. A lot
of people had said they hadn't done it before they underestimate the time required. Another
thing, these days so many cities and counties, they're updating houses to current codes and
if you're not up on what those are you can be making mistakes and you really need to
get the city or county or whoever is the authority in that area into the house to see what kinds
of things that they're going to require before you get going on the project.
Dan: If someone decides they can't, they don't have the time, the resources, wherewithal
to fix up a house and try to sell it themselves. What does Faster House do to help people in
those situations? Is it just give cash for the house or is there a lot more services
you provide? Bryan: We give people options. One of the
things that we do is we offer them a price for the house just as is, what we can do just
help get the house out of their hands as is. We make it quick and easy and convenient for
them. We can pay cash, post fast. If they sell the house to us they don't have to worry
about real estate fees, commissions, closing cost, stuff like that. So, we're really the
easy button for them. We can also help them if there's items in
the house that need to be removed. Quite often they bought the house with everything in it.
Just tell them, "Get the things out of the house that you and your family members want
and we'll give you a price, kind of like a package price for cleaning up the house, selling
anything that might be of value but they don't want and leave it that way."
Dan: Awesome. Thanks for your time. I really appreciate it. That's very helpful information
for anyone in the situation that's inherited a house and trying to figure out what to do
with it. That's all the time we have for today. We will have more interviews getting Bryan's
feedback and expertise on what to do if you have a house and need to sell potentially
quickly, especially if you inherited one. In the meantime, if you want to get hold of
Bryan especially if you're in the St. Louis area you can visit the website fasterhouse.com.
Thank you for watching the video. Bryan, thank you very much for your time.
Bryan: Thanks for having me.