Dear Monty: I just bought a home out of state and moved in October 2025 after saving almost $200,000. The house is in my dream location at the top of my budget as I’m retired on fixed income. I had an inspection done and was aware of the condition. My agent was useless negotiating repairs. He said all homes in NJ are “as is.” I’ve owned three other homes in PA where my late husband handled repairs. I’m clueless about costs now. Contractors are very busy in this beach area. The home needs a lot of work. The house was $360,000 with $126,000 down. I’m spending $21,000 for a new roof, leaving me $44,000. My daughter paid for a half bath addition, but the contractor said to skip the permit. There’s subfloor damage, old kitchen and bathroom, it needs windows and siding, and there may be a structural issue. My pipes are frozen from a main line break. I’m losing sleep, thinking about selling to a cash buyer and going back to renting. I’d be happy just getting my down payment back.
Monty’s Answer: Take a deep breath. Panic-selling to a cash-offer company is the one move most likely to guarantee you lose your savings. Let’s be methodical.
Your agent’s claim that “all homes in NJ are as-is” was misleading. New Jersey contracts often include as-is language, but sellers must still disclose known latent defects, and agents must negotiate on your behalf. Since you acknowledged the condition through inspection, revisiting that transaction has limited upside, but review your disclosure documents with an attorney or mediator.
Address the unpermitted half bath now. New Jersey allows fines up to $2,000 per offense for unpermitted work (N.J.A.C. 5:23), and most municipalities require a Certificate of Occupancy inspection at resale. Apply for a retroactive permit through your local construction office while it’s manageable.
Here are your options:
Option 1: Stabilize and stay. Prioritize by safety: get the structural issue evaluated immediately, that answer determines everything. Contact your local Community Action Agency about home repair assistance for retired homeowners on fixed income. Tackle cosmetics later. This preserves your equity and dream location.
Option 2: Home equity line of credit – with strong caution. A HELOC could fund phased repairs, but your home becomes collateral, if you can’t repay, the lender can foreclose. The FTC warns consumers to consult an attorney or financial advisor before signing and notes you have three business days to cancel after closing (consumer.ftc.gov). On a fixed income under stress, be wary of predatory HELOC lenders who target homeowners in your situation. Work only with established lenders and have an attorney review terms.
Option 3: Sell through traditional channels. Do not use a “we buy houses” company, they typically offer 50-70% of market value. Selling as-is on the open market with your new roof and beach-area demand, you’ll recover significantly more, even after commissions and settlement costs of 7-9%.
Option 4: Flat-fee MLS listing. Minimize commissions while reaching the full buyer market. In a desirable beach location, demand works in your favor.
Before deciding, consult a New Jersey real estate attorney, and consider mediation for disputes like the weatherization damage or your agent’s performance.
