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Replies (2)
- Dan, "the_country_hick"
- Contributions:4699
Connie, a relative inherited a house. No misrepresentation there. They saw a concrete block foundation wall was failing. An estimate (which they got) would have reasonably been the cost to repair the foundation. Here is the problem. Once the foundation was taken away the sills were found to be rotten (more money). Fixing the sills the outside wall was found to need several feet replaced also (even more money). There were also other issues on that property that were unanticipated and expensive.
An honest estimate can miss a lot of problems that will not be found until the house is torn into. Then a major problem can suddenly be found that no one knew about.
My point here is that if a seller decides to do repairs it could cost a whole lot more than anticipated and ruin their budget.
If the seller does not choose to do repairs a buyer who knows much about houses will take a huge discount beyond the expected repair costs for excessive problems that could easily happen and ruin a budget quickly.
Either choice is wrong and yet both are right. It depends on risk tolerance, curb appeal, and if the problem is cheap and small or much bigger. It can also affect financing ability which can destroy a possible sale for some repairs that could have been done pre-sale.
Thinking about the buyers financing and what needed repairs could do do to eliminate financing possibilities would probably be #1 on the list for making the decision you ask about.
An honest estimate can miss a lot of problems that will not be found until the house is torn into. Then a major problem can suddenly be found that no one knew about.
My point here is that if a seller decides to do repairs it could cost a whole lot more than anticipated and ruin their budget.
If the seller does not choose to do repairs a buyer who knows much about houses will take a huge discount beyond the expected repair costs for excessive problems that could easily happen and ruin a budget quickly.
Either choice is wrong and yet both are right. It depends on risk tolerance, curb appeal, and if the problem is cheap and small or much bigger. It can also affect financing ability which can destroy a possible sale for some repairs that could have been done pre-sale.
Thinking about the buyers financing and what needed repairs could do do to eliminate financing possibilities would probably be #1 on the list for making the decision you ask about.
- ConnieK_Oklahoma
- Contributions:2899
Thanks Dan...great answer
When to reccommend as-is or as repaired for listings....
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- 4.9/5.0
- (5 reviews)
Contributions:2899Share the factors that you consider most important in deciding whether or not to do repairs. ASSUME for the sake of this that the cost of repairs and higher "repaired" sale price will be a break even. (so don't factor in the profit or loss of the repairs). What OTHER factors are at the top of this list?
What about when it's a bank owned house- if the bank asks your reccommendation?
What about if it's a manufactured home (bank owned or resale?)
expand...comment....share. (this is not a location specific question...so if you're in florida...still answer.).
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