by Osman ParvezI was out with a couple of Boulder buyers the other day and I took them to see a house that had been on the market for a long time. No, I mean a VERY long time. Like 900+ days (and counting).
Like most, these clients prefer properties that are turn-key. Since we weren't finding much in inventory (see How Low Can You Go), we were expanding our search into properties that needed remodeling.
This particular house was set on a very large lot in an attractive part of town. Unfortunately, the view looks the wrong way (over S. Boulder), but it was still a nice overlook. The layout was reasonable but decades of deferred maintenance had taken their toll. Still, the problems looked mostly cosmetic. The costs were adding up in our heads, but it was still a remote possibility for these buyers.
Until we went into the basement.
Want to know why this house was still on market after nearly 3 years? Take a look at the pic below.
It's one thing to buy a house that needs remodeling. It's a completely different story to buy something that needs significant structural repairs. Would the repairs cost $5,000 or $50,000? Surprise, surprise there was no Sellers Property Disclosure or other documentation available to review. It was simply too much risk and my buyers walked, which was the right move.
Take Home Lesson
Here's the take home lesson. Buyers want to minimize risk and make a smart decision. Sellers want to maximize the selling price and get out of the house as quickly as possible. In between are some simple steps that can help sell a house with a structural issue like this one.
The seller's agent should advise his client to get estimates to repair these structural issues. If they can afford it, they should go ahead and have the repairs made. If these cracks are no big deal (yeah, right), they should duct tape the structural engineer's report to this wall.
p.s. what's with the weird plastic OVER the curtains? Not shown - decrepit appliances and disgusting carpeting. Pay to have that stuff ripped out and hauled away. Nobody is going to spend the asking price and live in it as it stands. It will show better with bare floors.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
Hiç yorum yok:
Yorum Gönder