Monday, November 28, 2011

Repairs Before Selling


The year is almost over, and sellers should be thinking ahead if they are planning a springtime sale.
One question many home sellers confront is what repairs, if any, to make before beginning to market and sell a home. My clients have their property inspected before placing it on the market in order to have time to make any needed repairs. If time for repairs is not factored in, home sellers may find themselves forced to lower the price to account for damage.
According to Inman News, failing to plan ahead this way may force a home seller to push back the marketing timetable while repair work is done, thus slowing the pace of the home selling process. While some may have the time, home sellers who need to move into their new home, or who are dealing with a new job, may find the complications difficult.
One expert recommended to Inman that home sellers who need repair work done consult multiple contractors to get competing bids, and look for those who guarantee work for buyers and are willing to complete any additional work discovered in the course of repairs at no additional charge.
According to the Federal Trade Commission (FTC), the best way to find a good contractor is to ask friends, family and co-workers who have had work done about the expense and quality of work they received. One way to check on a contractor's work is to ask not only for references, but to see jobs currently in progress.
Contacting current and past customers can provide a clear sense of whether previous clients are happy with the contractor's work.
Another way to ensure professionalism is to ask what permits the work being discussed might require, and to check that the contractor has any licenses required.

Saturday, November 19, 2011

Why I usually Avoid Short Sales


The negotiator from the bank came back to us with an inflated appraisal that was $50,000 higher than the listed price. Fortunately, my client is "hanging in there" while we submit new comparables, and collect estimates on the work required in our professional property inspection. The big question is what position the bank would be in if they allow this all-cash transaction to fail. If the property goes into foreclosure, the condo could easily sell for less than we are offering, and it would take many more months to achieve that result. Frustration for the seller, the buyer, the agents...and a loss to the bank. Meanwhile, we wait.