Home Sellers often ask me if they can just give buyers a credit for minor repairs.
I suggest that they take care of minor repairs prior to listing the house.
Homes that show well, sell for more money and they sell quicker than homes that need work.
We can list your home as 'handymen special' if you wish but it may sell at a deep discount. eg if a home needs repairs worth $2000 a buyer may think it needs work worth much more. You may offer to give them a credit of $2000 but they may ask for more.
Many buyers are turned off by homes that have minor maintenance issues. They may wonder if there are some major things that are wrong with the house , if you did not even take care of minor repairs.
Some of the minor things I have noticed over the years are :
1. Door bell not working. ( Buyers ask if there is something wrong with the electricty.)
2.Difficulty in opening doors or locking doors as keys do not work well. .
3.Toilet running
4.Leaky faucets.
5.No battery in ,smoke detectors and we hear a beeping sound .
6.Cracked window panes.
7.Tub needs caulking.
When it comes to return on investment you can usually recoup the cost of minor repairs.
Another problem you may have is with the lender. Lenders allow a certain amount of credit at settlement and if it exceeds the amount the loan may be denied. This may happen if you are helping buyer with closing costs. Lenders have guidelines about the condition of the house . There is a list of items that appraisers check. The borrowers' mortgage company may require that some repairs be made before settlement .
When you are ready to list your home consult your real estate agent . The agent will make recommendations that will help you get the highest price in the shortest possible time under current market conditions. The agent will also take into consideration your financial situation. We do understand that many home owners are facing financial problems .
Comments(4)