But I don't want to make any repairs!!!!

And we shall see the light :)  Great post.

You are spot-on, Lee Ann, with your great advice to Sellers.  They just don't realize how much Buyers will discount the offer to get "paid" for the work to do the repairs.  I am fortunate in that my husband is a State Licensed General and Roofing Contractor with extensive remodeling experience -- so my Buyers and my Sellers know that we can get the work done and the deal closed within time-frames -- but my wise Sellers go ahead and do the repairs and updates first, and benefit from the higher offers, fewer days-on-market, and smoother closings.  (This is also applicable to the Owners whose property we manage.) :)

Keep on educating those Sellers (and being there to help those slower learners when they "get it") ;)

Barbara Murphy, Broker/Owner, GRI, ePRO ~ Tartan Properties

Ahh...going through this very issue at the moment.  It's comforting to understand and remember that yes, most sellers see it the same way, and most buyers see it the other way. It isnt' just my people.

In our market, the best case scenerio is having the seller do all the inspections and fixing as much as possible.  Otherwise, buyers have the mindset to inspect, inspect, inspect and go after the seller for price reduction and credits.

Excellent post - the roof is a BIG issue here in FL; many lenders want to see at least 3 years of life left, so that can be a deal breaker.

In my market buyers want the home to be perfect and they want it to be a deal.  With the amount of inventory that is on the market they don't have to settle for an over priced poorly maintained home.

just had this conversation with a client that seems to be the only persona enamored with the black fixtures in the bathroom!!

As several have already pointed out, it is difficult to lump "repairs" into a single category since some might cost $50 and others thousands of dollars.

I happen to think that the current value of the property compared with its previous sale price should play a much bigger role in these situations than it seems to. For example, if a home that was purchased for $200,000 five years ago is now on the market for $160,000, then the seller has every right to point out (for example):

"It needs a new $5,000 furnace, but if I have to purchase it, I'm raising the price to $167,000" since I would be selling a new product that I didn't have the benefit of. Since I/we are losing $40,000 on this home, you could purchase a new furnace of your choice, have it in place at move-in, and start with an even better deal."

There is that possibility that the lazy or frugal seller could have a buyer with a similar attitude. "Why pay $10,000 for repair the roof when it could last another two years? This will keep your expenses down, too."

I know that some agents don't like a hardball approach, and I appreciate that. But sometimes it's a matter of the seller or seller agent politely pointing out that "If you buy it at this price, you could get rid of the green bedroom for only a few hundred dollars more on your own". Some buyers want the deal, while others want specifics.

It's just like going to a large car dealer. Some people want a specific color, model, and features and are willing to pay extra and/or wait until they get them. Others will take "that horrible color but it will get me to work for $3,000 less than the fancy model". Be sure you know the buyer or seller you are working with.

I agree, many people are penny wise and pound foolish.  Great post.

People are foolish and always want to take the easy road in hopes of pulling one over on the buyer. Fix the damn problems that you neglected for years and suck it up. Listen to your realtor as he or she knows best!

great conversation starter, always wise to make the repairs, however some people just are not in the position to do so.

Many sellers simply feel they are not in a financial position to make certain improvements.Sometimes they are pleasantly surprised that a repair is not as costly as they anticipated. Realtor resource and vendor lists can go a long way to help make those repairs more reasonable.

Hi Lee Ann, excellent post.  They can't afford it, but they can't afford not to either.

P.S.  I grew up in Dunkirk, just down the lake from you

Good comments: At the listing, I have asked sellers to have a home inspection done, so they can get the reapirs done and there are no surprises!

Lee Ann - I love this line - it's now a financial transaction, no longer emotional:  But sellers, you must remember once you put your house on the market its not your home any more it’s a product you are selling.

Some repairs are so easy and can be done by the owner themselves that they don't have to be out that much money, a few cans of paint, a paint brush and a weekend can be all you have to give up to get your walls back to a neutral color

Your point is well taken, however, the sad reality in today's down market is that a lot of wanna be sellers don't have two niclkels to rub together for any type of improvements and are stuck with the bad hand that they hold. Unfortunately I've had clients who couldn't aford to buy a gallon of paint. 

Sellers need to realize that there are many cost effective repairs that increase the sales price and help the house sell faster.

Very true Lee ann.  You are spot on with your analysis, but the question is how to get sellers to see it our way.  I seem to get the best reaction when I tell them I renovate homes as well as an investor, and if it was me, there's no way I would list a home without doing X, Y, or Z.