Can lack of Updates put a Seller Upside Down ?

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

    People sometimes believe that Sellers who do short sales have been careless with money....spent more than they earned...could really have tapped that "rainy day" savings and not been NMOp ƎpISԀ∩  !  We have discussed the reality of hardships...divorce, death, serious illness, under or employment...no one has the goal of selling their home as a short sale any more than the thought of divorce enters your mind as you walk down the aisle. depressed

   Sometimes moves can be unexpected....and necessary. A job transfer or divorce are just two examples...no one "plans for an unexpected hardship." 

    It may well be that the mortgage has been paid on time..that credit scores are high...and because updating was not a priority...the house does not compare well to others that are newer...have more updates and are now the comparables being sold in the market.      

     To some homeowners...updating is not a priority.  It is not a question of affordability...it is a matter of importance...or lack thereof.  Children in college, the care of a family member, Mom stayed home to raise children...changing the chandelier and removing the wallpaper were not even thoughts that entered the homeowner's mind.

  No update If you think that there is a price range that is immune ....a neighborhood where this "can't happen"....you would be wrong.  Homes that are in luxury neighborhoods, homes that are well beyond the first time starter category in location can also suffer from lack of updating. Just as a computer will not run as efficiently without updates...a home will not compete well in the marketplace for the very same reason.

       What is the answer to this problem ?  A homeowner can...if there are funds...do some updating of course.  A fresh coat of paint, new hardware, updated light and plumbing fixtures can make a world of difference.  Updates are often not as expensive as a homeowner imagines....and generally always less than a Buyer wants to believe.  

      If a Seller cannot afford any updating...the price will be dropped and the house in the wonderful neighborhood...with generous room sizes and as we say when we refer to good structure ..."Great bones"....will have to be sold for much less to a buyer accepting of the task of doing the updating.   This is the reality of the marketplace.  The houses that suffer from "Update Minus Syndrome" are in every neighborhood....it can be an estate, a corporate move, a divorce.....it was a matter of priorites and lifestyle for the Seller. 

    If you or anyone you know is looking for Realtors who can help with updating on a variety of budget levels, Call the Hansons in southeastern Wisconsin, we are honored to be of service.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
656,350
Peter Mohylsky, Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
TOP LISTING AGENT ALONG THE BEACH

Painting wont prevent showings but will prevent sales. 

Feb 27, 2016 09:01 PM #1
Rainmaker
4,432,583
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always give good advice. Your clients are lucky to be working with you.

Feb 27, 2016 09:21 PM #2
Ambassador
4,048,621
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- I couldn't agree more. This affliction can be seen in every price point. I can remember our first home- we moved in, unpacked and with both of us working hard it was all we could do to maintain the home. Our budget allowed for updates but we opted to put it elsewhere. And knowing that we priced it accordingly.

Feb 27, 2016 09:30 PM #3
Rainmaker
2,304,059
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Sally. These situations are never simple and they are all different and often depends on the financial condition of the owners.

Smart idea for anyone it this situation to look for you advice.

Feb 27, 2016 09:31 PM #4
Rainmaker
3,774,133
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally and David. You are so smart and this is so well written. Great job.

Feb 27, 2016 10:37 PM #5
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Sally.  Some times bad things happen to good people.  Stuff happens.

Feb 28, 2016 01:47 AM #6
Rainmaker
5,619,174
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home sellers will be in very good hands when they select you as their listing agent.

Feb 28, 2016 09:08 PM #7
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Rainmaker
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Sally K. & David L. Hanson

WI Real Estate Agents - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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