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.
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.
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.