In reference to recent Featured Posts Endre Barath, Jr. Knock, knock who and a follow-up blog post by Beth Atalay Real Estate the Amazon Was here is one more important thought to think about when selling a home:
by Patricia Feager 1/24/24
Two great posts by Endre Barath from Los Angeles and Beth Atalay from Florida were recently featured on ActiveRain and there is something to be learned from each of them. The premise for my post is to point out that trading your home (which I discovered is possible in parts of Texas) is not the same as how a licensed agent traditionally sells homes or trading your car. I can't think of a single consumer would be comfortable in losing a lot more than what your possession is actually worth or potentially more. Anyone who has had a car accident and worked with an Insurance Adjuster knows, the value what you think your car is worth and what the Insurance Company says it is worth is probably not going to make you happy.
As a refresher: "Kelley Blue Book," discloses: "The offer may not reflect the highest trade-in value or sales price available for your vehicle, and may be less than the current Kelley Blue Book Value," and also "Conditions Apply."
When it comes to the most expensive investment in your lifetime, is it worth the risk to jump to conclusions that what some new concept, like trading in your house, which was implemented by a company you may never have heard of before and may not even be a referral from someone you know, like, and trust is a good idea? There are some things to seriously consider when making the decision to sell your home. Please weight the facts about selling the "Traditional Way" and a "Trade-In" way.
Points to really, really, really think about when you see advertising their way versus the "Traditional Way" include:
- Bidding wars are not traditional. It depends on the market. 2015, 2016, 2017 were hot years to sell in Texas and many buyers were faced with bidding wars. In 2018 the percentage of bidding wars was much less and nobody can predict what the market will be (either a buyer's market or seller's market) in 2019.
- In the "Traditional Way" any repairs asked for by the buyers are negotiable between the parties to the contract. Sellers can accept, decline, or counter. Also, sellers get to say what they will repair and choose the contractor to make repairs. All contractor prices vary.
When a Non-Traditional company buys the seller's house and the seller is expected to pay for "unknown repair concessions" are you gullible or that trustworthy?
When a Non-Traditional company claims to "manage and pay for improvements to increase your new home's value then roll repairs into the new mortgage," you have a right to be skeptical and nervous about paying for repairs you know nothing about or have any control over.
If a Non-Traditional company "will pay the bills on one house and settle with you when your old house is sold," are you okay with that?
- Sellers - if a Non-Traditional company "will manage and pay for repairs on your current house and settle with you at closing," what will you do if you don't have enough to pay for repairs and what if there is a dispute?
Talking to a local real estate agent and knowing who is the Broker has many advantages. One final thought to ponder, have you or anyone you know of ever been satisfied with a used car salesman or what the Blue Book value is in cash?
A WISE CONSUMER IS A CLASSIC --- Patricia Feager