In this episode of Seb Frey TV I talk about a closing I had yesterday. The home was an inherited property and the seller did not really know much about it. We were getting it ready to sell during the rainy season, and we did notice that the roof was leaking. We got a bid to replace the roof – $20K. The seller didn’t have $20K. Then we got a termite inspection, which also came back at $20K. It seems the subfloor underneath the kitchen and both bathrooms was rotted out. To repair it, we would have needed to tear out the kitchen cabinets, hallway bathroom cast-iron tub, and the master bathroom tile shower. A major expense! What to do? Answer: shore up the subfloor as best as possible and DISCLOSE EVERYTHING. And guess what happened? We got multiple offers. We sold $30,000 over asking price. The buyer did not ask for any repairs, credits for repairs, or concessions on the price. That’s because they weren’t surprised by anything going in to the deal; they knew what they were getting, they were fine with it, and closed the sale right on time. No muss, no fuss, no drama. If you’ve got a home to sell, but don’t have the money to fix every last defect, don’t worry! Just make sure the conditions are disclosed up front and the home is priced in accordance with its condition and you can still have an excellent result when you go to sell your home.
Selling a Home As-Is, Over Asking Price, with Multiple Offers
Silicon Valley Real Estate Crash! Spring 2019
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