FAQs - What to do When your Home Needs Repairs to Sell Quickly?
by Rick Cox
on Thursday, December 13th, 2018 at 11:55am.
The buyers of today are looking for turn-key ready homes, whether your home is 5 or 25 years old, buyers are expecting not only function (roof, HVAC, appliances, etc), but demand they include updated finishes and decor as well. We are an HGTV watching, model home visiting society who wants what is shiny and brand new. However, the majority of buyers are also busy people who don't have the time or the vision to see what "could be".
If your home is dated and doesn't show well, it can cost you thousands of dollars in sales price. If it hasn't been maintained with necessary improvements such as exterior paint/siding, roof, energy efficient windows, keeping the crawlspace dry and mold-free, etc...it will be even more difficult to sell without getting beat up on repairs that greatly eat away at your bottom line.
So, if you are a seller in a situation such as this...what do you do? It can be extremely overwhelming to find reputable contractors and to manage repairs or renovations. You may not have the funds available to pay for extensive work because your money is tied up in the equity of house. You are already overwhelmed with the process of clearing out, de-cluttering, and moving!
This is where a real estate team such as the Rick Cox Realty Group can help. We don't just sell houses...we transform them! We have a team of contractors we work with on a regular basis who have proven to be reasonably priced, who show up and complete the jobs on time, and who do a quality job. Whether you need a roofer, carpet installer, painter, plumber, or electrician...it's important to know who to trust. We manage the process for you, so that you don't have to. If you have equity in your home, we will even loan you the money interest free, to be paid back at closing. This is something rarely done in the real estate industry. The reason we do this is because our #1 goal is to get you the most money in the least amount of time.
Included are some photos from our latest "flip" home! When the homeowner contacted us, an inspection had just been done by a potential buyer who was going to buy from the seller directly, with no realtors involved. However, the buyer had walked away because the house needed more repairs than were expected. Because the seller could not afford to make such significant repairs, she was entertaining offers from investors who would buy the house "as is" for what she owed on the property. She didn't feel she had another option.
After receiving a call from the homeowner, we met, assessed the repairs that were needed, got estimates from contractors back within the week, and put together a pricing and marketing strategy for her. Within one month, we had the house painted inside and out, put on a new roof, renovated both bathrooms, replaced lighting and plumbing fixtures, put in new carpet, addressed moisture in the crawlspace, and fixed various other items noted in the inspection report. The house was then staged with furniture and accessories, professionally photographed, and listed. The homeowner was kept updated on what was going on, but had moved out of the home and had nothing she needed to do to manage the renovations or sale.
The result of these efforts were 20 showings in 2 days, multiple offers, and a sales price that was over list price. The seller pocketed a nice profit, even after paying back our group for the repairs we had fronted. Success stories like this is one of many reasons why people who are selling their homes use the Rick Cox Realty Group. We are a passionate, resourceful team of Realtors who care about our clients' bottom line, and will do whatever it takes to get the best result possible in each unique situation.