LOCATION AND CONDITION ARE NOT WHAT SELLS A HOUSE!

LOCATION AND CONDITION ARE NOT WHAT SELLS A HOUSE!

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I recently read a real estate article that claimed price was the only thing that matters in selling a home. The author later said,” You’ve heard the old saying – “Location, location, location: Then she said…”The real truth is “Location, condition, and price.”

Well, she got one of them right. There are 3 things that sell a home. Location is NOT one of them. Neither is the condition. Now, before you start yelling at your computer that I am an idiot… Please bear with me and I will show you I am right. And once you realize I am right, it will help you help your sellers get the maximum money for their home, in the least amount of time. And finally, I will show you how to get a needed price reduction.
So, let me repeat myself. There are THREE things that sell a house. Just three. Each of them equally important.
Yes, price is one of them. However, from here I will rebuff a few other things I have heard are selling factors.
Location: Location only helps or hinders the price you will get for the home. It’s not like you can tell your sellers, “Well, if we move the house to the Country Club, you can get a lot more!” The property is where it is. You cant move it. So the location affects the price, and that is all. Here is the proof location is irrelevent. If your new listing is right next to the freeway. And right next to the fire department. And a half mile from the refinery. I think we can all agree that it’s not a great location. We can also agree it won’t fetch as much money as the same house in a “great area”. However, it WILL sell. Lets use the ridiculous figure of ONE DOLLAR. Do you think you could get someone to buy that house, in that location for a buck? I’d say yes. In fact, you’d probably get multiple offers. How about $100? Or $1000? Keep going up. Eventually you will hit an asking price that the buyer pool is only a few people. THAT is the value. Your job as an agent is to know your market well enough to deduce the housing need in your area and figure out what the price will be. In THAT location.
The next misnomer is the condition. Actually, all the same rules for location apply to condition. Let’s say your new listing is right next to the freeway, right next to the fire department, a half mile from the refinery, needs a new roof, new kitchen, new baths and has $5000 in termite damage. Do you think you could sell it for a dollar? Of course you could! How about a $1000?
You get the idea. Again, it’s your job to figure out how much it will sell for.
So, can we throw out location and condition as one of the factors that sells a house? Can we just agree that location and condition get you more money or less money, but they are NOT what sells the house. Once you get a firm grasp on that concept, it will become easier for you to make your sellers understand that they can’t get as much for their home as they can in the Country Club. They can expect to get more money if they fix and paint and clean. But if they don’t, you’ll sell it in whatever condition it is in.
Ok. If it’s not location and condition, What DOES sell the house? What are the three things?
They are Price, Terms and Exposure. And it’s ONLY Price, Terms and Exposure.
Let me show you how and why that is the truth.
Terms are very important. Many agents never explore the possibility of terms offered by the seller. They can range from the seller carrying the 1st trust deed. Or carrying a small second. What about the Seller carrying a 10% second? 80-10-10s are still available. This can help a Buyer avoid PMI and drop their payment a few hundred dollars per month. In dropping that weight, they can afford to pay the Seller a few more dollars for the house, and the Seller gets a monthly income for a while. Plus, the Seller might avoid some capital gains tax by disbursing it over a few years. Something to think about. Meanwhile, there are LOTS of other terms that don’t include carrying a note. In a hot market you can ask for a rent back. Or a FREE rent back for several months. I even had a Seller make the buyers keep their dog! They couldn’t take the dog to the new house, and they wanted the dog to feel safe. The buyers agreed, and the sale went through. The Sellers could have gotten more money and dumped the dog. But they got a price they could live with, and the terms they wanted. So, it’s not always price. It’s price and terms.
 
Exposure. Lets say you have the hottest listing in town. Everyone wants this home! It’s priced super cheap. Motivated Seller! All the good stuff. But here is a question…. How quickly will it sell if no one knows its for sale? Yes, that sounds stupid. Of course you will tell people. But when you are trying to sell a tough listing, or any listing really, you need to expose the property to a large buyer pool, so the property can get as much interest as possible. So we advertise promote and expose the property to the market.
The final segment is how you can make this all work for you. (And ultimately for your Sellers) No one likes to take a listing that sits and sits and doesn’t sell. After an appropriate amount of time, you sit down with the Seller and go over the 3 things… Again, you MUST believe in the 3 things or this will not work. First, explain to the Seller the 3 things. Price, Terms and Exposure and the role they play. Once you have explained all 3 things, go back and discuss terms. Verify they cannot offer any special terms. Next, show them ALL the things you’ve done to expose the property. For Sale Sign. Open Houses. MLS. Broker Tour. Internet ads. Craigs List… What ever you have done. And get them to agree that the world knows your house is for sale. Once you have covered those 2 points, remind them there are ONLY 3 things that sell a house. They can’t do any special terms? No. And the world knows your house is for sale. Yes.
So the only thing left is… AND YOU LET THEM SAY…. Price.
At this point in the conversation one of two things will happen. 1) They will begin to tell you some great feature of their home. Or how the neighbors told them they could get more money. Or this area has the best schools. Or SOMETHING. This only means they did not absorb what you said about the 3 things, or they don’t believe you did enough to expose it.. Start over. They MUST believe there are only 3 things. If you don’t get a price reduction, the Seller convinced YOU that you were wrong.
2) The other thing that will happen after your explanation is the Seller will see your logic. They will see that you have done all you can to sell the house at the asking price, and will make the smart move and lower the price!

 

 

John Marcotte
Marcotte Real Estate Group
720-771-9401

john@boulderhomes4u.com

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Pending home sales hit 10-month low, services sector rebounds

Pending home sales hit 10-month low, services sector rebounds

Workers assemble Motorola phones at the Flextronics plant that will be building the new Motorola smart phone ''MotoX'' in Fort Worth, Texas September 10, 2013. REUTERS/Mike Stone

(Reuters) – Contracts to buy previously owned U.S. homes hit a 10-month low in October, but a strong rebound in services sector activity early this month suggested some resilience in the economy as the year winds down.

The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, slipped 0.6 percent to 102.1, the lowest level since December.

It was the fifth straight month of declines in contracts and suggested home resales could remain on the back foot for the rest of this year. These contracts become sales after a month or two. Home resales fell in October for a second straight month.

“The data suggest sluggish home sales going into the end of the year and that the tightening of financial conditions this summer did have a negative impact,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York.

Economists, who had expected pending home sales to rise 1.3 percent in October, said the weak home sales trajectory could see the Federal Reserve sticking to its $85 billion monthly bond buying program at least until early next year.

The U.S. central bank has targeted housing as a channel to boost growth and speed up job creation.

The Realtors group said October’s 16-day partial shutdown of the federal government had sidelined potential buyers.

According to the NAR, a survey of realtors found 17 percent of respondents reported delays in signing contracts because they had to wait for the Internal Revenue Service to verify income before the mortgage could be approved.

The Realtors group expected a bounce back in contracts, but it cautioned that lack of inventory remained a constraint.

(Reporting by Lucia Mutikani Additional reporting by Ryan Vlastelica in New York; Editing by Andrea Ricci)

 

 

John Marcotte

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It’s Time to Rebuild Jamestown

 

It’s Time to Rebuild Jamestown

rebuild jamestown

It used to be nestled at the top of a decent bike climb. You could race your friends and swap stories all the way up about how out of shape you were or blame last night’s dinner for your molasses-like speed. You could peel left and head to Ward if you were a glutton for punishment or stay straight (or as straight as the canyon would allow) and find yourself in the idyllic mountain town of Jamestown.

On July 4th, you could join waves of other cyclists and be met at the top with the Jamestown volunteer fire department’s annual pancake breakfast (with bacon for an extra buck or two — ummm, yes?). You could also get suckered in by friends to ride the Super Jamestown route, taking you up and over Jamestown to the Peak to Peak Highway and back into Lyons.

Personally, I only let that suckering happen once. Six hours later. I never said I was fast.

But the floods. Criminy, the floods have wiped out Jamestown. A town is gone, a destination wiped from the map. The former owner of the Jamestown Mercantile even died when his house collapsed.

It’s time, however, to help rebuild Jamestown. So, if you love Jamestown like I do, head on over to Rebuild Jamestown. You’ll be able to read about what they lost and what’s left, along with how you can make a donation to help bring the town back on the map. You can also stop by their new Facebook page for updates.

And sure — they’re getting financial assistance from FEMA andBoulder County, but as their neighbors, it’s the least we can do to chip in and help. The whole town operated on a budget of $56,000 per year and most of us can’t imagine LIVING on a budget like that.

You can make an online donation directly here (be sure to designate REBUILD JAMESTOWN in the drop down menu). The Boulder floods won’t keep us down. Let’s do our part to help our neighbors up the hill we all loved to climb build back up once again.

 

By Erika Napoletano www.YourBoulder.com
 

 

 

John Marcotte

720-771-9401

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A Must-See Concert for CU Students: Krewella on August 24

 

A Must-See Concert for CU Students: Krewella on August 24

boulder CU welcomefest 2013

Are you a CU Boulder Student? If so, you’ve got quite the slate of events lined up for you by the University of Colorado Program Council this year. First and foremost? The 2013 Welcomefest concert on August 24 at Farrand Field.

This year, CU students can attend the Welcomefest concert for free. Krewella will be headlining the entertainment for the evening this year. The other detail that you need to know? The concert is ONLY for currently enrolled CU students. You’ll have to present a valid BuffOne card at the gate.

Now, what can you expect to find at this year’s Welcomefest to kick of the fall term? Here’s the scoop from the event’s Facebook page:

Krewella is an American EDM group comprised of two singers and a DJ, based out of Chicago, Illinois. Krewella are known for their high energy songs that will get any naysayers dancing. Fresh to the scene Krewella came out with their first EP in 2011, Play Hard. A few of Krewella’s most notable hits include “Alive”, “Killin it” and “Live for the Night”. Krewella’s single “Alive” topped the Billboard Dance Radio Airplay at #1 and The Billboard’s Hot 100 at #32. Headlining a variety of festivals including Ultra, Electric Daisy Carnival and Stereosonic.

Now, just a reminder that RSVPing to the Facebook page isn’t a guaranteed event entry. Be sure to visit the Facebook event page for tickets and exactly how to use your BuffOne card to get through the concert gates. But between now and then, gear yourself up for Welcomefest and kicking off another year as a student in Boulder — possibly one of the best towns ever to be a student in!

By  YourBoulder.com

 

 

John Marcotte

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5 Essential Questions to Ask Before Hiring a Contractor

5 Essential Questions to Ask Before Hiring a Contractor

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5 Questions to Ask Before Hiring a Contractor Thinking of finishing your basement or remodeling your home?……. For all of the excitement of choosing plumbing fixtures, cabinets, and tiles for a remodeling project, the most important decision you make won’t involve color swatches or glossy brochures. It’s the contractor you pick that makes or breaks the job. That choice will determine the quality of the craftsmanship, the timeliness of the work, and the amount of emotional and financial stress the process puts on you. To make sure you’re getting the best contractor for the job, here are five questions to ask the candidates. You may also ask your contractors of what does CHAS stand for?

1. Would you please itemize your bid?

Many contractors prefer to give you a single, bottom-line price for your project, but this puts you in the dark about what they’re charging for each aspect of the job. For example, let’s say the original plan calls for beadboard wainscot in your bathroom, but you decide not to install it after all. How much should you be credited for eliminating that work? With a single bottom-line price, you have no way to know.

On the other hand, if you get an itemized bid, it’ll show the costs for all of the various elements of the job—demolition, framing, plumbing, electrical, tile, fixtures, and so forth. That makes it easier to compare different contractors’ prices and see where the discrepancies are. If you need to cut the project costs, you can easily assess your options. Plus, an itemized bid becomes valuable documentation about the exact scope of the project, which may eliminate disputes later.

I was reading this Carlson Plumbing Company website, which provides reasonably priced plumbing services. They give efficient, same-day assistance that can solve your plumbing issue immediately.

The contractor shouldn’t give you a hard time about itemizing his bid. He has to figure out his total price line by line anyway, so you’re not asking him to do more work, only to share the details. If he resists, it means he wants to withhold important information about his bid—a red flag for sure.

2. Is your bid an estimate or a fixed price?

Homeowners generally assume that the bid they’re seeing is a fixed price, but some contractors treat their proposals as estimates, meaning bills could wind up being higher in the end. If he calls it an estimate, request a fixed price bid instead. If he says he can’t offer a fixed price because there are too many unknowns about the job, then eliminate the unknowns.

For example, have him open up a wall to check the structure he’s unsure about or go back to your architect and solidify the design plans. If you simply cannot resolve the unknowns he’s concerned about, have the project specs describe what he expects to do—and if he needs to do additional work later, you can do a change order (a written mini-bid for new work).

3. How long have you been doing business in this town?

A contractor who’s been plying his trade locally for 5 or 10 years has an established network of subcontractors and suppliers in the area and a local reputation to uphold. That makes him a safer bet than a contractor who’s either new to the business or new to the area—or who’s planning to commute to your job from 50 miles away.

You want to see a nearby address (not a PO box) on his business card—and should ask him to include one or two of his earliest clients on your list of references. This will help you verify that he hasn’t just recently hung his shingle—and will give you perspective from a homeowner who has lived with the contractor’s work for years. After all, the test of a quality job, whether it’s a bluestone patio or a family room addition, is how well it stands the test of time.

4. Who are your main suppliers?

You’ve found a few potential contractors, you’ve talked to the happy former clients on each of their reference lists, now it’s time for one additional bit of homework: talking to their primary suppliers. There’s no better reference for a tile setter, for example, than his preferred tile shop; for a general contractor than his favorite lumberyard or home center pro desk; for a plumber than the kitchen and bath showroom where he’s on a first name basis.

The proprietors of these shops know a contractor’s professional reputation, whether he has left a trail of unhappy customers in his wake, if he’s reliable about paying his bills—and whether he’s someone you’ll want to hire. The contractor should have absolutely no qualms about telling you where he gets his materials, as long as he’s an upstanding customer.

5. I’d like to meet the job foreman—can you take me to a project he’s running?

Many contractors don’t actually swing hammers. They spend their days bidding new work and managing their various jobs and workers. In some cases, the contractor you hire may not visit the jobsite every day—or may not even show himself again after you’ve signed the contract. So the job foreman—the one who’s working on your project every day—is actually the most important member of your team.

Meeting him in person and seeing a job that he’s running should give you a feel for whether he’s someone you want managing your project. Plus, it gives the general contractor an incentive to assign you one of his better crews since you’re more likely to hire him if you see his A Team. If the contractor says he’ll be running the job himself, ask whether he’ll be there every day. Again, he’ll want to give you a positive response—something you can hold him to later on.

Need a referral? Give me a shout! 

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John Marcotte

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July Economic Snapshot

July Economic Snapshot

A look at the current real estate market; provided by RE/ MAX ALLIANCE

July/2013

snapshot-camera

 

Over the course of the past eighteen months the Boulder Valley real estate market can be characterized as one of demand exceeding supply. Spawned by low mortgage interest rates and improved economic conditions, the Boulder Valley real estate market has flourished. The direct result of that is an increase in home values. All geographic segments of the marketplace have benefitted, with the core area of Boulder and those outlying areas closest to Boulder showing the most improvement.

Below is a brief overview of the housing market in our area by locale for single family homes from IRES (the Northern Colorado MLS).

2012 (Thru June)          2013 (Thru June)      

                Area                 Average Sales Price      Average Sales Price     % Change

Boulder                        $666,232                     $749,116                     +12.44%

Superior                       $410,166                     $469,584                     +14.48%

Louisville                     $421,352                     $504,165                     +19.65%

Lafayette                      $399,302                     $423,943                     +6.17%

Longmont                     $255,818                     $280,923                     +9.81%

Suburban Plains           $546,327                     $571,726                     +4.64%

Suburban Mountains    $394,289                     $427,505                     +8.42%

Broomfield                   $357,499                     $391,432                     +9.49%

=======                     =======                     =======

 Average …               $442,418                     $476,568                     +7.71%             

 

As the economy has shown signs of stabilization, home mortgage interest rates have trended up slightly over the past sixty days. The traditional thirty-year fixed rate loan that could be had for under 4%, now resides closer to 4.5%. All indications are that mortgage rates will continue to hover around that mark for the foreseeable future.

Sales activity for single family homes and attached units across Boulder County continues to outpace 2012 numbers through June of each year. Single family home sales are up 6.43%; attached unit sales are up 15.23%; and the cumulative market is up 8.71%. The Absorption Rate for single family homes across Boulder County is at 144 days through June/2013. That number was 182 days in June/2012. The inventory level of available single family homes in Boulder County crept up 5.20% in June/2013 vs. May/2013 (1,355 vs. 1,288).

Faced with the dog days of summer, the Boulder Valley real estate market is experiencing continued improvement in sales activity over 2012, an increase in home values, an upturn in home mortgage interest rates, and fewer days on the market. With the possible exception of the somewhat higher mortgage interest rates, the Boulder Valley real estate market is healthy. Look for another upward push in sales activity before we drift into fall, when buyers and sellers typically begin the process of settling in for the start of the school year and the holiday season. This year may be a little different with continued pent up demand potentially fostering a more dynamic fall selling season.

 

John Marcotte

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Outdoor Recreation in Boulder

Outdoor Recreation in Boulder
Recently rated the “#1 Sports Town in America” by Outside Magazine. Boulder is where some of the world’s top runners, cyclists, mBoulder Mountain Bikingountain bikers, and rock climbers choose to call home. It’s also a close-knit community full of residents who embrace an active outdoor lifestyle and who are committed to natural resource conservation. Combine all of that with 300 days of sunshine per year, and it’s clear why Boulder is one of the hottest outdoor destinations in the country.

The surrounding Rocky Mountain landscape beckons visitors with easy-to-challenging hiking trails and unparalleled scenic views. A single day’s itinerary might include watching the sunrise from a hot air balloon; paddling a kayak through the middle of town; rock climbing the nearby peaks; mountain biking over rugged alpine trails; tubing or fly-fishing in Boulder Creek; or teeing off at Flatirons Golf Course.

Visitors are encouraged to take advantage of Boulder’s 300 miles of serene hiking and biking trails, approximately 45,000 acres of unspoiled open space or the Boulder Creek Path, which runs through the middle of town and parallels Boulder Creek. In winter, you can test your snowshoeing or cross country skiing ability on nearby trails. Or, enjoy downhill skiing and snowboarding at Eldora Mountain Ski Resort, just 30 minutes away fromBoulder Hiking - Flatirons downtown Boulder.

If you want to go rock climbing, Boulder is a great place to be! Boulder, Colorado is blessed with some of the best rock and ice climbing in the country, only minutes from local coffee houses, taverns, and restaurants. Climbers, hikers, alpinists and mountaineers from around the world congregate here. From the distinctive Flatirons above town, to Eldorado Canyon in the south and Boulder Canyon in the west, there is a lifetime’s worth of outstanding climbs here.

About an hour out of Boulder, Rocky Mountain National Park, the South Platte and the Indian Peaks Wilderness add enormously to the choices of climbing and mountaineering available. No matter if you’ve only a few hours to find adventure or an entire day to play, there are plenty of mild-to-wild experiences awaiting you in Boulder, Colorado.

Skiing at Eldora Mountain Resort is just 30 minutes away from downtown Boulder up through scenic Boulder Canyon. With 680 acres, 11 lifts and four restaurants, there’s terrain for all skiers. Listen to Eldora’s marketing director talk about what makes it special.

View the entire article here

 

 

John Marcotte

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Spring time in Boulder Colorado

Spring time in Boulder Colorado

You’ll find an incredible variety of things to do in Boulder, Colorado. Looking to pamper yourself during a relaxing getaway? In search of an action-packed outdoor adventure? No matter your travel style, you’ll find the perfect activities in Boulder to make your dream vacation a reality.

Recently rated the #1 Sports Town in America by Outside Magazine, Boulder has plenty of outdoor activities to test the limits of your adventurous side. Nestled at the foot of Colorado’s Rocky Mountains, Boulder boasts hikingclimbing and bikingtrails that will satisfy your need for a casual day trip or a rigorous adventure.

Enjoy an incredible variety of fun things to do in downtown Boulder. Music festivals, art shows, and community events throughout the year make historic Boulder a fun and exciting place to be. Savor the energy of the city after dark with nightlife you won’t find anywhere else.

Come see why Boulder, Colorado is an amazing vacation destination that offers something for every traveler! Once you fall in love with Boulder, let’s find your new home here!

 

 

John Marcotte

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New home permits rise 56%

New home permits rise 56%

Denver-area home builders started out the year on a strong note, as they struggle to meet consumer demands for new houses in a market with a record-low inventory of resale homes.

In January, builders pulled 497 permits for homes, a 55.8 percent increase from the 319 permits issued in January 2012, according to a report by the HBA of Metro Denver.

Brookfield Homes is having great success with its Midtown community, minutes from the more expensive Highland.

Brookfield Homes is having great success with its Midtown community, minutes from the more expensive Highland.

The report covers the counties of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert and Jefferson, as well as every municipality in every county.

“January was the 22nd consecutive month that showed an increase from the same month in the previous year,” said Jeff Whiton, CEO of the HBA of Metro Denver.

The report also showed that single-family attached permits rose by 66 percent to 83 from 50 and apartment permits rose a whopping 345 percent to 276 from 62. In total, for all product types, there were 864 permits issued in January, a 100.5 percent increase from January 2012.

Permits are a sign of future construction.

Whiton said that while 2013 may show huge percentage increase in permit from 2012, as 2012 did from 2011, housing activity will still be far off its historic norm of about 15,000 housing starts annually.

Let’s say we do 8,500 homes this year,” Whiton said. “That is about half of the 15,000 we do in a traditional year and a long way from a booming housing market,” when builders pull about 30,000 permits.

Still, an improving housing market benefits the entire economy, and not just those directly involved in the industry, he emphasized.

“I think that a strong case can be made is that the residential construction economy is one of the biggest economic engines of the economy,” Whiton said.

“Every new home built will provide well over $30,000 from permits and other fees to local communities. And, on average, every home that is build creates the equivalent of a little over three permanent, full-time jobs.”

In addition, the “recurring” impact of building a home has a ripple effect beyond the first-year impact.

“Every two homes built, has the impact of creating the equivalent one recurring full-time job,” Whiton said. “So if do 8,500 homes this year, that translates into 25,000 to 30,00 new jobs.”

Consumers increasingly turning to new homes, because of the unprecedented lack of inventory of resale homes on the market.

There are now fewer resale homes on the market since Metrolist began tracking statistics in 1985, even though there are more than a million more people living in the metro area today.

For homes priced in the “sweet spot” from about $225,000 to $350,000, there are five buyers for every home available, according to some Realtors.

“There is this incredible pent-up demand from consumers, now that the economy is becoming better and consumer confidence is rising,” said housing consultant S. Robert August.

“The demand can’t be met by resale homes; there is simply nothing available,” he said. “A lot of Realtors are waking up to the fact that they need to start selling new homes.”

However, both August and Whiton agree that builders, for the most part, aren’t building speculative homes that aren’t pre-sold.

“I think for the most part, builders are just trying to keep up with the orders they have right now,” Whiton said.

At the same time, consumers increasingly prefer new homes to resale homes, he said.

Courtesy of InsideRealEstateNews.com – sponsored by Universal Lending,Land Title Guarantee and 8z Real Estate.

 

 

John Marcotte

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Buying a Home “As Is”– 5 Things You Must Know

Buying a Home “As Is”– 5 Things You Must Know

 

Sold As IsSo you want a good deal, eh? You have watched your fill of HGTV and know your local Home Depot folks by name, and are ready to buy a “fixer”! Or, perhaps you are wanting a “move in ready” house but stumble on a great listing online and it looks perfect….but that silly verbiage in the MLS listing says “AS IS”. If you are like most buyers, this brings up disturbing thoughts of the 80′s movie “The Money Pit” and you think, “What’s wrong with it then”! Well, here are a few bullet points to know when this happens.

1. AS IS Does NOT ALWAYS Mean Something is Wrong With It
What the verbiage AS IS in a sales contract means is that the seller is telling you upfront that you are buying the home in it’s current condition and they will not make any repairs or improvements if requested. That’s it.

2. Your Inspection Is For Informational Purposes Only and Not to Request Repairs
You are still able to write an inspection period in the contract and make the sale contingent on you getting an inspection unless the seller specifically states you must waive inspection. Now, after you have your pretty inspection report with digital photos (if you used a savvy inspector) and are reading it, you now must determine if you still want to buy the house. You now know (if you used a good inspector) everything that is wrong with the house and needs repair once you move in. Is it what you were expecting? Is it more? Is it less? You get to decide based on this information if you want to go forward with your offer.

3. Buyers Should Do a Pre-Inspection Prior to Offering

Since the inspection is for informational purposes only, I highly recommend doing a pre-inspection prior to making your offer. If you are doing the work yourself, then go back to the property when you are determining an offer price and you can calculate all your estimated repair costs so that you have an offer price that makes good financial sense. If you are having a contractor do the work, have him/her look at it and give you estimates so you can make an offer with these costs factored in.

4. You can Still Back Out After Inspection if It’s a “Money Pit”
You don’t have to buy the home if the inspection turns up anything you don’t want to tackle. Plain and simple. As long as you tell the seller by the inspection objection period you are covered and will get your earnest money (deposit) back.

5. If you are a “Normal Seller…Never Ever use the word AS IS” in your Marketing!
Banks will always market their homes “As Is”, but if you are a private owner and are selling your house, don’t use this verbiage! It scares buyers. They start thinking you are hiding something. Don’t do it. Let them do their inspection, if you know of ANY problems you legally have to disclose them anyway, and then be reasonable when it comes to any problems uncovered at inspection that you didn’t know about.

 

 

John Marcotte

720-771-9401

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