The Story: A seller had put their house on the market for $420,000 a couple of years ago but the kitchen/living room area did not appeal to buyers. They had considered remodeling that area for themselves but found they had to move, so they put it on the market “as is.” At the end of their listing period with their listing agency, they called me as I had sold the house to them a couple of years before. I suggested they get quotes on the cost of renovations. They got a contractor in, did the work in 60 days and put the house on the market. They spent around $30-35K. We put it on the market with the renovations done for $495,000 and got immediate interest from a couple of buyers. It sold the first week on the market for full price. Even assuming that it would have sold for its full price when listed at $420,000 without renovations, they made $40,000 AFTER the cost of renovations and they sold it quickly!
The Loan: Now there is loan money available to sellers who are cash strapped to update their houses for selling. These loans will work on any priced house – the specifics of the type of loan and its costs vary. Besides primary residences, they can work also for secondary residences and for investment properties. You refinance your house and incorporate quotes from licensed approved contractors to cover the cost of the updates. Get the work done in 60 days and put it on the market in top condition. You carry the new loan until it sells and closes.
Less than 90% of buyers don’t have the vision to see what a house can look like renovated. And, they become overwhelmed at the prospective cost and time involved. Put the money in YOUR pocket instead! . Buyers have to “fall in love” with a house. They will fall in love with a newly updated kitchen or bath before they will a new roof or heat system (although that doesn’t hurt!).
The Preparation: We are experienced in assisting sellers in preparing their houses for sale. We can suggest what to do and what not to do. What buyers pay for and what they don’t. This is the time of year to prepare for selling in March! It takes time to prepare a house. And to get the loan! 60 days for the loan and up to 6 months allowed for the work! That can be as much as EIGHT months! Don’t wait until January to do this!
For references, see our testimonial page
. For a testimonial from the sellers of the above story, see Pat and Tony McDonald's entry.