Sellers: this is good advice and it will save you some money.
Many familiies tend to learn to live with a broken doorknob, a torn screen, a cracked window, etc. All of these little things should be fixed prior to showing your home to a prospective buyer.
Use caution in planning major improvements that you think will enable you to get more for the house than you paid for it. Of course, an investment in paint where its obviously needed will be well worth the cost. The same is true with carpeting that is shabby.
Most people out shopping for a house would rather plan and enact their own major changes.
Given the high foreclosure rate - especially in the San Joaquin County CA ( Stockton, Modesto) areas people are in hardship and money is not something they have to burn. And since short sales are usually understood to be pretty much an "as is" sale, there is no need for the owner to get deeper into debt trying to make major improvements to a house that is going to sell - under market value anyways.
And this especially is true if the Short Sale is not successful and you end up having to move out. We do not recommend that you spend your money on major improvement if you are in default or pre-foreclosure. Use your money wisely.
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Check out my Mother and Daughter Blog for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team and we also focus in Short Sales and the Pre-Foreclosure process. Our consultations are free. Our aggressive marketing plan includes progressive on-listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County - includes Stockton, Manteca, Lathrop) and Stanislaus County- includes Modesto, Riverbank); East Bay (Alameda County - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at Perfect Financial Solutions 866-750-8282 or email at US. Our best connection is our website: http://www.motheranddaughterrealty.com/.
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Today in my area, improvements and upgrades mean your home might sell faster, but not necessarily for more money. Spend wisely is right!
Jen ~ here too. Might sell faster, might not get more money.... better to wait on the spending. So many Short sales, so many foreclosures and then they end up being so many REOs. In some neighborhoods where there are REOs, people are breaking in and taking those upgrades or they are sleeping there to get out of the cold. Spend wisely.
Hi Rosemary... Great post! I usually find with short sales and pre-foreclosures most sellers don't have the $$$ to spend on improvements. If they are to the point that they are in default and/or qualify for a short sale it means that they aren't paying their mortgage and if they can afford meaningful improvements they, in most cases, they could make a few mortgage payments and possibly safe their home instead of improving it for the next owners.
Steve - exactly, but I have had some ask me if they should repair stuff that I would not be thinking about in a time like that. Some worry about not selling the home for at least what they owe. So they think they can improve the value of the home. But this is just some. Others don't even care about improvements. Thanks for stopping by.
Hey Rosemary. I read over many of your posts to your blog. I like this one about not over improving. It is so true.
Good job
Don
Donald ~ Thank you and I am so glad you stopped by. Want an associate?
Dear no name left: This is a complex question. I won't guarantee my answer because it is a guess. But I think we have to go to the bottom line. The mortgage company comes first. So if they are going to take the house or the owner will have to short sale if approved, there is no room for first priority unless the tenants have good credit and have the ability to pay is my guess. The seller can submit whatever type offer the tenants submit, however, is the lender bind to take that offer and approve it ----> NOPE, I don't think so.
That would be a situation that might end getting the owner in trouble if the tenants can prove that they have been paying the full amount of the mortgage and yet it is still in default. Too touchy for me.
When I say in trouble, I mean the lender might not be so "easy" or "quick" to approve. Might end up being a Long Short Sale!
I'd check with a real estate attorney on this question or one of the other short sale experts to see if my answer is even close to the actuality. Good luck and its OK to leave your name.