Sellers: If you Think Your Home Will be On The Market During the Winter...

I know no one wants to think about this but it's possible that in 6 weeks we could see the first snowflake fall. Even if the snow does not stick, it soon will. And when it sticks, it may stick for 1-3 months!

FHA loans have become the preferred product in many markets and Cleveland Ohio is no exception. You may wonder why this is relevant. When an FHA appraiser appraises a home for value, he/she can also call out certain violations that will need to be repaired before the home can transfer title. If the required repairs are on the exterior it becomes a problem in the winter especially, because driveways, roofs, and/or peeling paint, including on detached garages, cannot be repaired in the dead of winter.

The lender will likely require 3 estimates for the repairs. It is likely they will take the middle repair figure. As a seller, you will be required to escrow 1.5 times the amount of the repair. So if you have a $2000 concrete estimate, you will be required to escrow $3000 until the repair can be done when weather permits.

If you think your home will be on the market through the winter or that you will put it up for sale in the winter, here are some tips that may make it just a little bit easier to sell.

*Take exterior pictures of your home both front and back. Even if your home may not be in need of exterior repairs like the ones mentioned above, it's a very good idea to have pictures without snow. It's generally much more appealing for a prospective buyer to see the home when it is not snow covered, but surrounded instead by lush landscaping and flowers. Make sure the garage doors are down and there are no cars/bikes in the driveway. Always make a note of when the picture was taken. So while other agents are posting pictures with snow all around, yours will be one of late summer or early fall!

While the picture on the left is "picturesque" you cannot see the roof, gutters driveway, landscaping (or lack thereof), or the foundation. The picture on the right is much more appealing and shows significantly more about the exterior. I took these pictures in late winter/early spring. If I were taking pictures of my home I would take several shots of the outside and much closer ones as well.

*Inspect your home for some of the above mentioned FHA items and consider getting quotes regarding the repair. Doing this in advance may help you sell your home during the winter. Estimates are only valid for a limited time, so you will need to take that into account.

*Better than just getting quotes would be to actually have the item(s) repaired. Again, take pictures after it has been repaired, and of course keep a copy of the paid invoice showing the work that was done. With pictures in hand you will be able to show that your contractor did an acceptable job on the repair.