Selling

What is the average difference between what a seller is asking for a home and the final sale price?

As you might imagine, the difference between asking and the final sales price can vary greatly. Especially in the higher priced homes. Generally speaking, homes on the market for $50,000 or less have a margin of approximately 2%-5%. Foreclosures can range from 10% to as much as 30%. Short sale ranges depend upon the loan balance owed and recent sales in the neighborhood. Homes above the $50,000 range from 0-10%. You make an offer and see what the seller does.

We’re getting ready to sell the house we raised 4 children in. As they were growing up, we needed more room and put 2 bedrooms and a bath in the basement. Our city inspector just came out for the inspection and said the bathroom is not vented properly. The estimate to take care of the repairs is over $3,000. Do we have to take care of the repairs?

This is a common problem for almost all bathrooms in the lower level of a home. I think it’s a conspiracy by the city inspectors, plumbers, and building inspectors. It never fails to amaze me that you and thousands of other families are told this after successfully raising your family without problems with a “dangerous plumbing situation in hand” in the basement. Luckily, I have an answer to your problem. When you put your home on the market, have your agent put a sign in the lower level bathroom that it’s not vented properly according to city code. State that you have used this bathroom for many years without a problem. If they wish you will remove the toilet and cap off the pipe. You will not pay for it to be vented. The toilet may be reinstalled after closing.

We’re getting ready to sell the house we raised 4 children in. As they were growing up, we needed more room and put 2 bedrooms and a bath in the basement. Our city inspector just came out for the inspection and said the bathroom is not vented properly. The estimate to take care of the repairs is over $3,000. Do we have to take care of the repairs?

This is a common problem for almost all bathrooms in the lower level of a home. I think it’s a conspiracy by the city inspectors, plumbers, and building inspectors. It never fails to amaze me that you and thousands of other families are told this after successfully raising your family without problems with a “dangerous plumbing situation in hand” in the basement. Luckily, I have an answer to your problem. When you put your home on the market, have your agent put a sign in the lower level bathroom that it’s not vented properly according to city code. State that you have used this bathroom for many years without a problem. If they wish you will remove the toilet and cap off the pipe. You will not pay for it to be vented. The toilet may be reinstalled after closing.

I’m planning on selling my home in the near future and am trying to clean it up. If I paint the basement floor will people think I’m trying to cover something up? My furnace and air conditioner are 15 years old…Do I need to replace them? What should I do about cracks in my foundation or in the patio?

I can’t express emphatically enough the value of cosmetically cleaning the place up when you’re selling your home. The effect on a potential purchaser in terms of paying for your home is great.

The basement and crack in the foundation…

Most women cannot stand basements for a few simple reasons: They are dark, dreary, dirty, and there are just “things” down there that they don’t like. By painting the walls and floor and increasing the wattage of your bulbs, you’ve taken steps to improve the home and turned it into a more pleasant place. If they think that you’re covering something up, then remind them the building inspector will address any problems they may have. If anything needs to be disclosed, make sure you do!

The plumbing stack

Knock off any barnacles on and sand the stacks. If necessary, put a rubber clamp around the portion of the stack that leaks and paint that area black.

Furnace and air conditioner

An older furnace and air conditioner could create some expenses for you. The common cause for concern with the furnace is a cracked heat exchanger. The solution costs between $500 and $800. Air conditioners may need additional Freon at a cost of $100 to $200. One way to avoid problems is to offer the purchaser a home protection warranty. For approximately $400, all of the main systems of house are covered for the first year. If problems arise, the deductible for the purchaser is normally $50 to $100.

Cracks in the Patio

Fill any cracks in the patio with sealer or patch them.

When is the best time to close on a home?

The best time to close on a home is any day, but not within the last four days of the month. At least 75% of all real estate transactions close during those four days, leading to delays, a lot of frenzied activity, and last minute problems. The rest of the month, you’ll be the only people in the building.