Selling Defective Homes
Price isn't the only factor, however, that will move a home. Sometimes, it's better to address the defect head on and deal with the drawbacks up front. If you think a buyer isn't going to notice that your home is located next to the light rail station, wait until the train roars by.
Buyers will also look at your neighbor's house when deciding whether your home is attractive enough to buy. If your neighbor's home is falling apart due to deferred maintenance or it has another drawback, say, it's a halfway house for recently released parolees, it will dramatically affect a potential buyer's perception.
You know the saying that there is a house for every buyer? Well, think about why a buyer would buy a defective home, market to those people, and you'll have your solution . . . read more about defective homes.
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Comments
We had an assessor come out (we were trying to refinance) and the assessment came in much lower than we expected. When asked, the assessment firm explained that a few of our neighbors half a block down had a weed problem, and that affected our valuation! Unbelievably ridiculous. We changed banks, got a new valuation done, and no issues.
Having the neighborhood go to seed is one thing, but being anal about a few weeds? Crazy.
I agree, James, that is a bit nuts. It is also possible that the appraiser checked a box on the appraisal that said the market was declining. If that happened, the bank would undoubtedly turn down your loan.
thank you for this very useful information. stored it!
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These are the type of homes that are getting to be the hardest to move in a weaker Real Estate environment. Buyers right now are in the driver seat and they know it! Now more than ever we have to educate our sellers of getting their homes in tip top shape before hitting the market.
As James mentions appraisers are much less forgiving as well