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Old 07-25-2018, 10:07 PM
 
3 posts, read 1,256 times
Reputation: 10

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Good day everyone.

I was just offered relocation with my company and part of the relocation benefit is helping me sell my home and if not my company will buy it from me. I live in a buyer's market and the homes are selling and as quickly as three days. My problem is I have a leaking roof in one spot and not a ton of cash, but the roof is also approximately 25 years old. I have quite a bit of equity in my home right now, but was told I had to pass inspection for the relocation benefit to kick in. Does anyone have experience with relocation companies? Or any advice on how to fix my roof as cheap as possible in order to pass the inspection?

Thanks for any advice.
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Old 07-25-2018, 11:02 PM
 
Location: Rochester, WA
14,489 posts, read 12,121,454 times
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If the roof is really shot, It will of course limit your price, and it will limit the type of buyers who will be able to purchase it. You will be limited to cash or rehab loan type buyers. Traditional mortgages, will require a passable roof with some life left in it.

I don't know offhand if relocation companies will take on something that needs a new roof. It would be a question for them! :-)
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Old 07-26-2018, 08:12 AM
 
Location: Bend OR
812 posts, read 1,062,281 times
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Quote:
Originally Posted by Diana Holbrook View Post
Traditional mortgages, will require a passable roof with some life left in it.
You would have to find a desperate cash buyer to buy a house with a shot roof. Buyers cannot get a loan with a shot roof and after 25 years the average roof needs replacing, especially in western WA.
You should have budgeted for replacing the roof if you moved or continued to live there.

When my parents died, they left us their house with all delayed maintenance, including a 50 year old septic tank that was never replaced. We got about half the price the house should have gotten and had to pay $30k to have the septic dug out and replaced. Ignored maintenance will catch up with you eventually....unless you take my parents' way out.
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Old 07-26-2018, 08:41 AM
 
Location: Near Sequim, WA
576 posts, read 2,261,165 times
Reputation: 467
Quote:
Originally Posted by Woodchipper09 View Post
Good day everyone.

I was just offered relocation with my company and part of the relocation benefit is helping me sell my home and if not my company will buy it from me.
It sounds as if your company is being very accommodating with your relocation benefit. Why not talk to your company about the roof situation. Perhaps they will assist you in repairing the roof. Otherwise as mentioned above, the odds are small that you wiil be able to easily sell your home with a roof in need of repair. This might invoke the "if not my company will buy it from me" clause.
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Old 07-26-2018, 03:38 PM
 
Location: Independent Republic of Ballard
8,072 posts, read 8,370,078 times
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But will your company pay the true market price, which could be well over list? Bite the bullet and tap your equity to replace the roof, fix any damage from the leak, and repaint. Then sell the house yourself.
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Old 07-29-2018, 09:08 AM
 
Location: North Idaho
32,658 posts, read 48,053,996 times
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Take out a loan and replace the roof. You will get that money right back and can repay that loan quickly.

No one will be able to finance the house if the roof is bad and that severely limits your buyers pool.

Brand new roof is a seriously desirable feature for buyers. You will get that money back.
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Old 08-03-2018, 09:12 PM
 
146 posts, read 154,450 times
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The roof is only an issue IF the house doesn’t sell and then your company buys it. At that point it would need fixed. You could let buyers know up front the roof is close to end of life and offer a replacement credit with full price offer or something. Relo will most likely do a full inspection as well and find other things they will make you fix...
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Old 08-03-2018, 09:37 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,206,701 times
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Quote:
Originally Posted by oregonwoodsmoke View Post
Take out a loan and replace the roof. You will get that money right back and can repay that loan quickly.

No one will be able to finance the house if the roof is bad and that severely limits your buyers pool.

Brand new roof is a seriously desirable feature for buyers. You will get that money back.
Yes, and BECU wil go up to $15,000 on an unsecured home improvement loan with good credit. Other credit unions probably do too. That won’t likely be enough, however, but you can probably get the rest somewhere else or maybe even the roofer will finance. You don’t care about the interest rate since it won’t take long to pay off.
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