Seller Nervous about appraisal (agent, contract, rental, value)
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I’m selling a rental house that — if in great cosmetic condition and repairs made — would logically sell for about $300K. Its under contract for $245K. Buyer getting conventional financing. All systems are fine — plumbing, roof, HVAC etc. But the house has flooring damage and we have a quote for foundation repair for $5900 that was provided to the Buyer. Buyer is taking as-is. There ware cracks in 2 places on the walls and both bathrooms are not updated..
The flooring has 4 places with obvious damage. But we have several pieces of the original laminate flooring in a garage supply closet. We didn’t even consider repair because new buyers will likely just replace flooring in the whole house.
Do you think we should put out the flooring pieces in an obvious spot so the appraiser can see that, if the buyer wanted, there are repair materials available? I know its not an inspection, but I’m wondering if the appraiser will undervalue the property if he thinks all the flooring must be replaced.
I asked our agent and his reply was “I don’t know, probably just leave it alone.”
I’m selling a rental house that — if in great cosmetic condition and repairs made — would logically sell for about $300K. Its under contract for $245K. Buyer getting conventional financing. All systems are fine — plumbing, roof, HVAC etc. But the house has flooring damage and we have a quote for foundation repair for $5900 that was provided to the Buyer. Buyer is taking as-is. There ware cracks in 2 places on the walls and both bathrooms are not updated..
The flooring has 4 places with obvious damage. But we have several pieces of the original laminate flooring in a garage supply closet. We didn’t even consider repair because new buyers will likely just replace flooring in the whole house.
Do you think we should put out the flooring pieces in an obvious spot so the appraiser can see that, if the buyer wanted, there are repair materials available? I know its not an inspection, but I’m wondering if the appraiser will undervalue the property if he thinks all the flooring must be replaced.
I asked our agent and his reply was “I don’t know, probably just leave it alone.”
But I’d like other opinions.
Sure. Put it there. It can't hurt anything and may even help.
If the appraiser knows the comps in the neighborhood, and knows how much the buyers are paying, he will hopefully realize the as-is condition is reflected in the price. What is the harm in leaving the spare tile in a visible place? I don’t see the downside, although the tile isn’t going to fix itself, so I doubt if it will matter, one way or another.
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