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So how does this work? Prospective buyers are welcome to do an inspection before they make their offer?
How is this good for sellers?
Yes. For two+ days each interested party brought in inspectors. The listing agent was on site but stayed at the dining room table, the most of the day. He popped out to bring lunch back, then stayed out of everyone's hair. One couple's agent couldn't make it so he let them in w/ their inspector.
No renegotiations was a huge, huge relief. No surprises. contract and done.
Yes. For two+ days each interested party brought in inspectors. The listing agent was on site but stayed at the dining room table, the most of the day. He popped out to bring lunch back, then stayed out of everyone's hair. One couple's agent couldn't make it so he let them in w/ their inspector.
No renegotiations was a huge, huge relief. No surprises. contract and done.
I guess that's one advantage to selling in a high priced and hot market like D.C
The cost of a home inspection is relatively small compared to what purchase price of home .
I wouldn't see that flying in a lower priced market though .
People buying in these high priced markets like D.C , NYC , L.A etc are likely very high income or already wealthy .
I guess that's one advantage to selling in a high priced and hot market like D.C
The cost of a home inspection is relatively small compared to what purchase price of home .
I wouldn't see that flying in a lower priced market though .
People buying in these high priced markets like D.C , NYC , L.A etc are likely very high income or already wealthy .
Wealthy is relative. I've worked with doctors making great money, but paying dearly for lifestyle.
The home's sales price was under 500K. My son works IT and his wife is a teacher, bottom feeders on wealth status. Their buyer was a single woman, a lawyer just starting out. Median income is 118K for that profession She likely had significant loans if she was just out of school. Is it higher than the home in Idaho or rural Alabama? Sure, but it's not the 800K I think you were envisioning.
I think it had more to do with the market and the agent seizing control starting at the presentation. He knew his market, was within 2K of the final price, which was well above list price. But more importantly, this agent was far from the only agent selling this way, not one agent protested.
Wealthy is relative. I've worked with doctors making great money, but paying dearly for lifestyle.
The home's sales price was under 500K. My son works IT and his wife is a teacher, bottom feeders on wealth status. Their buyer was a single woman, a lawyer just starting out. Median income is 118K for that profession She likely had significant loans if she was just out of school. Is it higher than the home in Idaho or rural Alabama? Sure, but it's not the 800K I think you were envisioning.
I think it had more to do with the market and the agent seizing control starting at the presentation. He knew his market, was within 2K of the final price, which was well above list price. But more importantly, this agent was far from the only agent selling this way, not one agent protested.
Yes the doctors or lawyers making great money but spending it all on lifestyle reminds me of Millionaire Next Door The Millionaire Next Door
I don't know if having a high paying job can really be considered wealthy .
I'd view wealthy as more having assets that produce income that one can live off passively or mostly passively
Income from Real estate , stocks etc
Water inspection passed; septic system inspection passed. Now, the bank wants to inspect before approving the loan. Then, the buyer wants to do a walkthrough right before closing.
Wealthy is relative. I've worked with doctors making great money, but paying dearly for lifestyle.
The home's sales price was under 500K. My son works IT and his wife is a teacher, bottom feeders on wealth status. Their buyer was a single woman, a lawyer just starting out. Median income is 118K for that profession She likely had significant loans if she was just out of school. Is it higher than the home in Idaho or rural Alabama? Sure, but it's not the 800K I think you were envisioning.
I think it had more to do with the market and the agent seizing control starting at the presentation. He knew his market, was within 2K of the final price, which was well above list price. But more importantly, this agent was far from the only agent selling this way, not one agent protested.
This is neither here nor there, but using median salary for a lawyer is less than useless. The thing about law that most people don't learn until they are 1Ls is that there is a nasty, nasty bimodial salary distribution chart for lawyer salaries for new and recent grads. Essentially, most new lawyers either make between 40-65k a year, or 160k. There is very, very little in between. Only a handful of new lawyers will make 118k a year starting out.
I hope I never need to sell another house. It's a pain. It's just me now, kids are grown and gone, husband is dead. Cleaning out 30 years accumulation of stuff was bad enough; selling the house itself is such a pain. Salvation Army made 2 pick ups. How did we end up with so much furniture?
My home inspection was completed today. I left. I didn't want to be there when 3 perfect strangers went thru my house examining it minutely to determine how much it is worth.
The first day it was listed, I had 6 people come thru. I had already removed valuables, put jewelry and such in the trunk of the car. Just a precaution. Then, I made sure I wasn't there. I really didn't want to hear negative comments about a home that had such wonderful memories for me. Since then, there has been a steady stream of people. At least one person each day. Each time, I left. I think I have read all the magazines at our branch of the library!
And, oh my goodness, the paperwork. One page of nothing but questions about any defects. I don't know if there is a cavity under my slab (I can't exactly lift it and look!). I don't know if my footings are still level. Termites . . . that I could answer. I have always had a termite service. The pages that did not require a signature required an initial.
Then were was the well inspection and testing; then septic system inspection. I have accepted an offer and I hope that this is it.
Get ready kids - Mom is coming for a visit. . . . to each of you. I expect you to wine, dine and entertain me to help me get over this trauma.
There is a "Don't Know" check box for each question.
Water inspection passed; septic system inspection passed. Now, the bank wants to inspect before approving the loan. Then, the buyer wants to do a walkthrough right before closing.
I will be glad to get this over.
I have never had a bank inspect a house I was selling. The buyers ponied up for an inspection, but not the lender. I imagine they go off the appraisal.
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