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Unfortunately, we cant delay on the move since we already committed to a joining date.
Yes, we did offer a price-cut for the repairs etc but apparently the buyer was talked down by her kid who was not comfortable getting the upgrade done
If the house just needs cosmetic upgrades, then I wouldn't necessarily sweat it at this point. I certainly wouldn't do the upgrades at this point, as you can always negotiate for them via price reductions or credits. I sold my 92 year old bungalow with a 60's era bathroom and a very plain kitchen for almost full price on the first offer, formica countertops and all. However, if there are actual repairs that are needed, you can require that your workmen wear PPE for both their estimates and their work. I'm in a high risk group (elderly with health issues) and I've had a plumber and an electrician in my house last week and this week as well. They've worn masks and gloves and kept their distance from me. No problems so far for anyone.
I do expect housing prices to start coming down and most buyers to hold off. If you could rent for a year or 2 that could put you in a better situation and maybe you could make a little cash and might find that you enjoy being a landlord.
Wishing you the best either way, I can only imagine how stressful this must be.
Sometimes, updating can be as simple as changing the color of your lightbulbs; that is, going from a yellowish light (2,000 - 3,000 K) to a whiter light (4,000+ K), especially in the bathroom and kitchen.
Our bathrooms and light fixtures are not upgraded. Everything else is updated. Just before covid, we remodeled the kitchen, painted whole house and changed carpets everywhere. There might be few cosmetic issues here and there, like e.g. my toddler recently wrote something on a white door. I am not worried about that and willing to fix those minor issues before we move. Its just the bathroom upgrade and light fixture that we don't want to undertake
Quote:
Originally Posted by Bungalove
If the house just needs cosmetic upgrades, then I wouldn't necessarily sweat it at this point. I certainly wouldn't do the upgrades at this point, as you can always negotiate for them via price reductions or credits. I sold my 92 year old bungalow with a 60's era bathroom and a very plain kitchen for almost full price on the first offer, formica countertops and all. However, if there are actual repairs that are needed, you can require that your workmen wear PPE for both their estimates and their work. I'm in a high risk group (elderly with health issues) and I've had a plumber and an electrician in my house last week and this week as well. They've worn masks and gloves and kept their distance from me. No problems so far for anyone.
Sometimes, updating can be as simple as changing the color of your lightbulbs; that is, going from a yellowish light (2,000 - 3,000 K) to a whiter light (4,000+ K), especially in the bathroom and kitchen.
Yes, that might be an option but we don't prefer doing that since we are moving far west and don't want to deal with maintainence and other issues that come along with renting
Quote:
Originally Posted by ericp501
Could you rent? Get a local property manager?
I do expect housing prices to start coming down and most buyers to hold off. If you could rent for a year or 2 that could put you in a better situation and maybe you could make a little cash and might find that you enjoy being a landlord.
Wishing you the best either way, I can only imagine how stressful this must be.
I maintain that is if something is clean and functional but needs updating, do not update it. Let the buyers decide what to do.
Don't keep chasing "needs updating" comments. There will almost always be something someone doesn't like. If that house shopper really liked the house itself an outdated light fixture or a bath finish wouldn't have discouraged them. You countered, they didn't bite. You could spend a lot of $ updating a bathroom only to hear that the next shopper doesn't like your choice of finishes. And, can't bring themselves to tear them out because they are new. That's a reason not to buy it either. What does your realtor tell you about how your house compares with the local market? That is probably more important.
I lived in Memphis 18 years, and I think I know about where you live. Obviously this is a little different market in the last 6 weeks. I read online where some of the neighborhoods off Park around Balmoral are some of the fastest moving real estate markets in the country.
If you are wanting to make a quick getaway with the least amount of surprises (frustrations), get a house inspector now to go over your home in great detail--including the roof, electrical and HVAC systems. Know where you stand before a potential buyer's inspector brings up any negatives. It'll give you time to make any necessary repairs--which are a major selling point.
I sold a house 2 hrs. from you a month ago and bought another home an hour east. That house inspector found "black mold" under a shower pan from a leak and we negotiated a $3K settlement. I made the repair and fixed the leak in about 4 hours. And the house had a like new appearance in every way. Good luck to you.
As far as a bathroom that's a little out of date, a good real estate agent should be able to negotiate and get around that. After all, most owners should want a new bathroom exactly to their tastes. And a complete gut job on a bathroom is just a week's job if the cabinetry and shower stall hardware is available in town.
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