Why Most Buyers Want A Home In Pristine Condition
Most buyers want a home in pristine condition. Currently, it is rare for me to work with a couple looking to buy their Mountain Dream Home here in Crested Butte who say: “Take us to the crappiest homes in Crested Butte!” or “We want to see the homes that require the MOST work…”
Therefore, many buyers want you to fix your Crested Butte home. This just doesn’t happen. Buyers want (and expect) to walk into a home that is in very good or in pristine condition even if it was built 25 years ago. This means “issues” have been repaired, or replaced or updated if necessary.
The Buyer Will Hire an Inspector
If your home goes under contract – one of the rights (and contingencies for termination) that the Buyer gets is the Inspection Period.
The inspector will find all that is “wrong” with the home, including all the “issues” that need repaired and items that need fixing. These things will be listed in the inspection report along with photos. It is very normal for the Buyer to expect the seller to remedy these issues.
Translation: Buyer expects seller to pay to either fix the issues, or put up the cash so the Buyer can fix the issues after Closing.
The Buyer’s Lender Wants You to Fix Your Crested Butte Home
Here is the problem – about 50% of our transactions have lenders involved. The Inspection Objection Resolution form becomes part of “The Contract to Buy & Sell”, and the Lender gets a copy of this. Lenders don’t like to lend on properties with problems because they don’t want to take a property back and have to re-sell it AND spend their money to fix it up. A seller setting aside a chunk of money in escrow can be problematic for the loan to value ratio. Lenders will typically require the stuff to be fixed BEFORE closing.
So whether it is the Buyer – or the Lender who wants (or requires) you to fix your Crested Butte home – it is likely that YOU will have to have these items fixed anyway.
The “Reverse Inspection
My goal is to help sellers get the highest price for their home and making their home appeal to the buyer market is key in doing this. I coined the term “reverse inspection” a few years ago. Normally Buyers get the inspection.
It is better to get ahead of the curve and if you are a seller then YOU should consider hiring an inspector. Hence it is advisable to hire them long before you list your home. This will make sure you have a report and then you can get a handyman or contractors to come in and make the necessary repairs (especially the items that are visible to the buyer).
Here are some common issues found in most Crested Butte Home Inspections:
- Broken seals
- Double pane windows with the seals broken
- Cracks in drywall from settling
- Water in Crawlspace
- Lack of vapor barrier in Crawlspace
- Exterior paint, stain, stucco, wood issues
- Deck railing damaged by winter snow shed
- Water heater that is too old
- Electrical outlets near running water have GFCI outlets or are on a GFCI circuit
- Does your Crested home have both working smoke detectors and carbon monoxide detectors?
If they are battery operated, replace the batteries. It is so annoying to show a client a home and have that loud CHIRP sound every twenty seconds – the buyer cannot concentrate on your home, and they just want to get out as soon as possible.
What You Need To Look For In Your Home
Let’s say you had a toilet overflow and the resulting water damage seeped through the floor, and discolored a spot on the ceiling below. The buyer will assume this is a major issue and that there is a leak in the roof and water leaking into the house. Their perception will be that your house has issues, and they will wonder what else is wrong that they cannot see.
Do you have old A/V equipment in your home with a rats nest of wires visible, and does it take 5 remotes just to turn on a TV with audio?
Is your home clean and tidy? If a home is messy and cluttered it will negatively affect the showing. Some things will turn a buyer away immediately. Ultimately, they may like the home but if they see issues they may assume there’s more. Others are the difference between a turn-key home and one that needs work. The market will reward the homes with a higher price point that are pristine and ready to move-in.
If a buyer decides to make an offer on a home with issues, it may be a low offer. Therefore, the buyer’s assumption is that they will need to spend lots of money fixing the house if they buy it. So there is a risk factor in this process, which is possibly “compensating” the buyer for spending their time, effort and money to fix these “issues”.
I hope you see the level of detail and time and effort I put into this candid article How To Select Your Real Estate Agent. I have become a Top Real Estate Agent in Crested Butte by providing my clients with information and insight. This helps my clients to make informed decisions. Some decisions are not always easy.
This article is an example of what you can expect from me as your agent.
How can I help you?
I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.
If you are Considering Selling Your Home in Crested Butte
Click HERE to get FREE Real Estate book by Chris Kopf, “The Complete Guide to SELLING Your Mountain Dream Home”
If you considering Selling your Crested Butte home and are interested in finding out what your existing property is worth – call me.
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties