When you’re dealing with a damaged home being sold, know that the seller is responsible for fixing the damage. If possible, the seller should postpone listing and marketing the property until the repair work is complete.
Keep in mind that lowering the sales price is sometimes a smart option. In the South Florida market, we’re seeing real estate inventories rise as buyers have more potential homes to choose from. Lowering the listing price allows you as the seller to sell your home quicker. The longer the property is on the market, the worse of a bargaining position you fall into and the longer you’ve been paying mortgage and utilities on a property you no longer want.
If you are the buyer of a “fixer-upper”, don’t go cheap on inspections. A licensed contractor that inspects the home before the sale is complete will find problems that can save you thousands of dollars in the future. For example, in Miami there are many qualified inspectors – ask for a referral from someone you trust.
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