Home Selling in Parma>Question Details

R, Home Buyer in Parma, OH

I need to put a new roof on my house if I try to sell it, but my question is this:

Asked by R, Parma, OH Thu Feb 12, 2009

If I put my home up for sale, knowing that the roof needs to be replaced, can I say, "Will replace roof pending sale offer." So that we are not carrying the cost of the roof until we know the house is going to sell. I feel that this is reasonable do to the fact the economy is in the toilet. It's just that with other out of pocket expenses, and the fact the other mechanicles in the home are being updated, I feel that this is reasonable.

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I know this is a tough decision to have to make. The problem you are facing is perception. Understand that there a very large inventory of available properties in your neighborhood that you are competeing with. The Buyer has so much to choose from that unless your property is almost perfect, they will rule out yours in favor of another. Carrying the cost of the roof replacement is something that you have to seriously consider. Without doing it now, you may end up costing yourself thousands in the sale of your home.

Lenders are not willing to accept allowances these days. It's just not in their best interest to take a chance that even with it being in escrow, that the money is not used properly. You may find a Roofer that would be willing to accept payment from the sale of your home, but they may charge a premium for that or put a time frame on it and add interest.

Your best bet is to go ahead and have the roof done so you can have the best chance of selling for Top Dollar.

If you need assistance or have more questions, please don't hesitate to contact me. We do work in Parma and Parma Hts..

Sincerely,

David Wakeman
RE/MAX Classic
david@wakemanrealtors.com
1 vote Thank Flag Link Thu Feb 12, 2009
Look at this from a buyer's perspective.
First, buyers' expectations today are unbelievably high. Given the high inventory of homes, they can afford to be selective.
Next, the majority of buyers' will take on minor projects, such as decorating. They most often stay clear of major projects. A roof certainly falls under "major" project.
In the event a buyer is willing to purchase with the "pending new roof" option you would like to offer, you are now inviting them to make decisions on the materials and labor. Chances are, their wants will exceed your estimate.
Bottom line, 99% of the buyers will prefer the roof be completed. Also, as mentioned by others, if it's currently leaking, you're building other objections, such as mold issues.
Finally, unless you have the luxury of time, please consider working with a Realtor. The fact is over 80% of buyers work with agents. This is a network of professionals you should use to your advantage, especially in today's market.
If you would like referrals of top agents, please feel free to contact me. I'm currently not taking on new listings in Parma, but would be happy to assist you in finding the right agent.

Best wishes.

Colleen Rock - RE/MAX Crossroads
colleen@colleenrock.com
Web Reference: http://www.ColleenRock.com
1 vote Thank Flag Link Sat Feb 21, 2009
R,

You can certainly do that as just about anything goes in a RE transaction. But I would seriously consider having the roof replaced now if it is in need or close to it. If your home takes awhile to sell, or does not sell at all, then the roof could become an issue just for the safety and integrity of the home. Also, by advertising in your sale that the home needs a new roof you do have the potential for issues with your home insurance carrier if something were to happen down the road (before the sale). It could potentially be viewed as neglect of maintenance and cause you issues there.

As a Professional Real Estate Inspector I will now give you this view of the situation. A roof covering that is deteriorated will set off a lot of inexperienced Inspectors. If you're unlucky to get one of these Inspectors performing the inspection be prepared for a "Chicken Little the sky is falling" mentality and inspection report. These type reports have a tendency to scare the bejeebers out of buyers. You could potentially lose good offers and go through a great deal of stress in the process.

In my opinion it is better all around to have the roof replaced if it is known "that the roof needs to be replaced". I can fully understand the cost end of it and your current conditions there. Find several good, reputable roofers in your area. Speak with them about methods of financing the roof or various grant or aid programs available for these type issues. A good roofer keeps up with these type things as it helps them sell roofing work. You can also try roofing and contracting associations for these type programs. My WEB site has links to many associations and groups that may be able to help. Many of these associations have bulletin boards that you can post this type question on and potentially find answers from around the country.

Good luck on your situation and I certainly hope it works out for you. By the way, I hear Pink Flamingos have come back into style. But don't go overboard on them. Email me if you want to know how I understand that.

Sincerely

Emmanuel J. Scanlan
PS Inspection & Property Services LLC
http://www.psinspection.com
214-418-4366 (cell)
TREC License # 7593
International Code Council, Residential Combination Inspector #5247015-R5 (Electrical, Mechanical, Plumbing and Building)
Texas Residential Construction Commission, Third Party Warranty Inspector #1593
Texas Residential Construction Commission, Inspector, County Inspection Program
Texas Department Of Insurance, VIP Inspector # 08507061016
Hayman Residential Engineering Services, Field Technician
CMC Energy - Certified Energy Auditor

Knowledge is power, but sharing knowledge brings peace!!
Web Reference: http://www.psinspection.com
1 vote Thank Flag Link Thu Feb 12, 2009
My question to you would first be... if you weren't looking to sell your home, would you get your roof fixed or would you let it deteriorate your ceilings and/or walls? My guess is you would get it fixed, so why wouldn't you do that anyway? And, since the media has created such a perception with buyers that it is "such a buyer's market", home buyers are looking for the best home for the money. When buyers go into a home and they see things that aren't appealing or they see items that need repair, they start to think to themselves "what else is wrong with this place?". Don't give buyers a bad impression about your home!

But...

To answer your question, yes. You can offer either a credit to the buyer to have the money escrowed and they fix the roof after title transfer. Or, you could negotiate that as part of your sale that you the seller fix it, as the buyer's inspector would probably indicate that there was a roof leak anyway.

Good luck to you on your home sale!

Art Hotes
RE/MAX Classic
Web Reference: http://ArtHotes.com
1 vote Thank Flag Link Thu Feb 12, 2009
You could list it with an "allowance" to the buyers that would cover the cost of the roof. Get a few bids from roofers and then talk to your Realtor about including the allowance with the listing.
1 vote Thank Flag Link Thu Feb 12, 2009
You certainly can wait for an offer to do this, but you will most likely get a lower offer than if you replace the roof first. It's a matter of perception to the buyer (this house is taken care of vs. this house needs work).
0 votes Thank Flag Link Sun Mar 8, 2009
I do not have time to read everyone's answer, but wanted to respond quickly....

How do you know that the roof needs replacing? Did you have problems? Water damage?
If not and you just think the roof is old etc., have a reputable roofer, preferably the one who put it on, check it out on your behalf, often they will do minor repairs if necessary --- and if that has been done and the roof can withstand bad rains Snow and ice damming..... then you could do that or give the potential buyer a credit at closing for a new roof (so get several estimates from area roofers, to have a better idea what to offer for it)

If on the other hand your roof is so bad that you are running the risk of water damage inside, mold in the attic, ice damming after heavy snow fall, then possibly putting on a new roof would be a good solution whether you sell now or later....

So you need to get the estimates.... you need a roofer check it out and possibly they can do some minor repair work..... and then go from there....

If the roof is not too bad you can certainly offer a roof credit at closing of a certain amount.....

But have a certified roofing company give you there best input.

Do you know how old your roof is? 2 layers or more?
Hope this helps
Edith
0 votes Thank Flag Link Thu Feb 12, 2009
The Parma market is certainly an interesting one and I understand your dilemma. You have to look at this from the buyer's point of view. Last night we had 40 mph wind and torrential rain. A roof that is known to be bad may cause more damage over time than currently exists. If there is additional damage, you are just ratcheting up the total cost down the road. There are still over 450 homes for sale in the city, many with those improvements already made. A buyer would be wary of mold or water damage in the attic if the roof is disclosed as being faulty.

Perhaps having the roof inspected NOW would be the most responsible route to take. Let the roofer decide if there is any water intrusion, wind damage and so on. Have the report available along with the other disclosures for the buyer. You may then be able to replace the roof with an accepted offer.

Since you are replacing other mechanicals as well, and didn't mention whether the roof was old or actually leaking, I'm curious whether this is an estate or whether you are a resident of the property. In Parma especially, the neighborhood will also determine how much of the out of pocket expenses will be recouped. North of Snow, South of Snow, Parma Circle etc..

I would recommend an inspection of the roof at least to see exactly how much life may be left in it.

Feel free to contact me through my website or e-mail if you would like particulars about your neighborhood.
Web Reference: http://www.bobkienast.com
0 votes Thank Flag Link Thu Feb 12, 2009
R,

Is the roof leaking? Is it a major problem?

The home is what it is..... their offer should take into consider the overall condition of the home including the roof. We recommend making no reference to it. A professional inspection is part of the buying process and will address the age and need of the roof.

On the other hand if it's leaking and in very bad condition, you may want to consider having the work done.

Good luck
0 votes Thank Flag Link Thu Feb 12, 2009
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