Hello Adlbray, I'm a WI licensed real estate broker (just mentioning that to qualify myself, not trying to prospect for your business, I generally only handle my own RE investment project listings and don't work with buyers/sellers otherwise)
Now, first off my question for you would be is your home listed for sale with a licensed real estate broker or agent or is this is FSBO? (for sale by owner-and nothing against FSBO's vs using a broker, just looking for relevant background info) If you're using the services of a broker or agent, I'd certainly want to hear their opinion on this matter and either using a broker or trying a FSBO, it really comes down to where you stand as far as how long your home has been on the market, have you had any other formal offers or even just any at least fairly serious interest from other serious buyers?
That metric really determines a lot here, it tells me if your home is a home that's in demand and will likely or even very likely will find another buyer or multiple buyers in short order, or would it likely linger on the market for months or even many months and be lucky to attract even another single serious offer? If you have, had or very likely will soon have other seriously interested serious buyers, then the "ball is in your court" whereas if this buyer is and has been the only truly seriously interested buyer to come along in a fairly long or very long period of time, then its the complete opposite, the "ball is in their court" and whoever's court that proverbial ball is in is who is really in position to call the shots here.
Also, another very relevant point here is your position with needing to get this home sold. Are you in need to sell or maybe even downright desperate to get this sold, maybe due to a out of state job transfer that's coming up fast, or maybe its quite the opposite, where you have the ability to sit this one out and wait for months or even as long as it takes, people put their personal homes and other property like investment property up for sale for all sorts of reasons. Sometimes it might be someone who's in no rush at all to move, but they've seen some recent and surprisingly high comparable sales right near by, so they figure why not give it a shot and put our place up for sale at a pretty high asking price and see if someone bites? If they do, we'll be more than happy to take that unexpectedly large pile of cash and move someplace else! Other sellers can be in the tough position of getting to the point of being downright desperate to sell.
So, after all of that build up, here's one more angle to add, assuming that your potential buyer has submitted a formal offer, did they include a "home inspection contingency" in their offer? Or have they submitted any formal offer yet? Here in WI when a buyer submits an offer with the home inspection contingency (VERY common to include in any offer to purchase in what we call "retail sales" (non-foreclosure, short sale or otherwise distressed home sales) ) that entitles the buyer to hire at their expense a WI licensed home inspector to come and perform a home inspection, which usually is a very thorough, top to bottom, detailed look at your home, its mechanical systems, structure, roof, windows, etc, etc within a specified period of time after acceptance of the offer and although it isn't ridiculously tough to get licensed as a WI licensed home inspector, most of them that I've dealt with are very qualified to perform inspections, although some are better than others in certain cases, such as older homes for instance where I've seen some inspectors who are incredibly well versed in older, even pre-1900s homes, while others are still generally qualified, but not experts on older homes for instance.
Well, the home inspection contingency can offer the "right to cure" or not, if the buyer allows you the seller the "right to cure", then if the inspector finds any major or relevant issues that need addressing, you have the option to have those repairs made (to a professionally acceptable standard) and whether the deal continues forward or not is up to you, the seller. If they don't offer the right to cure, then pretty much any major or even fairly serious issue found by the inspector basically instantly hands the buyer the option to cancel the whole deal right there and the seller will almost certainly have to refund the full amount of earnest money to the buyer.
So, before I write you an entire book here, what I'm saying as well as asking with my various questions here is basically who is holding the cards here? If you feel confident you'll have another buyer come along within your time frame to sell, feel free to tell them to shred their list and have a nice life! If its the opposite and this buyer is your only hope with time running out, then maybe you need to bend to their demands, or maybe its in the middle somewhere!... more
The internet and virtual tours have made traditional open houses an antiquated way of doing business. However, I have sold homes through an open house simply because I have posted the open house on various internet sites, and the buyers of another agent visited the home and afterwards an offer followed.... more
I love Fox Point. I am still getting used to a place with no sidewalks as I was on the east side of Milwaukee for years. And no street lights to walk the dog by. That is not great at this time of year. That said, there are very good values in Fox Point. If you want a ranch home, mid century, there are plenty to look at in Fox Point and just over the boarder in Glendale. Municipal water and sewer is also a plus - I have buyers who dislike parts of Bayside for that reason. It is close to the city, you can get a larger lot and have some space between you and your neighbors. Great schools, easy access to the freeway and more. It is Tree City. Also taxes are lower in FP - at least for now. And the guys who pick up your garbage and wonderful! If you are a runner, there are loads of paths to take including the challenge of Beach Drive's hill or Doctor's Park. Hmmm. Guess I like it.... more
The upgrades need to be done and if you can do much of the work yourself, your return on investment will be better. Consider the maximum amount of money you want to put into the home and add that to the price you think you can offer and will be accepted and calculate the square foot price. For Fox Point, location and lot size has an impact on this number. Without knowing that I cannot say if you should stay around $125.sq ft or can go higher. Have you looked at several homes in Fox Point to get a good comparison?... more
One of the things you will want to research regarding any Condos you may want to purchase, is whether the Condominium Bylaws permit an owner to Rent the property.
I have a Buyer right now that wants to buy a Condo, and rent it out when they are not here, and I have been finding it difficult to find ones that would allow it.