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Orchard Lake : Real Estate Advice

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  • Home Buying1
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Activity 3
Sat Mar 12, 2011
Tee Williams answered:
I recently learned that FHA has a Co-Borrower Non-Occupant program. This may be exactly what the father needs to buy the condo for his son.
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Sun May 18, 2008
BJ answered:
I wouldn't make the investment. Given how soft the market is, there is no guarantee that you'll get what you put into it. Reflect the needed improvement in your price. Price it right. Maybe offer some concessions? But don't put money into the kitchen just to sell it. We're looking right now, and I'd rather find a home that fits our needs, but we can improve upon over time. Not to mention, your tastes may not be the same as a prospective buyer.

Not everyone will agree with me on this, but I have talked to many people that were advised by their agents to make improvements, and then just ate the costs. Keep in mind, in a declining market, the longer your house sits, the less those improvements will be worth.
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Mon May 19, 2008
smith3gary answered:
Jim, This is one of those questions where you need to know what competing homes are offering. If they all have updated neutral kitchens then updating your kitchen might be a good option. On the other hand, if none of the competing homes has an updated kitchen and you pay a contractor for all work, you probably will not get a 100 percent return on your investment.

Some alternatives.

Decrease the price of your home XXX dollars and market the home "as is"

Get 3 estimates (those are free) from local companies. You would then be able to place copies with paperwork about the home while selling and offer XXX dollars from your proceeds (the buyers money) be placed in escrow to be used for remodelling of the kitchen by the new owners.

Your agent would know how to word the listing to protect you from an extremely low offer.

Before doing anything other than getting some estimates, I suggest you either interview 3 local agents or have a not for refinance appraisal done on your home. It may be that the numbers you get will be in the 325K range. (just throwing out an extremely low figure) and it may be to your advantage not selling. Better to know in advance.
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