I showed four homes this afternoon in the Round Rock area. Thankfully, the buyers really liked the last one, so they may end up writing an offer very soon. We had just increased the price range about $20,000 in order to open it up a bit so that they would have more choices, since the initial round of properties were…less than desirable.
One of the properties today was pretty exciting at first glance:
- Good price
- Great curb appeal
- Solid location
Then, we started to notice some cracks in the otherwise perfect veneer. In this case, unfortunately, they were literal cracks – drywall cracks. There was one above a window in the bedroom:
“Well, it’s hard to know if that is anything problematic. An inspector could tell us for sure.” I said.
Then, we saw another crack under the window, and a large one in the bathroom. Now, it was starting to seem a bit worse.
The front and back doors stick.
The floor is noticeably slanting in the breakfast room.
And what is this? Along with the Realtor cards on the counter, there is a card here for a foundation repair company?!?
I am not a structural engineer, but I can clearly see that this house needs some work. Despite the obvious issues, the buyers were still seriously considering this one, until I spoke to the listing agent, who indicated that they did indeed have a bid to get the foundation repaired.
“It will cost about $7500 to fix,” he said.
I asked if the sellers were planning to repair this.
“No, we reduced the price to that level with that in mind. They won’t be doing the repair, so it’s up to the buyer.”
Wow. Really? In the age of difficult financing, and the disappearance of zero-down financing, you expect to find a buyer with an extra $7500 to spend on necessary repairs? In this price range?
Maybe it’s just me, but it would have been nice to know this before I showed up with my clients to see the house. There is ample space in the MLS remarks section to include this kind of thing. If nothing else, even if you do manage to find someone who is fine with spending the extra money, you have begun the agent-to-agent relationship with little integrity by trying to hide the problem.
I guess I’m glad that I took the time to ask about this, before we pursued an offer. Thankfully, we found another place that will probably be perfect, and won’t require them to drain their savings.