Q: Something is amiss with the townhouse I have been considering purchasing for two weeks. The 1986 townhome has been on the market for months, and granted it is immaculate, but, it is almost 100 percent original. Plus, it has termite infestations. The termites are not just in the front eaves, but also the back eaves and a third-story window framing. My buyer’s agent reminds me that the cost to remediate termite issues is “a moving target.” The termite report repeatedly states “NOTE: If infestation extends beyond area noted at the time of inspection, a supplemental report and cost estimate would be submitted.” On top of that, there is a recent sale of a remodeled townhouse in this community which had a lower closing sale price. The seller’s agent asserts his seller feels this townhouse is worth more because it is a back-row end unit. This seller priced his out-of-fashion townhouse encumbered with termite damage higher than the renovated townhouse that just closed in the same community. The townhome is walking distance to my children’s school. But, how does one buy a property with this many obstacles?
A: You can start by writing up a purchase offer. Don’t be one of those homebuyers who is waiting for a property’s list price to drop. That is akin to a seller selling a property with termite infestations in multiple locations. Buyers should write and submit offers before someone else does. Conversely, even in a white-hot seller’s market, I recommend sellers seek and secure the almighty Section 1 Termite Clearance by achieving an infestation-free property. You’re dealing with an unrealistic home seller, all right. He is sending his seller’s agent into a series of “gunfights” armed with an immaculate set of 1986 “steak knives.” Home sellers are unnecessarily instilling buyer hesitation and seller insincerity by presupposing homebuyers take on post-sale termite repairs. Overpriced, under-improved properties that are home to termites are the last properties to sell in any market. Study the remodeled townhouse that just closed. Write a cover letter with your offer stating all the upgrades that home has that this one does not. Since he’s not listening to his seller’s agent, he needs to “hear” it from a ready, willing and able buyer. Let that buyer be you.
Know someone who is thinking of moving? Realtor Pat Kapowich provides turnkey services including relocation, staging, market analysis and strategic planning. 408-245-7700 or Pat@SiliconValleyBroker.com. …
Source:: East Bay – Lifestyle