Tag: old homes

Does “AS-IS” really mean “AS-IS”?

Posted on by Living Room Realty

Agents and Buyers perk up…..

We currently have a house listed in North Portland that needs about $100,000 in work.  The home is cute on the outside, good location, nice curb appeal, etc.. On the outside, it looks might it just need a new roof and some new paint.  But on the inside it’s a train wreck.  It needs EVERY SYSTEM replaced. Plus, it has a leaking underground oil taken and busted sewer line.  We marketed the house stating all of that – train-wreck-house – beware.

Here is my pet peeve.  We marketed this house “AS-IS” – meaning the seller is not to do any repairs.  I even wrote the following in the private RMLS remarks: “House is AS-IS (for real). Needs MORE then elbow grease. Please see attached addendum for list of known repairs w/numbers. Do NOT write an offer if you plan on asking for something. If so, this is not your house – move on.”

Today we received an addendum asking for $13,000 in credits from the buyer’s agent.  The buyer’s agent stated to my partner over the phone – “We’ll you do know that AS-IS is really never AS-IS?.  We all know that no one abides by that.  Come on… this is real estate.”   ———–    (ummm… that’s the attitude that leaves a bad taste in one’s mouth.)

Here’s the deal.  We believe in integrity.  Our words hold weight.  All you have in life is your WORD, so make it count.  If you don’t make your word mean something then people will never trust you.

If I write or say something is “AS-IS” then that is my word.  You can ask all you want, but that doesn’t change what was clearly stated.

Integrity and Word.  They go together.

Don’t Take the Sellers Word Regarding Warranties —

Posted on by Living Room Realty

Every time you make a big-ish purchase — like a TV, home appliance, furnace, new windows, roof, sump pump etc,  — you’re offered an extended warranty on the product you have purchased. The extended warranty covers repair beyond the manufacturer’s warranty expiration date, usually by a couple years, but it requires an additional fee.  Most of us turn it down, unless a past experience reminds us that we ‘wish we would have purchased one’ when our dryer died on month 13.

If you’re moving into a house with existing appliances or newer systems, make sure you or your buyers agent looks into the warranties that the seller believes are set in place.  Recently, my buyers were under contract on a home that had a sump pump installed by Terra Firma.  The seller understood her warranty on the system to be 10 years from the time she had it installed, an added ‘perk’ to the sale that “clearly should add value to her home”.  Unfortunately, when I called the company to get the paperwork on the unit and read the entire contract (two pages of small type), the unit was under warranty for ONE year (which is normal).  The seller would have had to have paid an additional $3000 for a 10 year warranty.  Something she opted not to do (but didn’t remember). As such it is important to have the contacts of repair shops where you can approach people to repair your dishwasher, fridge, pumps and everything in between. It is important to be independent in such matters because sellers cannot always be believed.

Had we not caught that fine detail, my clients would have purchased a home with only one month left of coverage on a unit that pumps water from a basement and we were heading into fall rain. There is nothing like feeling like a sucker if something goes on the fritz right after you move in.. Besides, you have plenty of other expenses when buying a new home. The last thing you need is to replace an appliance you thought was in good working condition.

We negotiated a 10 year warranty.

Now I can sleep better.

Check the paper work and warranties that you are offered.  And if there is NO paperwork, then call the companies that did the install.

Selling a Home with Tenants that are Uncooperative

Posted on by Living Room Realty

Nothing says “don’t buy me” more than a rented listing with tenants that are grumpy, uncooperative and live like slobs.  If there is a chance to list a property as VACANT, before you re-rent and allow new tenants to move in, sell it as vacant.  If your tenants are uncooperative, it may be better to offer them an early release from the tenancy and pay their moving costs.. Some tenants prefer to choose the timing of their own move over the uncertainty and disruption of the sale process. You will be missing out on the rental income, but you might be able to sell for a higher price with the property unoccupied and staged with nice stuff.

 

It might be a win-win for both sides.  Let’s face it; most tenants facing the sale of their ‘home’ are likely to be less than happy about the process. An unhappy tenant can cause some serious grief for you and your agent, potentially hampering the sale process and impacting on your profit.

 

Sell it when it’s VACANT.

A Shout Out to Another Agent —–

Posted on by Living Room Realty

Real Estate Can be Transaction Based or Authentic Based.. Or BOTH.

I never knew when I got into Real Estate that so much of a REALTORS® job hinges upon the agent on the other end…

Just as important as the underlying sales contract which was signed in ink, is an ongoing social contract between the buyer’s agent and a listing agent.  As realtors, we don’t get to choose who we get to work with.  Our clients choose us, but we don’t choose the other agent. Expectations for how we will work together: norms for communication, decision making; how unforeseen events will be handled; dispute resolution; conditions and means for renegotiation; and the like are unknown from the start (unless you have worked with that agent in the past).  Sure, we are required to work from a code of ethics, but there are still some rotten apples in our industry, agents with BIG ego’s that are unresponsive, inflated, over-confident or lazy.  Most of us that have been doing real estate for awhile have an “A” list of agents we love, and a “D” list.  Some have “F” lists too. Thankfully, mine only has three names on it.

The best real estate agents follow the common goal of closing on a home but also have a clear focus on being genuine to one another. In a genuine relationship, both parties are responsive to each other regardless of the situation. Both sides can negotiate their clients needs – but do so fairly.  A transaction can become more personal when an agent takes the time to share a fuller picture of their client and their client’s fears. Building authentic relationships in real estate is not complicated, but it does take patience and a shift in focus. Instead of measuring success by the number of deals closed, we can measure it in smiles and gratitude.

I have another “A” agent to throw onto my “A” list.  Charity Adams.  She worked hard to facilitate a safe environment for her client to feel heard.  My job was to listen.  The result – A happy buyer and a happy seller.

Hello Craftsman

Posted on by Living Room Realty

My dear friends, Klaudia and Trevor, scored this beautiful old craftsman in Piedmont. Having spent the past few years completely renovating their previous home they were very clear on what they were looking for when it came time to scale up. We saw a select few, and really lovely, properties over a couple of months but this beauty was the ultimate winner. Check out the detail on the original buffet, it’s swoon worthy. Congratulations you guys!

 

If you are interested in making a move to a gorgeous home, give me a call!