Guys. If you are ever in the position to be selling a house--especially if your home is okay but meh--SPEND A COUPLE HUNDRED AND SLAP SOME NEW PAINT ON IT AND INSTALL SOME CHEAP HANDRAILS AND FOR THE LOVE OF EVERYTHING GOOD WITH GRAVY INSTALL THE DAMN SUMP PUMP!!!!
I have seen so many deals fall through because homeowners want to squeeze every last penny out of their home and spend no money. The thing is, to make money, you will probably have to spend a little, and here's why:
Some of the most common loans people get in the U.S. (FHA, USDA, VA) won't cover a home that has chipped paint or lacks hand railings or has an overly damp basement.
This means the pool of people who can buy your house has dramatically decreased. You are pretty much only gonna be able to sell to people who can pay cash for your house.
Now that might sound great, but if your house isn't spectacular that kind of person isn't going to buy it. The person who can afford to buy your house at $150,000 cash is going to go and get a loan and purchase a better house somewhere nicer with more property for $300,000.
You might be able to pull a landlord, who will want to rent your house out, and try to offer you $70,000 cash for a house you listed at $150,000.
So spend several hundred, or even a couple thousand and get your house fixed up so an appraiser will approve a loan, and you will
A. Sell it faster
B. Sell it for a higher price
Because if your house is on the market for too long (even if you've received offers) people start wondering what's wrong with it. And then you get less interest. So you drop the price. Then people REALLY start to wonder what was wrong with it. So you get LESS interest. And then you paint the house and install the hand-railings and the sump pump, but it's too late because people are all wondering why the house has been on the market for three months, and you end up selling what could easily have been a $150,000 house for (if you're lucky!) $120,000. And you still had to spend the money you didn't want to shell out in the beginning.
All because you didn't want to paint.
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