Let’s face it – California is an expensive place to live.
And with some of the highest home prices in the country, coupled with the average
American’s lack of savings, it can be a stretch for buyers to come up with a
down payment and closing costs. And when they DO have enough for the down
payment and closing costs, very little is left to perform any repairs or make
any upgrades. For this reason, most homebuyers today are looking for a turnkey
Most homes that come on the market need of some degree of
cosmetic repairs: it may be small (for example, a fresh coat of paint) or it
may be large (like a complete bathroom or kitchen remodel.) Either way, the
cost of repairs are too much for prospective homebuyers to take on and, quite
frankly, most sellers do not have money on hand to perform the necessary
repairs and, therefore, cannot get the most money possible from the sale of
Well, my company is in a position to help with that dilemma. One of several special programs we offer is our exclusive Cosmetic Repair Program! With this program, my broker can lend you the money to make the repairs needed to achieve the highest possible selling price. The best part is that the loan doesn’t need to be repaid until the close of escrow (there are some small upfront costs/interest payments that need to be paid before and during the repair phase.)
But that’s not all! If major repairs are needed, we can even
provide money for temporary housing and furniture storage while the work is
being performed. We will recommend some great contractors to perform the work
and we will manage the project through completion – we want to get the home on
the market as soon as possible.
Let me give you an example of this program in action:
One of my clients, Tess, reached out to me one day to ask if her house could be sold “as-is.” Usually when someone is looking to sell something as-is, it’s not in the best shape. Well, her home was no exception – in her 41 years in the house some additions had been made that weren’t properly done plus she had been laid off from her teaching job for quite some time so the regular maintenance of the home wasn’t being done. When I arrived, I noticed right away that the laminate flooring was buckling, there was a large crack in the ceiling, kitchen cabinets were sagging, and the master bath was an utter disaster.
So we sat down and I told her she has two options: one, we could sell her house (or my broker would buy her house) for around $400,000 as-is OR two, since she had plenty of equity in the home, we could lend her the money to fix it up and sell it for around $550,000. After we began the renovations, another bombshell was dropped on us – Tess was several months behind on her mortgage and facing foreclosure. No problem, we simply paid her past due mortgage payments and continued to pay them up through the close of escrow.
Here’s Tess talking about her experience: Tess’ Interview.
Honestly: which version (Before or After) of her home would YOU want to buy?
After the renovations and staging were done, we realized we could ask even more for her home so we listed it at $575,000 on a Friday and held Open Houses that weekend. By Monday we had received 8 offers and went into escrow at $596,000!!! Without the repairs, Tess would have walked away with approximately $46,000 but, thanks to our Cosmetic Repair Program, she walked away with over $200,000 in her pockets!
Here’s a brief look at the program: Cosmetic Repair Video
So if you are thinking about selling but your house is in need of repairs, please call me and we can discuss your options.