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16 Mar 2017
What if you want to buy a house that needs a new roof? This might be a simple question, but the solution can get complicated. Here are your options if you find the ideal property in the right location but the house needs a new roof.
First, you could negotiate your best price and after closing have a roofing contractor put on a new roof, assuming you have the cash to do that. Depending on the total square feet, that will cost $12,000 to $18,000. Second, if your lender requires a new roof before they will fund your loan and close (because the roof has less than two years left), you could have a dilemma. But there is an approach that often works, and it’s an approach I used for the sale of the home in this photo.
This home has two roofs that are full of moss, and the roofs are 38 years old. The buyer’s lender required a new roof for both houses prior to closing. So then the question is, “Who will pay for the roofs?” A buyer isn’t going to put money up prior to closing to repair the roofs, and a seller isn’t going to advance money to put on a new roof before closing. There’s always a possibility the buyer won’t close, so a seller doesn’t want to risk it, and the seller may not have the funds anyway.
In this case we simply raised the price by the amount of the roofing contractor’s bid to a new roof on both houses (one roof is the main house, and the other roof is the guest house above the shop). The total roofing bid was $28,000, so we raised the agreed selling price by that amount, and we hired a roofing contractor to do the work prior to closing. Since the roofing contractor has a 10 day grace period to pay his roofing supplier, the roofing contractor could do the work and get paid out of escrow at closing. That way neither buyer nor seller had to come up with the funds to put on a new roof.
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I am an experienced real estate buyer, but I am not from the Sequim area. I am somewhat flexible, realistic, but also particular. So the question was, “how do you choose the RIGHT real estate agent?”
I made my appointment with Chuck on a Sunday morning in March, 2013. He showed me 5 houses. Every house he showed me was within my parameters! I was amazed: a real estate who listened, did his research, and didn't waste my time showing me houses I would never buy! I made an offer a few days later. That was the easy part…
Buying a house is always a stressful time in life. Advice to Buyers: choose an agent who is competent, communicates well, and has exceptional follow-up and follow-through! You will spend a lot of time with your agent during the process. Choose someone likable. Go with your gut. I got to know Chuck during the process, and he's a great guy!
You need an agent who is competent to handle and help you negotiate the issues that come up during disclosure, home inspection, appraisal, etc. Chuck's competence is superb! I got truly professional, sound, straightforward advice.
Chuck's communication skills are exceptional: phone, email, fax. He has a wonderful ability to stay "on-point" with what is actually important and doesn't lead you astray on issues that aren't so important.
Chuck's turn-around time on questions, issue resolution, etc. was virtually always within 24 hours. He follows-up, follows-through. He does what he says he will do timely. This relieves a lot of Buyer stress!
Having a difficult time finding the right agent? Simplify your life! Choose Chuck Marunde. I did. [Name withheld by request]
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