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Staging could land sellers in trouble

by Allison Simson & Joyce Nenninger

Staging could land sellers in trouble

Avoid crossing line between fix-up, concealment

Question:  Allison, we’re preparing our Keystone, CO home for sale and wonder what we should do- and how much we should do- to make it look as good as possible.  We don’t have a lot of money to put into any major repairs and are looking for “quick fixes”

Answer:  Good question!  Fixing your house up for sale is highly recommended in the current market if you hope to sell within a reasonable period of time and for an acceptable price. Today's buyers want turnkey houses that they can move right into without having much work.

In addition to repairing defects that might turn a buyer off, your house should be clean, tidy and look attractive. From a marketing point of view, most homes contain too much furniture and knickknacks that make it difficult for buyers to appreciate what the place has to offer. If your home is too personalized with your own belongings, buyers might have difficulty envisioning living there.

To enhance appeal, many sellers hire a stager, which is a decorator who specializes in presenting homes for sale. Stagers help rearrange furniture and artwork. They also recommend work that needs to be done, such as painting; suggest what should be removed; and bring in furniture, house plants and accessories. The point of all this is to generate enthusiasm for your home. Real estate agents prefer to show homes that look great. The more showings your home receives, the higher the likelihood it will sell.

Turning your home into a showcase makes good sense. Just make sure you don't cross the line between fix-up and concealment. Seller disclosure laws vary from state to state. However, the trend over the last decade or so has been to disclose material defects.

Sellers often fear that if they tell all about their homes, it will keep it from selling. Or if the house does sell, the price will be low. This is usually an overreaction. Buyers prefer to know about defects before they buy a home, not after.

Put yourself in the buyers' shoes: Would you rather know before or after closing that the basement floods in heavy rainstorms? If you receive advance notice, you can research remedies and find out how much it would cost to keep the basement dry. This could result in a buyer asking the seller for a credit or modification in the price. The seller can decide whether to grant a concession.

However, sellers who paint the basement walls and floor to conceal signs that there was water in the basement could be in for big trouble. One seller finished a basement room with Sheetrock walls and a carpeted floor and staged it as a den. The first time it rained after the buyers moved in, the den was so water damaged that it had to be torn out. The buyers sued the sellers and won.

HOUSE HUNTING TIP: It's a good idea to make a list of all the defects you are covering or correcting before you do the fix-up work. Taking before pictures is not a bad idea. Then make sure the prospective buyers have the opportunity to review your list before they make an offer. This way, the buyers have a good idea of the property condition before the seller accepts your offer.

Sellers often wonder what they should disclose. Generally, if you're wondering whether you should disclose something, it's probably something you should disclose.

For instance, if your house sits on clay soil, cracks may develop on the interior walls as the soil expands and contracts during the wet and dry seasons. You might decide to paint the walls before selling the house so that it shows nicely. If so, you should also disclose that stucco cracks appear from time to time and that you recently painted the interior.

THE CLOSING: Consult with your real estate Broker or attorney if you have any questions regarding what should be disclosed. Copyright Inman News 2009.

 

For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Tuesday Morning Coffee ~ Only 92 days left for tax credit

by Allison Simson & Joyce Nenninger
Happy Tuesday to you!  What a gorgeous week we have in store. I hate to admit it, but the aspen leaves are starting to turn in some areas! I hope you will have a chance to spend some time in Summit County this fall to enjoy the splendor!
   
ONLY 92 DAYS LEFT!   Taxpayers who haven’t owned a principal residence during the past 3 years and purchase a home before December 1, 2009 can receive a credit of up to $8,000 on an amended 2008 tax return or a 2009 return.  Yes, that's right, you  can amend your 2008 return and get the refund right away- without waiting to file for 2009. Give us a call or visit IRS - 1st Time Home Buyer Credit for more information.

Ah, Labor Day is almost here…a day to relax and savor the end of summer and the last long weekend of sunshine and fun, right?  This may be how most of us see Labor Day, but it is far from its true meaning which dates back to the height of the industrial revolution.
 
Labor Day was originally established as a day to honor those who toiled 12 hours a day, 7 days a week to keep America running in the late 1800’s.  There are 2 versions of who created Labor Day.
 
Peter J. McGuire, secretary of the Brotherhood of Carpenters and Joiners and cofounder of the American Federation of Labor suggested the day be put aside to honor those “who from rude nature have delved and carved all grandeur we behold.”  The second Labor Day creation version involves Matthew Maguire, secretary  of the Local 344 of the International Association of Machinists who proposed the holiday while acting as secretary of the Central Labor Union in 1882.  Maguire planned to have a picnic and demonstration in honor of American laborers. 
 
However, you choose to spend your Labor Day Weekend, we wish you a safe, fun weekend!

Remember: “The miracle is this – the more we share, the more we have” Leonard Nimoy
 

 

Warmly,Go Green 2

Allison Simson, Owner/Broker
Lynn Sustad, Buyer Specialist
Kelie Gray, Buyer Specialist
Anna Willis, Buyer Specialist
Kristi Warner, Client Care Manager

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Summit Real Estate
The Bright Choice
330 Dillon Ridge Way, Suite 10
Dillon CO 80435
970-468-6800
800-262-8442
Fax: 970-468-2195

Allison Simson, Owner/Broker, is a licensed Colorado Real Estate Broker