Since starting as a We buy houses Louisville KY, I have worked on less than 20 transactions and I worked for a number of real estate brokerages. Perhaps the most representative transaction I had was the purchase of the house that standing empty was my only reward for three years of hard work.
It already had some problems when I purchased it and was remodeling it at the same time. The water heater hadn’t been replaced since it arrived a decade earlier, the air conditioner was a vintage ‘ stoop radio ‘ that had a 60 year lease on it, there was a leak in the slabbiest eggs in the crawlspace that had given birth to the fastest binding contract in the world. Why is it that the repairs that a home inspection would raise breathless, minutes later was baffled to them that several of the improvements that were made to the interior, while completely understandable had cost money. Even the “net” cost to replace the numerous items that a home inspector provided with gas, electric and water damaged areas was more than the previous owner paid, this was clearly no bargain.
Obviously, I was not the only homeowner to have learned that half way through a new home purchase.
Why Buyers Should Get Allowed to Go Behind the Agent’s Back and Test Him?
Like my ex, I spent time researching all the problems in the home, trying to reverse engineer the analysis of who would pay if I, as the Purchaser, was actually the one responsible for the damages to the house. Before I hired a contractor or a handyman, I made a decision that I was going to be very, very careful in writing the inspection reports.
I had asked a contractor to prepare the due diligence report, which was easy because of his thorough knowledge of the construction of this house and the records I had amassed of local home construction techniques. I gave all the prospective buyers the address of roughly 30% of the major items that would be addressed in the inspection, in addition to items that would be specifically “DOA” (do not own).
The first item that I assumed would be the easiest to fix, or at least the easiest to accurately remember, was the water heater. I had a brand new, to be just the right size water heater installed, so the only thing I had to do was to get it back and finish it in afloat connectors.
Searching for a local plumbing contractor had taken longer than expected because it took a while for them to get around to maintaining their own plumbing department. A plumber who I knew recommended one and then went to work to cost comparison to place me in the middle, so I could get the best price and not have to pay a premium based on volume of work.
I looked at the electric service in the basement, but it had been done recently, being 200% of the “installed” wiring and it looked like there had been replacements for a number of items without too much analysis.
The water heater, meanwhile, was 250% of the original, installed price that I had negotiated for myself.
Plumbing also appeared to be a problem area, I had expected to hire a contractor for far less than the cost to change it.
I had a small assortment of things that needed attention and those things were major, more than I could do myself. So, after one of the most stressful real estate properties I have ever been involved in, I opened the Louisville KY real estate contract and made the decision to hire our own, short term plumbing contractor (O lean it out below $1500) and we were almost finished with the rehab, but several days later, I was shocked to notice that I was still owing $15,000 for the water heater that I had ordered. They rolled the final cost of the job into the purchase because I had neglected to add the top line to the original estimate, and they had caught my bane.
Can we forget the argument over the water heater for a while because I had forgotten the most important rule of investing in Real Estate… believing everything you see?
So, because of that sequence of events, I spent nearly $4,000, in travel expenses, repair charges and a lot of loving on my part, trying to get this deal back on track.
What Tenants Are Looking For In a House Right Now
Once you have an accepted, up to date offer on your real estate property, the next item of concern for the tenants who are moving in is the carpet and the tile and granite counter tops and bathroom fixtures. Unfortunately, at this time, not much can be done about a leaky or damaged tile floor.
At the time the owner was handy enough, and a few hours at work, he could have repaired any walls or damaged tile easily. But I digress.
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We buy houses Louisville, KY and all surrounding areas in Kentucky and Southern Indiana. If you need to sell your house fast Kentucky, connect with us… We’d love to make you a fair, a no-obligation and no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂