Shopping for a Fixer Upper Home in Sedona AZ
It could be your finances or the excitement of accomplishing it all on your own, however you are looking in the Sedona AZ Real estate market for a diamond in the rough. Be aware though many are in a condition that will not be eligible for a mortgage until they’ve been repaired.
In the Arizona real estate purchase agreement, make sure that you include the provision for a home inspection for structural condition, problems and potential problems. This isn’t part of the appraisal, this is a much more detailed look at the condition of the Sedona home. A property inspection ascertains the wellness of the house you are acquiring in Sedona. Regardless of whether it is a bad roof, leaky plumbing or termite damage, a professional home inspector will locate the problems which will give you a better understanding if you want to take on the home repair project. After the home inspection, you will receive a listing of what requires to be repaired or swapped out.
Should you be fortunate and you find no big problems in the Sedona house, just minor ones. Perhaps the carpet is worn out and needs replacement or the deck needs a little work. New paint and fresh air could be just about all it needs.
Small, cosmetic issues are typically not enough to frighten away loan providers, yet could lead to negotiations between the purchasers and vendors. Unless you have done that before, you may find a Realtor from Sedona is very helpful in negotiating the sale of the Sedona home.
If you would like certain things remedied by the seller, like the mailbox fixed as well as the terrace painted, make sure it is within the contract. If it is, the seller must perform the repairs. You may alos have the appraisal include the repairs from the contract. This tends to assist you when acquiring a bank loan from the mortgage lender, as lenders will only provide loans on the lesser from the appraisal or purchase price.
The seller could ask to accomplish the repairs after final close of escrow. Many buyers simply ask for the seller’s concession. As an alternative to installing a $5,000 carpet in advance of closing, the seller agrees to lessen the purchase amount by the $5,000 it’s going to cost the buyer to put in brand new carpeting.
Please call or email if you’d like assistance in finding your Sedona home or the “Diamond in the Rough”.