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I saw the Buy Me episode tonight and they had a family in CO that was moving to TX and their house was very out dated. They had a contractor come in, make improvements to the home. The agreement was, when the house sells, the buys is gtd the original purchase price, anything over that pays for construction costs and anything over that is split between the contractor and home owner. Have you heard of this before? I think it's a great idea for someone who doesn't have the know how or money and needs updates to be competitive, but I'm sure there's a downside I'm not seeing. Anyone have thoughts? No, I'm not thinking of doing this, just haven't heard of it before. A new "twist" on the flipping thing?
Arachnoleptic! fit (n.): The frantic dance performed just after you've accidentally walked through a spider web. |
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i've not heard of it - why not price the house to sell at the dated version or do minimal work to update certain things....
~~~becca~~~~ GO BUCKEYES!!!!! |
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I saw the same episode & thought it was odd too. I agree w/ Out on a Limb. Why not price the house low enough to allow the prospective buyer to make changes? But I believe the seller did not want go below a certain amount & so they priced it high enough so the cost would cover the reno work & for the seller,contractor, & real estate agent to make a profit.
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I love that show and sorry I missed this episode.
I have never heard of this either but that doesn't mean it hasn't been done before. Was the contractor a friend of the homeowner or someone that has done work for them in the past? I would be very cautious in a deal like that unless I knew the contractor and if deals were done like that before. Check with a Realtor before you make a final decision. This message has been edited. Last edited by: pattyluvspizza, |
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