Bob and Suzanne had lived in their home since the 1970s. They had always said that when the nest was empty, they’d move to the beach, or maybe get a loft uptown. They had taken great care of the house over the years, and had updated so that when the time came to sell their realtor thought they would get a great price, and quickly.
The house, in an established neighborhood with lots of trees, a neighborhood park, and great schools, went on the market and they were overwhelmed with people coming though. They were lucky enough to have several people make offers, and they were thrilled when they had a contract in just a week. They made an offer on a condo, without any contingencies since they had such a great offer and so many people wanting their house.
The buyers wanted an inspection, and that was the beginning of the end for Bob and Suzanne’s dream of downsizing. The inspection found wiring that was not up to code, and insufficient amps for the power needed to run the house. It turned out that when the house was built, there was a copper shortage and builders used aluminum wire. They went back to copper when prices came down, but houses built in the early to mid 1970s have aluminum wires. They had never had a fire, and had no idea that this was even an issue.
The mortgage company would not approve a loan unless the wiring was replaced, and the buyers couldn’t get homeowners insurance, even if they could get the mortgage. Bob and Suzanne were hit with a repair that they couldn’t really afford, and another contract they were bound to. So they were faced with tens of thousands in repairs, and losing their deposit on their new condo.
Bob and Suzanne found for a less traditional way to sell their home in “as is” condition–they called Seller’s Advantage. They even went online for a quote on the sales price, and had the money to get into their dream retirement condo within the week. If you’re afraid of what’s in your walls, contact us today.