I am trying to sell my House. My agent listed it as an "as is" sale. do I have to replace the roof first . listed below market value.

My home is listed below market value for a quick sale according to my agent. But now she is saying I need to spend money on fixing the roof before it can be sold. I don't understand why I should because she listed it as a "as is' sale. Nothing is wrong with the roof except it is about 20 yrs old. there is no leak or anything, the house is in tip top shape. Located in the Alachua FL. Please advise
(0) | asked by: Jeffrey Kerr | share | 1 month ago | Report
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answer by Corey Fitzgerald    |   Visit My Website   |   Contact Me
Depending on the quality of the roof buyers may find it hard to find a bank that will lend to them unless the roof gets fixed first. You can either wait for a cash buyer or fix the roof and increase the price of your listing.
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answer by Ryan Huggins    |   Visit My Website   |   Contact Me
Buyers still have the right to inspections and to make a repair request, at least in California. All of our contracts are "as-is" by default (pre-printed in the form).
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answer by Corey Fitzgerald    |   Visit My Website   |   Contact Me
Unfortunately, depending on the quality of the roof buyers may find it hard to find a bank that will lend to them unless the roof gets fixed first. You can either wait for a cash buyer or fix the roof and increase the price of your listing.
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answer by Meryl Kramer    |   Visit My Website   |   Contact Me
Most mortgage companies will not approve a mortgage if the roof is not in good condition, no leaks or less than 3 years of life
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answer by Bobby Tyler    |   Visit My Website   |   Contact Me
You can sell any home as is. The dilemma you will face is you're going to narrow your market share to basically cash buyers if it needs a major structural repair. You have to also consider even a cash buyer will want to insure their asset. Depending on the age of the home a four point inspection and wind mitigation may be required to obtain a policy. The roof could be an issue to obtain an insurance policy if that is the case. I would make the repairs necessary to open the market to all kinds of buyers; thus, "Casting a wider net" and opening up to making more money.
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answer by Kelly Klein    |   Visit My Website   |   Contact Me
I suggest that all of my sellers sell "as is". I also suggest that they make some repairs if needed to sell the home and get the highest price for it. Spending a little can pay big returns in getting the highest price for a superior product over a competing home. There are trade offs to spending a little to get a lot.
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answer by Chad Miller    |   Visit My Website   |   Contact Me
This is a prime example of why people should hire an experienced REALTOR rather then a friend. My answer will explain explain how this happened and possibly provide a simple solution. It sound like the Buyer is applying for a FHA or VA loan which are either insured or guaranteed by the federal government. These type of loans require the property to meet Minimum Property Requirements or Standards. During the appraisal process, the appraiser is required to observe Minimum Property Requirement and notify the Mortgagee of deficiencies. In your situation the roof didn't meet these requirements. The roof is required to have have a minimum of two years of remaining life. The average life expectancy of an Asphalt Shingle roof in Florida is 15-18 years. If your roof is 20 years old the appraiser had no choice but to report it as being at or near the end of life expectancy. Here's my advise. Hire a professional roofing contractor to inspect the roof and provide a report stating the roof has a minimum of two years of remaining life. Provide the report to the Buyer's lender. And Walla! Problem solved without replacing the roof. Best of luck!
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answer by Chad Miller    |   Visit My Website   |   Contact Me
This is a prime example of why people should hire an experienced REALTOR rather then a friend. My answer will explain explain how this happened and possibly provide a simple solution. It sound like the Buyer is applying for a FHA or VA loan which are either insured or guaranteed by the federal government. These type of loans require the property to meet Minimum Property Requirements or Standards. During the appraisal process, the appraiser is required to observe Minimum Property Requirement and notify the Mortgagee of deficiencies. In your situation the roof didn't meet these requirements. The roof is required to have have a minimum of two years of remaining life. The average life expectancy of an Asphalt Shingle roof in Florida is 15-18 years. If your roof is 20 years old the appraiser had no choice but to report it as being at or near the end of life expectancy. Here's my advise. Hire a professional roofing contractor to inspect the roof and provide a report stating the roof has a minimum of two years of remaining life. Provide the report to the Buyer's lender. And Walla! Problem solved without replacing the roof. Best of luck!
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answer by Patty Upchurch    |   Visit My Website   |   Contact Me
Hi Jeffrey, If you have stated you want the home sold "as is", and your Realtor has listed it as such, then you are under no obligation to replace the roof for your Agent OR any potential Buyer. Having said that, if you receive an offer from a Buyer who is financing the purchase, and based on what type of loan they have applied for (FHA, Conventional, etc), then all major components / systems of the home (ie: roof, windows, HVAC, plumbing, & electrical) must ultimately meet lenders appraisal (& FHA loan requirements are more strict than Conventional). This also applies to a Buyers lender required home owners insurance, if major systems are found in disrepair, they quite possibly will not insure it. Your Realtor should be able to best advise you, but based on the "as-is" sale you have requested, it will most likely be sold to a cash Buyer, and that is ok. But, if your property has been on the market "as-is" for a while with no interest, maybe he/she wants to open it up to more Buyers, which might mean removing the "as-is" from the listing, having you replace the roof, retaking listing photos & relisting it at market value (rather than below market value), which is entirely up to you. Wishing you Good Luck!
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answer by Darrell Lopez    |   Visit My Website   |   Contact Me
An " AS-IS " means exactly that. Was there a negotiated agreed upon executed contract between you and buyer? If there was, then the next step for buyer is to hire an inspection company and that inspector will tell what the age of the roof is and if that person recommends the roof to be replaced. If your past that point, then re-negotiate the contract with the terms of the roof being involved. You don't have to place it, but you can give a credit for the cost of replacing roof to the buyer. If you are already helping with buyers closing cost, and you don't want to add anymore to that, then you can talk to your title company and have them hold the money for the roof, make sure that you get estimates, and then the buyer can hire the roofing company to replace the roof and when they are done, the roofing company can invoice the title company to get paid. This insures you the seller that the buyer is not pocketing the money, and the roof has been replaced upon agreed negotiations of the contract.
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answer by Sonia M. Caceres    |   Contact Me
A Realtor can make suggestions before pricing a home for several reasons. Your home will need to be appraised before a sale, by an appraiser. It must meet the guidelines of Government Loans and Conventional Loans. Try to get some more information on your own in your local area so that you don't lose a buyer wanting to buy your home.
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answer by Jodi Toebe    |   Visit My Website   |   Contact Me
There are a few issues that can arise with a roof. Government loans and Conventional loan guidelines says the roof has to have a life expectancy of 2 years, so it will be up to the appraiser to dictate that. If appraiser says it does not then it may not qualify for financing unless you fix it. However, this should be taken into consideration that this may come up when pricing the home for sale.
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answer by Jeannette Karis    |   Visit My Website   |   Contact Me
You may have to replace the roof for certain types of financing. Even if conventional financing will loan on the property , some insurance companies are now saying minimum 10 years old on the roof. Check with your insurance company and see if they would reinsure with the current roof and then that can be suggested to a buyer. Depending on the type of loans buyers are using in your area for homes like yours, if all are needing it then you will only be selling to a cash buyer, which may take a lot longer and for a lower price. A roof could be negotiated to be done before closing once you have a buyer in contract, maybe a buyer would pay a bit more for you home if it had a brand new roof?
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answer by Betty Granucci    |   Visit My Website   |   Contact Me
A potential buyer may not be able to get insurance. Insurance companies are getting very picky about the age and condition of a roof on a home on a new insurance policy. If the buyer cannot get insurance, it would eliminate all buyers using financing, and essentially make it a "cash-only" sale. Your agent may be trying to open it up to more buyers.
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