Question:
[From a client whose home I had for sale]
“I know I should go with the cash investor and quick closing, but my heart is telling me to sell to the other buyer who offered the same amount. I’d really love to see a family living in my home. And they said they’re okay putting a new roof on. What’s your advice?”
Answer:
Call me cold-hearted, but…
The buyer most likely to close is the investor because there’s no loan involved.
Since your roof is obviously old and needs replacement, the appraiser will make a note of that, and the bank will likely require a “roof certification.”
That means that you’ll have to pay a roofer a few hundred dollars to guarantee that the roof won’t leak. But given the condition, it’s unlikely you can find a roofer who will take that risk.
So instead you’ll end up having to put a new roof on. Sure, you could ask the buyer to pay more for a new roof, but good luck with that. If they do pay more, it’s unlikely that they’ll pay the entire cost of a new roof.
So I’ll circle back to what I said: the cash investor is the better option.
I hope you don’t think I’m cruel and unfeeling. But that’s the right business decision.
