The market is hot in Menlo Park, inventory is down to almost nothing, homes get multiple offers, and Menlo Park home sellers are in the driver's seat. So Does this mean it is ok to just put a home on the market in any condition and you will get offers 20-30% over list price? Unfortunately not always.
While it is true that there is a lot of cash out in the world, assuming that you will have multiple excellent cash offers to chose from when selling your Menlo Park home is not always the case. I recently listed a home that had 12 offers, and not one was all cash.
Very often cash offers are not the best offers. Many investors as well as end users feel if they are going to pay cash they want something back, that is a lower price.
A financed offer may be the best or sometimes only offer you get when selling your home in Menlo Park, so your home needs to get through the appraisal process as well as underwriting. This means more than just being worth what the buyer offers. It also means that there can not be obvious health and safety issues.
So while an appraiser will not know if your bathroom shower pan is leaking, they do look at and take pictures of the house. If the roof on the Menlo Park home you are selling looks like this, a buyer will not get a loan. I once had a client who was buying a Bank of America foreclosure using Bank of America for their lender. The appraisal came back saying that Bank of America would not lend on the home that Bank of America owned because the roof needed replacing. We managed to get Bank of America to put a new roof on. If that can happen on a foreclosed home, if should happen on the Menlo Park home you are selling.
The basic concept here that unless the home you are selling in Menlo Park is really not livable it is best to appeal to as wide a group of people as possible. This means that the home must have a roof that looks like it will make it through a rain storm and not collapse in a little wind. It does not have to be new, but if it is obviously failing then it should be replaced before going on the market.
If you have any questions about selling a home in Menlo Park please feel free to contact me.
Marcy Moyer
Cal BRE 01191194
650-619-9285
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