Timeline for Renovation Option with our Money
STAGE 1: Evaluation
We will have an appraiser review the comparable sales in the area to determine a fair market value for the subject property in its current condition. If a project makes sense, we will schedule a physical inspection of the property with the homeowner, contractor, and real estate agent – if the homeowner has one.
After the scope of work necessary to make the home a quick seller at an increased house value is agreed on, the contractor will prepare a scope of work memorandum and schedule a time for general contractors to inspect the property and provide us with estimates for the renovation.
STAGE 2: Renovation
STAGE 3: Sale
Now that your home has been renovated it’s time to get it on the market. We like to start with professional staging. It is simply a statistical fact that staged homes sell more quickly and for a higher percentage of the asking price. Then it is time to schedule an open house and tell the world your home is now ready for sale. We do this in partnership with your agent to increase and maximize exposure.
The highest offer may not be the best offer. Unless you are lucky enough to get an all cash offer, most buyers will be purchasing your home with a loan. The buyer’s financial qualifications determine the strength of their offer. It is imperative to select an offer from a buyer who is most well qualified to successfully obtain financing. We will help you and your team make the right choice.
Once you select the best offer, it’s time to open Escrow. Escrow is a licensed and highly regulated third party entity who facilitates the transaction between the buyer and seller of real estate. Escrow will coordinate with all parties to ensure a smooth transaction for all involved. The duration of the Escrow is negotiated between the buyer and the seller and typically ranges from 10-45 days. When escrow “closes” all funds are distributed to the seller and anyone the seller might owe money to in connection with the sale of the property like agent commissions, termite treatment or Renovating Lives, etc..