Buyers for Saltgrass Point?
Posted on | March 20, 2008 | No Comments
It’s been a very busy week, in real estate, and otherwise. We have a person who is quite interested in my listing in Saltgrass Pointe, in Old Mt. Pleasant. That’s the one that my parents own. They wanted to know if we could have the wood stove taken out. At first we thought it would be a huge job, because the brick pad would need to be removed, and then the wall repainted, ceiling patched and repainted, and the floor refinished. Also the chimney needs to be removed, and the roof patched. So, I have spent much of this week obtaining estimates from contractors.
Although time consuming, I really like to have three estimates done, rather than two. I feel like getting that third estimate really defines your range. Also, it’s a good idea to ask the contractor to itemize an estimate. Make sure each contractor has a clear idea of what you want, that way, they will turn in estimates for the same work, and it will be easier to compare apple to apples. It is perfectly appropriate to let them know that you are getting more than one estimate. In fact, it is to your benefit to do this, as bids may come in slightly lower when the contractors know they are in competition. Lastly, my personal comfort level is increased the more detail oriented a contractor seems to be. Punctuality is important to me, and I like it when they take measurements, pictures, and notes. It gives me more confidence that getting it right, and running a good business, is important to them. In fact, right now, my parents are leaning towards the higher estimate because it is the most thorough and detail oriented. I guess the thinking is that they’d rather be sure up front that it isn’t going to go over, and agree to pay a little more, than take the less expensive, less thorough bid, and run the risk of it going over, both in time and in money. Essentially, as in most things, you get what you pay for.
So, now that we have the bids, and my parents have determined that this is an issue they are willing to work with the buyer on, we are waiting to see if they submit an offer. At this point, we will have to decide if we are going to give an allowance for the work, escrow the money at closing, deduct the amount of the work off the purchase price, or get the work done prior to closing. There are positives and negatives to each. More on that tomorrow.
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