Haunted mansion on the market for $159,000

A Joliet, Illinois mansion may be the deal of a lifetime -- or it may scare you to death.

The Hiram Scutt Mansion is a national landmark. It's a beautiful, 4,960-square-foot brick home built in 1882 – and it can be yours for just $159,000.

One possible reason: some say the original owners are still there. In fact, ghost hunters say the place is haunted. There have been séances and searches throughout the mansion and there have been two murders and at least two mysterious deaths inside.

Keep that in mind before you make your offer

Sellers: The Five Biggest Turn-Offs For Buyers

A lot of sellers don't listen to their real estate agents, so we'll tell you what your agent wants to say, but can't say to you and this is it - your agent can't get you the price you want unless your home is in pristine move-in condition.

That means no sticking drawers in the kitchen. No leaning fences. No rust-stained plumbing fixtures. We could go on, but maybe we need to make it clear. If you have even one of following "turn-offs," your home won't sell.

Buyers can get instantly turned off. Here are their five biggest turn-offs:

1. Overpricing for the market
 2. Smells
 3. Clutter
 4. Deferred maintenance 

5. Dark, dated décor
 

Overpricing your home

Overpricing your home is like trying to crash the country club without a membership. You'll be found out and escorted out.

If you ignored your agent's advice and listed at a higher price than recommended, you're going to get some negative feedback from buyers. The worst feedback, of course, is silence. That could include no showings and no offers.

The problem with overpricing your home is that the buyers who are qualified to buy your home won't see it because they're shopping in a lower price range. The buyers who do it will quickly realize that there are other homes in the same price range that offer more value.

 

Smells

Smells can come from a number of sources - pets, lack of cleanliness, stale air, water damage, and much more. You may not even notice it, but your real estate agent may have hinted to you that something needs to be done.

There's not a buyer in the world that will buy a home that smells unless they're investors looking for a bargain. Even so, they'll get a forensic inspection to find out the source of the smells. If they find anything like undisclosed water damage, or pet urine under the "new" carpet, then they will either severely discount their offer or walk away.

Clutter

If your tables are full to the edges with photos, figurines, mail, and drinking glasses, buyers' attention is going to more focused on running the gauntlet of your living room without breaking any Hummels than in considering your home for purchase.

Too much furniture confuses the eye - it makes it really difficult for buyers to see the proportions of rooms. If they can't see what they need to know, they move on to the next home.

Deferred maintenance

Deferred maintenance is a polite euphemism for letting your home fall apart. Just like people age due to the effects of the sun, wind and gravity, so do structures like your home. Things wear out, break and weather, and it's your job as a homeowner to keep your home repaired.

Your buyers really want a home that's been well-maintained. They don't want to wonder what needs to fixed next or how much it will cost.

Dated décor

The reason people are looking at your home instead of buying brand new is because of cost and location. They want your neighborhood, but that doesn't mean they want a dated-looking home. Just like they want a home in good repair, they want a home that looks updated, even if it's from a different era.

Harvest gold and avocado green from the seventies; soft blues and mauves from the eighties, jewel tones from the nineties, and onyx and pewter from the oughts are all colorways that can date your home. Textures like popcorn ceilings, shag or berber carpet, and flocked wallpaper can also date your home.

When you're behind the times, buyers don't want to join you. They want to be perceived as savvy and cool.

In conclusion, the market is a brutal mirror. if you're guilty of not putting money into your home because you believe it's an investment that others should pay you to profit, you're in for a rude awakening. You'll be stuck with an asset that isn't selling.

Homeowners Associations: Be Sure To Pay Your Fair Share

Every time a condo sells, the new owner inherits obligations passed on by the former owner or required by the Homeowner's Association (HOA). There are the obligations to obey the rules, pay the homeowner fees and to volunteer for HOA service.

But now and again, someone gets the bright idea that new owners should pay a special fee at closing as a contribution to working capital or reserves. This idea appeals to current members because they are exempt from paying it, like a hotel tax foisted on tourists. It also seems fair since new members haven't contributed to reserves. A newcomer contribution seems to level the playing field.

There are several fatal flaws with these rationales. Requiring new members to pay a special fee redefines the homeowner fee allocation. Redefining the fee allocation requires up to 100% approval by all members. And even if you could get the required vote, unless the fee applies to one and all, present and future, it is neither fair nor legal.

Secondly, while new members have not paid into reserves is true, they don't owe the money. New members are not responsible for reserves which should have been collected in the past. Reserves should be paid by those that are receiving the benefit. So, part of the monthly fees are reserves to pay for repair or replace things like roofs, paint and siding as they deteriorate.

The reserve contribution should equal a month's worth of that deterioration. In other words, current members should pay for the portion of those deteriorating assets they just got the benefit from. New or future owners have received no benefit so owe nothing to reserves. If there is a current shortfall in reserves, it's because past members did not pay enough.

If your operating budget or reserve plan is inadequate, fix it and have current owners pay the freight. If you haven't hired a Professional Reserve Analyst (PRA) credentialed reserve study provider to perform a reserve study, do so as soon as possible. See www.apra-usa.com's Member section for a list of PRAs.

A Reserve Study is an indispensable planning tool that every HOA needs. It will provide a maintenance and funding schedule for the Board that fairly divides costs among all owners along the time line.

So, current members, pay your fair share. New members, pick up the baton passed by the outgoing members. There are obligations that go with that baton, to be sure, but one of them is not paying for the HOA's past mistakes.