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Real estate team offers zero-interest loans to sellers to update their homes

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Posted at 3:52 PM, Feb 27, 2020
and last updated 2020-02-27 21:17:02-05

NASHVILLE, Tenn. (WTVF) — In Nashville's competitive housing market, it's more important than ever for sellers to try to get a leg up, which is why one real estate group is helping their sellers by providing interest free loans to spruce up their homes before they put them on the market.

The program is called "Compass Concierge" and is being offered by The Erin Krueger Team at Compass to their clients.

“It’s essentially a 0% interest free loan, and what it does, it just takes the equity that you currently have in the property, and they do their math on the backside to determine what they’re willing to lend you, and then it’s paid at closing," Jon Cressman, who just sold his house after updating it partially with money from Compass Concierge, said.

Cressman worked on his home for about three months prior to putting it on the market, and being an older home, he wanted to make it so it was move-in ready.

“We actually ripped out the entire old kitchen and completely updated it, so counter tops, tile, appliances, cabinets, paint, everything," Cressman explained. “I think that, this really just gives you the extra edge as a seller to make sure that your property’s ready and turnkey for a potential buyer.”

Erin Krueger said that the goal is to get homes to not only sell for more money, but to sell quicker in this competitive real estate market.

“Buyers today are very discerning. They want it to be move-in ready, and you only get one chance to make a great first-impression," Krueger said.

The money received through Compass Concierge can be a small amount, a large amount, and cover everything from staging in a home to a complete remodel.

“Really what we want to do is we want to sell homes faster for more money. I think every seller can agree that that’s really what they’re looking for, and this allows us to do that," Krueger explained. “We’re able to get a premium for the house because of the condition and the fact that it is move-in ready.”

In Cressman's case, he borrowed $20,000 to complete the projects in his home, and in the end, that $20,000 in investment brought in an additional $30,000, so Cressman gained an additional $10,000 in home sale value out of the Compass Concierge service.

“The numbers speak for itself. It was really turnkey. We had an offer even before we went on the market, so it was absolutely crucial," Cressman said.

For more information on the Compass Concierge program, you can contact The Erin Krueger Team.