IAG Posted October 19, 2021 Report Share Posted October 19, 2021 Had a realtor over yesterday just to get a feel as to what updates I should do before selling. He suggested doing bare minimum or nothing at all. Told him I am in early stages of planning what to do, and I have to have somewhere to go before selling. Today he calls and says he has investor wanting to come look at the house. I’m sure he will lowball me, and I have never been through the sale of a house before. I can talk to my brothers and will continue to do so for advice It’s very appealing to sell as iquickly because I really don’t want to deal with the work (mostly flooring) but the number has to be right. I just don’t know what that number is. FOKKKK STRESSS. Plus the 6 month Airbnb owner is jacking us around and has been. Says she needs another week now to decide if she will rent to us because perhaps her husband’s cousin wants to live there. I think she’s holding out for more money from someone else. I really think she wants to rent to anyone but us LOL. ok that’s my diatribe. Any advice from those for experienced in this area would be appreciated. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 message me for any specific advice. The realtor is right, don't do anything at all to the house. Sell it as is. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 Also decent advice is to take the offer they give and list that as the starting price. If your offer is say 300k then don't accept it and list it at 300k and expect to get offers in the 330-350k range. message me the address and I will tell you what you can expect to get for it Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 It isn't all about the offer price. equally important is the Due Diligence money (if they have that where it is) and the earnest money. Due Diligence money you will get to keep if the deal falls through. An example on a 300k house would be $1000-$2000 DD and 10-20,000 Earnest money. Cash talks, and if selling as is only accept offers without inspection periods. In all the markets that I have been looking at if there are 20 offers, 2/3 of them will be cash offers. Quote Link to comment Share on other sites More sharing options...
Jimmy Hoffa Posted October 19, 2021 Report Share Posted October 19, 2021 I agree with WVU, I've only sold properties AS IS. If you put 10k into cosmetic fixes before selling, you won't get that back in the sale price. List with Redfin for lower commissions. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 19, 2021 Author Report Share Posted October 19, 2021 Thanks guys. Yesterday he told me even to sell as is I would need to put the flooring in the basement. I had to pull up the carpet after a rain years back. Since then the water issue is completely under control. Selling on the open market as is is different than selling to an investor I would assume. I don’t know if this is one of those guys who just offer very little for quick cash buy or what. I probably disclosed some things to the realtor yesterday that I should not have. Speaks to motivation. I haven’t signed any sort of contract with him so I don’t know if he has any fiduciary duty to me or not. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 19, 2021 Author Report Share Posted October 19, 2021 Also, unless we get the place in Spearfish I’m not really keen on being here with the cats while people go through the house. I would rather go out there with house in best order it can be and let the realtor handle it. I don’t want to have to jump out of the house at a moments notice so people can come through. House is one owner only. My dad built the house. Built in 66. Very solid bones, but needs some updating on flooring and lights primarily. I haven’t done that because I don’t want to have to deal with moving all the furniture LOL.Not that big of deal I guess. Best feature is the location. Really really good location. WVU I will pm u address Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 19, 2021 Report Share Posted October 19, 2021 Stop worrying about flaws in your house, every house has flaws, keep in mind the realtor could be getting kickbacks from this supposed investor. If the house isn't on the market, and you've signed no contract, neither you or the investor need the realtor for anything. I would listen to the offer, then get another price estimate from a different realtor, you will obviously check other similar houses and zillow, etc to zone in on a price range. Around here the market has cooled quite a bit - those multiple offers might not come, or come in as high. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 another thing, there will be a mad dash from realtors to list your property. Standard commission is 3% but they will negotiate that before they list it. Tell them you will pay no more than 2%. They will take it. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 I answered your PM. Don't sell to any offer. tell them you want to think about it. Then you can counter high and tell them otherwise you will list it. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 19, 2021 Report Share Posted October 19, 2021 I get letters all the time from investors looking to buy my house - I've never called back but I guarantee they're lowball offers, if my house is worth $350K I bet they might offer $275. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 This is the hottest sellers market in history. Iggy is in a great spot here. No recent sales and nothing much for sale around her. Anything sold for 200k a year ago is now worth 280k. Quote Link to comment Share on other sites More sharing options...
Downsouth Posted October 19, 2021 Report Share Posted October 19, 2021 3 minutes ago, mikeman said: I get letters all the time from investors looking to buy my house - I've never called back but I guarantee they're lowball offers, if my house is worth $350K I bet they might offer $275. Yes, all lowballs. 60-70 cent on dollar offers. They will try to sell you on cash offers and purchase as is. Quote Link to comment Share on other sites More sharing options...
redstripe Posted October 19, 2021 Report Share Posted October 19, 2021 I agree do NOT sell to investor. I would also NOT use the investor price as starting price. GET ANOTHER REALTOR .. List house as normal house with comps in area. Easy peasy If no comps make your price Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 Just now, redstripe said: I agree do NOT sell to investor. I would also NOT use the investor price as starting price. GET ANOTHER REALTOR .. List house as normal house with comps in area. Easy peasy Not in this market. Expect 20-30% over list. Your advice was good up until 15 months ago. 9 month old comps are not good comps and way outdated Quote Link to comment Share on other sites More sharing options...
redstripe Posted October 19, 2021 Report Share Posted October 19, 2021 Just now, WVU said: Not in this market. Expect 20-30% over list. Your advice was good up until 15 months ago. 9 month old comps are not good comps and way outdated I would not start with investor offer as starting price like you said.. Bad strategy .. Not worried about 9 month old comps.. Set your own price Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 2 ways to handle this. List it low (same as 9 month old comps) and get tons of offers or list it way high and get close to list. Either way, anything that sold for 200 a year ago is worth 270-280 now Quote Link to comment Share on other sites More sharing options...
redstripe Posted October 19, 2021 Report Share Posted October 19, 2021 Just now, WVU said: 2 ways to handle this. List it low (same as 9 month old comps) and get tons of offers or list it way high and get close to list. Either way, anything that sold for 200 a year ago is worth 270-280 now Why list it as 9 month old comps lol ..I agree on the 200 yr ago now 280 Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 Just now, redstripe said: Why list it as 9 month old comps lol ..I agree on the 200 yr ago now 280 Like I said either list it low and expect to get way over list or list it high. Do not list it at current value. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 I know the game being played currently. If you haven't bought or sold in the last few months your opinion is outdated. Quote Link to comment Share on other sites More sharing options...
redstripe Posted October 19, 2021 Report Share Posted October 19, 2021 3 minutes ago, WVU said: I know the game being played currently. If you haven't bought or sold in the last few months your opinion is outdated. Okie dokie bought recent and now buying again carry on Quote Link to comment Share on other sites More sharing options...
Downsouth Posted October 19, 2021 Report Share Posted October 19, 2021 4 minutes ago, WVU said: I know the game being played currently. If you haven't bought or sold in the last few months your opinion is outdated. How many have you purchased? Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 Just now, Downsouth said: How many have you purchased? 3. And one was last week Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 19, 2021 Report Share Posted October 19, 2021 5 minutes ago, WVU said: I know the game being played currently. If you haven't bought or sold in the last few months your opinion is outdated. You told her to use the offer as a starting point - in fact to list at that offer and hope for more. that's crazy if the guy lowballs her. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 19, 2021 Report Share Posted October 19, 2021 Just now, mikeman said: You told her to use the offer as a starting point - in fact to list at that offer and hope for more. that's crazy if the guy lowballs her. if he lowballs her she will send him packing. Live offers aren't always lowballed Quote Link to comment Share on other sites More sharing options...
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