IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 https://www.realtor.com/realestateandhomes-detail/3101-S-Walts-Ave_Sioux-Falls_SD_57105_M72152-20177 Comparable square footage but updated….on market 19 days. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 1 minute ago, IAG said: What’s the address? Did it have popcorn ceiling in the living room? Acoustic ceiling tiles in basement? Probably not. Lol I didn’t get that far. None of that matters anyway. I can’t stress it enough that this is a very unique time for selling houses. As long as no structural damage it doesn’t matter if the inside walls were painted black Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 2 minutes ago, WVU said: Lol I didn’t get that far. None of that matters anyway. I can’t stress it enough that this is a very unique time for selling houses. As long as no structural damage it doesn’t matter if the inside walls were painted black But look at the one in my last post…19 days…and definitely more updated. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 4 minutes ago, IAG said: https://www.realtor.com/realestateandhomes-detail/3101-S-Walts-Ave_Sioux-Falls_SD_57105_M72152-20177 Comparable square footage but updated….on market 19 days. Keep watching that house. They are collecting offers. It won’t be there in 2 weeks and will get over list. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 Now If my house was on Western side of state, would go for much more. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 7 minutes ago, IAG said: https://www.realtor.com/realestateandhomes-detail/3101-S-Walts-Ave_Sioux-Falls_SD_57105_M72152-20177 Comparable square footage but updated….on market 19 days. We're trying to help you and you are resisting, maybe you're right, maybe not, tell them guys tomorrow you're gonna do more research and in any event you have another investor that said he'd pay $250K min(with no commission), see how they react. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 My house has popcorn ceilings upstairs and a suspended ceiling in the basement - what's wrong with that? That was the way they built them. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 2 minutes ago, mikeman said: We're trying to help you and you are resisting, maybe you're right, maybe not, tell them guys tomorrow you're gonna do more research and in any event you have another investor that said he'd pay $250K min(with no commission), see how they react. I’m not resisting, I’m being realistic. Keep in mind I have been following this neighborhood market pretty closely for five years. I think I’m pretty close on price. It was more a question of whether I do updates or sell as is. He would probably tell me to sell to the 250k guy lol. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 2 minutes ago, mikeman said: My house has popcorn ceilings upstairs and a suspended ceiling in the basement - what's wrong with that? That was the way they built them. I understand that, but who wants that now? Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 4 minutes ago, IAG said: I’m not resisting, I’m being realistic. Keep in mind I have been following this neighborhood market pretty closely for five years. I think I’m pretty close on price. It was more a question of whether I do updates or sell as is. He would probably tell me to sell to the 250k guy lol. He might, but you dont need him or this strange setup to sell your house in a red hot market. When you say it needs $10K in flooring are you talking replacing carpeting with wood floors? Forget the painting, that costs nothing, you could paint every room with 4 gallons of paint. Quote Link to comment Share on other sites More sharing options...
redstripe Posted October 20, 2021 Report Share Posted October 20, 2021 10 minutes ago, IAG said: I’m not resisting, I’m being realistic. Keep in mind I have been following this neighborhood market pretty closely for five years. I think I’m pretty close on price. It was more a question of whether I do updates or sell as is. He would probably tell me to sell to the 250k guy lol. Good atleast you will be rid of him... Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 20, 2021 Report Share Posted October 20, 2021 59 minutes ago, Dingo said: Look at the analytics how much it cost to build a 2100 square foot home,anyone selling now is crazy Huh? So buy high, sell low? Right now is the perfect time to sell. A buyer in this market will get no appreciation for years. The real estate market is already starting to level off in Vegas. This is a bubble from historically low interest rates that can't go much higher at all before pricing everyone out. Wage inflation would have to jump significantly for the housing market to continue this trend. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 Building a basic 2000 sq foot home on 3 lots I own in Franklin NC will run about 400k. With upgrades I am looking at 450k and builders are backed up 9 months-2 years. Building anything is not really an option. That’s a big reason for the housing shortfall. In the US there is a 10 million housing shortage currently. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 20, 2021 Report Share Posted October 20, 2021 12 minutes ago, IAG said: I understand that, but who wants that now? Investors do. So they can renovate it and flip it. It's not uncommon for agents to work with investors and contractors to buy properties and flip them BTW. It might seem like a conflict of interest but it's not. I built a site for analyzing comps and finding flip opportunities off of MLS listings and worked with an investment group with a real estate broker and agents in Arizona, California, and Nevada. Obviously, the agent you're dealing with has a business relationship with all of these people. And he's gonna get a cut somewhere. Although, he may only still get the commission - which a broker gets the biggest piece of. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 6 minutes ago, mikeman said: He might, but you dont need him or this strange setup to sell your house in a red hot market. When you say it needs $10K in flooring are you talking replacing carpeting with wood floors? Forget the painting, that costs nothing, you could paint every room with 4 gallons of paint. No. I’m talking new carpet in four bedrooms and LVP in remainder. I’m not about to try to start painting. I was trying to avoid having to do the updates to bring it to market value or having to show it. I don’t like the idea of getting a phone call that I need to leave my house with little notice so a realtor can show it. A lot of it depends on if I’m moving to Deadwood for this winter. I’m definitely not taking 230 with a 6 percent commission tomorrow if that’s what is on the table. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 20, 2021 Report Share Posted October 20, 2021 Just now, WVU said: Building a basic 2000 sq foot home on 3 lots I own in Franklin NC will run about 400k. With upgrades I am looking at 450k and builders are backed up 9 months-2 years. Building anything is not really an option. That’s a big reason for the housing shortfall. In the US there is a 10 million housing shortage currently. So how many million are left on the streets because of that housing shortage? Sorry. Not buying that 10 million number. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 Lets see a pic of one of these wall switches/plates IAG? Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 1 minute ago, MonkeyF0cker said: So how many million are left on the streets because of that housing shortage? Sorry. Not buying that 10 million number. Not sure I believe it either. But I read it on the internet so it must be true! Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 20, 2021 Report Share Posted October 20, 2021 IAG, if you don't trust the agent, discontinue the relationship. If you do, what I would do is ask him bluntly what his relationship is to the investors and if he gets a cut of the flip profits. He doesn't have a conflict of interest if he only gets commission on your sale. But he's also gonna get commission on your sale and the flip sale. So if you do continue with him, you may have some negotiation room there. Ask him without leading questions though. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 3 minutes ago, MonkeyF0cker said: Investors do. So they can renovate it and flip it. It's not uncommon for agents to work with investors and contractors to buy properties and flip them BTW. It might seem like a conflict of interest but it's not. I built a site for analyzing comps and finding flip opportunities off of MLS listings and worked with an investment group with a real estate broker and agents in Arizona, California, and Nevada. Obviously, the agent you're dealing with has a business relationship with all of these people. And he's gonna get a cut somewhere. Although, he may only still get the commission - which a broker gets the biggest piece of. Exactly. INVESTORS do. Lol. It probably needs 20,000 or more to bring it to market value. You lost me on the last sentence…can you elaborate? Who is the “broker” in this scenario… Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 1 minute ago, MonkeyF0cker said: IAG, if you don't trust the agent, discontinue the relationship. If you do, what I would do is ask him bluntly what his relationship is to the investors and if he gets a cut of the flip profits. He doesn't have a conflict of interest if he only gets commission on your sale. But he's also gonna get commission on your sale and the flip sale. Ask him without leading questions though. Good point on flip sale, but wouldn’t the investor’s son be the listing agent on flip most likely? Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 3 minutes ago, IAG said: No. I’m talking new carpet in four bedrooms and LVP in remainder. I’m not about to try to start painting. I was trying to avoid having to do the updates to bring it to market value or having to show it. I don’t like the idea of getting a phone call that I need to leave my house with little notice so a realtor can show it. A lot of it depends on if I’m moving to Deadwood for this winter. I’m definitely not taking 230 with a 6 percent commission tomorrow if that’s what is on the table. Shit, I'll paint your rooms for crumbs, painting is easy and fun, but you said it was painted 5 or so years ago so it really doesn't need that anyway - or perhaps just repaint a couple bedrooms, etc. I'm serious when I said to mention WVU's 250 offer, there's nothing to lose and it sends the message that you're well aware that selling to an investor requires no commission. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 20, 2021 Report Share Posted October 20, 2021 7 minutes ago, IAG said: Exactly. INVESTORS do. Lol. It probably needs 20,000 or more to bring it to market value. You lost me on the last sentence…can you elaborate? Who is the “broker” in this scenario… The broker is basically the company the agents works for. Every real estate brokerage needs a broker. So companies like REMAX or Berkshire Hathaway are brokerages and generally each office is essentially a franchise that a broker pays royalties to. The broker basically has the ability to hire real estate agents to acquire listings and represent buyers and sellers. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 Iggy if I write up a 240k sales contract would you sign it? 30 day inspection period, 45 day close, 20k earnest money. If you choose to stay after close I’ll rent it back to you for 1600/month Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 20, 2021 Report Share Posted October 20, 2021 7 minutes ago, IAG said: Good point on flip sale, but wouldn’t the investor’s son be the listing agent on flip most likely? Not sure. That's why I'd get more info if I were you. Quote Link to comment Share on other sites More sharing options...
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