WVU Posted October 20, 2021 Report Share Posted October 20, 2021 1 hour ago, joeybagadonuts said: Real estate markets aren’t often very inefficient. There are tons of “tricks “ people use to justify unwarranted prices that work pretty well. Was a realtor for a few years and it’s a laughably dumb profession Interesting part is the recent move by black rock, blackstone, Zillow, and a few other large funds that that are buying huge amounts of residential real estate for work over market I can only assume as a hedge against inflation Zillow stopped buying homes as of yesterday 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: I said if I could get 250k clear I would be gone.. I think that’s fair…The guy did say that he didn’t mean to pressure me and we can certainly list if that’s what I wanted to do. But why not show to multiple investors? That’s what does it make sense to me. He kind of just decided that price and invited in his colleague. Probably after talking to the investor and his son. I don’t know. The guy works for a very long standing reputable big real estate firm in town and shares the name of the family that owns it…maybe a grandson…I really liked him yesterday. Today just kind of threw me. He brought me a whole slew of comps from sales in my area from last month or two…will have to study more. Fair enough, and if he brought comp data that's good, the more info the better, if and when you tell them you're gonna step back watch their reaction. This is a high pressure game they're playing. And it is a game - the fact the guy had people outside waiting to pop in tells you that. Dont play games with your greatest asset, dont be pressured into selling if you're not ready, dont pay high commissions you dont have to, and dont sell until you have far more confidence in your price in today's market. The fact the one guy said he might flip it tells you he thinks it's worth a fair bit more. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 2 minutes ago, IAG said: The discussion about the investor and the other realtor is kind of fuzzy. He did tell me he was representing his father. I think what he neglected to tell me was that the other realtor worked at his same firm, but then again that’s a giant real estate company in Sioux Falls so not completely crazy. And they had both their wives with them looking around and they were all giving input about how they could do this and that. Whole thing odd. Not really sure what they were doing there. One of the women is also in real estate…I think she just got her license. The guy is reputable, but I think I gave them too much information as far as motivation yesterday. I,e,, too much house for me to keep up with, want to move to BH etc… I feel absolutely no obligation and he understands that I might not be quite ready to sell, but yeah, I haven’t even signed a contract with the guy… What is the zillow estimate? Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted October 20, 2021 Report Share Posted October 20, 2021 Those guys sound shady Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 Iggy, 230 is way too low and so is 250. Don’t do it. Don’t use these guys at all. I would pay more than 250 sight unseen. Call around, have a couple realtors come to the house and get a discount on the listing price. DO NOT SELL! List it. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 By the way, con men/shrewd real state investors are almost always likeable, they're trying to get you to part with something cheap, if you like them it's far, far easier for them. 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, ERBtheGREAT said: Those guys sound shady Most are. 75% IMO Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 7 minutes ago, mikeman said: What is the zillow estimate? 237k- 293k. She will get over 300k if she does it right. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 8 minutes ago, mikeman said: What is the zillow estimate? 266,400 Quote Link to comment Share on other sites More sharing options...
brokerstip Posted October 20, 2021 Report Share Posted October 20, 2021 WVU will buy it tomorrow for $240k and turn around and sell it for $300k in a couple weeks. I trust him, I’ll join with him. Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 2 minutes ago, IAG said: 266,400 That’s the mid range estimate. Your house should be even higher than the high range because there are no recent comps and the Zillow algorithm is off. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 Just now, IAG said: 266,400 They're you go, 230 is a lowball, i expect them to call you tomorrow and say "we'd like to close in 10 days, is that ok"? These fuckers sound like car salesman that walks out to you on the lot and when you say "i'm interested in this car" put a sold sign on it and say great," lets go sign the papers." Quote Link to comment Share on other sites More sharing options...
Deemer Posted October 20, 2021 Report Share Posted October 20, 2021 Wvu real estate expert Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 Mikeman is right here. They are salivating because there is not much for sale in that market. I would love to be in Iggy’s position. She has all the leverage in a very hot market Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 10 minutes ago, WVU said: Iggy, 230 is way too low and so is 250. Don’t do it. Don’t use these guys at all. I would pay more than 250 sight unseen. DO NOT SELL! List it. Sold to the Floridian for $251k Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 2 minutes ago, WVU said: That’s the mid range estimate. Your house should be even higher than the high range because there are no recent comps and the Zillow algorithm is off. Hard to say but there is no reason not to at least list and see what offers come in. I dont know jack squat about her neighborhood or market but it's quite possible she could get $280-290 and is leaving $30-40 K on the table? Quote Link to comment Share on other sites More sharing options...
WVU Posted October 20, 2021 Report Share Posted October 20, 2021 2 minutes ago, IAG said: Sold to the Floridian for $251k Tell them you already have a verbal offer for 251. They will change their tune quick. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 20, 2021 Report Share Posted October 20, 2021 if she took their offer and paid the 6% she'd be lucky to clear $210K, that would be a shame. Quote Link to comment Share on other sites More sharing options...
redstripe Posted October 20, 2021 Report Share Posted October 20, 2021 53 minutes ago, mikeman said: Is $230-250K about what you thought it was worth in todays market? I sounds low, sounds like these guys are behaving unethically if you ask me. You didn't sign a contract nor did you invite anyone in to "look around" , then to top it off he lied about an investor - the realotr is in it with the guy - he should have disclosed that far earlier. IMO when you decide to sell - on YOUR time table, get as far away from these guys as you can. And why on earth would you pay a 6% commission when he's not your realtor? Finally they will call tomorrow to to tell you if they" will take it"? are they fuckin nuts, it's not for sale yet. 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, mikeman said: They're you go, 230 is a lowball, i expect them to call you tomorrow and say "we'd like to close in 10 days, is that ok"? These fuckers sound like car salesman that walks out to you on the lot and when you say "i'm interested in this car" put a sold sign on it and say great," lets go sign the papers." Keep in mind that the comps on the recent sales are houses that have all been recently updated with new kitchens and bathrooms etc. My parents were the original owners. They kept in great condition but there are updates to be done. It was built in 1966…Estimates..flooring 10k, painting 13k, lighting 1000, misc…light switch plates etc 750 Interior was actually just entirely repainted about four or five years ago but apparently neutral beige etc. is not the best option. That is one thing I wouldn’t worry about..paint… I asked this guy today since we had not signed a contract if he had a fiduciary duty to me. Technically if he’s not officially my agent he doesn’t have to look out for my best interest correct? Quote Link to comment Share on other sites More sharing options...
Chi_Archie Posted October 20, 2021 Report Share Posted October 20, 2021 you still got the denver property? we're interested Quote Link to comment Share on other sites More sharing options...
Dingo Posted October 20, 2021 Report Share Posted October 20, 2021 Look at the analytics how much it cost to build a 2100 square foot home,anyone selling now is crazy 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, mikeman said: if she took their offer and paid the 6% she'd be lucky to clear $210K, that would be a shame. I will also have to pay taxes for most of the year. In SD we pay property taxes in arrears. So 2021 taxes are paid in 2022. Quote Link to comment Share on other sites More sharing options...
IAG Posted October 20, 2021 Author Report Share Posted October 20, 2021 Just now, Chi_Archie said: you still got the denver property? we're interested Yes…But I am seriously thinking about moving back there for two years to avoid capital gains. Quote Link to comment Share on other sites More sharing options...
Dingo Posted October 20, 2021 Report Share Posted October 20, 2021 I regret selling everyone piece of real estate I owned!! Quote Link to comment Share on other sites More sharing options...
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