Real estate General topic

[Jstpssng]

Given you've seen it, I would stick with your original offer if that was fair in your opinion.

It seems like every time I've ever looked at real estate, pickup, or toys they always have somebody else coming to look tomorrow.

 

[bdhsfz6]

Maybe someone can answer this:

I have a 20 acre parcel which is subdivided into 6, two to four acre building lots. Over the last year or so, I've been inundated with letters and e-mails offering to buy these undeveloped lots. I sometimes get two or three in the same week. Most of these cash offers are for less than half market value. Just out of curiosity, I made a counter offer to one potential buyer for twice their offering price. They never got back to me.

I've owned the land for over 40 years, and no one has expressed any interest in the lots during all that time. What's going on?

 

[buckeyefarmer]

I get those letters all the time also.... I just trash them, don't have time for it.

 

[ultrarunner]

Given you've seen it, I would stick with your original offer if that was fair in your opinion.

Often I will hear others are looking which is the nature of the business...

Sometimes I will respond keep my offer as a back up for now as I'm also looking at other properties.

Other times I'm asked to submit my highest and best offer because I might loose out.

My typical response is I don't want to loose out and if an additional $500 makes it happen then OK.

Both of the above responses are not typically what's expected and that's ok.

 

[paulsharvey]

It seems like every time I've ever looked at real estate, pickup, or toys they always have somebody else coming to look tomorrow.

We we told her, we are sticking with current offer; but we do have a Small amount of wiggle room.

Wife's co-worker called me about a week ago. She was had 3 viewings, and each time, boom, "someone else made a full price offer"; and also said they real estate agent keeps trying to steer her towards smaller lots, even though she has told her she wants a yard and some room. Now, my advice to her, call your agencies broker and tell them to get you a different agent.

I never want to assume, but the co-worker, has a very black name. Is that part of the issue? IDK, but what are the odds...

Edit: I'm not implying the agent won't show her stuff she requests, or is actively preventing her from looking at certain properties; just that the agent is either passively steering her towards properties the agent thinks are better fits, or is not listening to her, and kinda making assumptions

 

[Jstpssng]

Maybe someone can answer this:

I have a 20 acre parcel which is subdivided into 6, two to four acre building lots. Over the last year or so, I've been inundated with letters and e-mails offering to buy these undeveloped lots. I sometimes get two or three in the same week. Most of these cash offers are for less than half market value. Just out of curiosity, I made a counter offer to one potential buyer for twice their offering price. They never got back to me.

I've owned the land for over 40 years, and no one has expressed any interest in the lots during all that time. What's going on?

The latest investment by corporations is to buy up property from people who want quick cash.

South of here there's a serious housing shortage and until recently,houses were going for record prices. I keep getting texts and emails about a couple of houses in my home town. I seriously considered selling until I remembered... I don't own any property there.

Where I own, there is less demand. Instead, my neighbors are buying up everything as soon as it hits the market, before anyone else even knows it's available. They've been bugging me for years to sell and finally told me to name my price, so I did...

They don't bother me any more.

 

[paulsharvey]

Our buyers agent, who was the "preferred agent" for Rocket Mortage (but she said by all means, shop multiple mortage companies), did bring up the Aug 17th changes. She said yes, I will send you a contract for that, but it will have an opt out section that just requires written notification. She said the main change will be on their end, and they will have to negotiate their own commission from seller, or atleast confirm that seller will cover buyers agent commission.

 

[paulsharvey]

On the emails/letters/texts/phone calls to sell; last 6 months or so, wr haven't been getting them. Before that, atleast 1/week.

 

[paulsharvey]

Figured I'd share this interesting part I had to sign; apparently PRC, Iran, Venezuela, Cuba, NKPR, and Russian Fed citizens can't buy real estate in FLa?

Edit: not to get side tracked, but Syrian Arab Republic is a no go; but Afghanistan is fine?

 

[Sigarms]

Often I will hear others are looking which is the nature of the business...

Sometimes I will respond keep my offer as a back up for now as I'm also looking at other properties.

Other times I'm asked to submit my highest and best offer because I might loose out.

My typical response is I don't want to loose out and if an additional $500 makes it happen then OK.

Both of the above responses are not typically what's expected and that's ok.

Like I said, something is worth only what someone is willing to pay for it.

I'm been looking online for some time now. Getting pretty good at guessing the going rate. I generally will dig deeper if I'm dead on money wise per guess and it looks like something I'm interested in, or it's some ridiculous asking price and I have to see exactly what crack they're smoking.

I just love the term "spacious (1 to 5) acres" LOL

The phrase everyone seems to be throwing around on Facebook is "no restrictions" when it comes to land.

I though facebook would be a good avenue to search, but given half the population are total idiots, I'm just left scratching my head on some of the way these people list their homes to sell.

Do I really feel safe buying from someone selling a home for $320.000 vs $320,000?

 

[Peter 315]

LOL 320.00 will get you this 4 room house......The Stockbridge House Dollhouse Kit

 

[ultrarunner]

By nature and legal standing Real Estate is unique and specific performance as a remedy is included.

It only takes one willing and able seller paired with one willing and able buyer to close a deal.

I’ve seen a lot over the years…

A vacant parcel went up for sale and the selling price surpassed anyones guess and on the face easy to say the buyer grossly overpaid.

The reality is the buyer owned adjacent parcels on both sides and securing the for sale parcel greatly enhanced the value of his holdings…

 

[Sigarms]

LOL 320.00 will get you this 4 room house......The Stockbridge House Dollhouse Kit

I understand that a lot of people think real estate people are a lot like lawyers, who needs them?

I went to facebook thinking perhaps owners selling their home directly on facebook may be a viable option. Honestly, I became more scared than anything else LOL

You would think that if you're selling your home for "big bucks" online yourself, you would at least proof read what your writing more than a couple of times before you post it on the internet for the world to see.

Don't get me wrong, I make a crap load of grammar errors in this forum, but I'm not trying to sell you guys anything

 

[ultrarunner]

Often FSBO offerings come about to pocket money otherwise going to commissions.

In other words a seller lists so as to not have to pay commission and buyers have similar thoughts of being able to discount as no commission is being paid.

 

[WinterDeere]

It seems like every time I've ever looked at real estate, pickup, or toys they always have somebody else coming to look tomorrow.

As does everyone. It still amazes me, how many of my friends and acquaintances actually fall for that, honestly believing to this day that they were the only ones to outbid another buyer with a last minute increase.

Sure, it happens on occasion, but when the realtor claims this on every single offer ever made... dude, they're making 3% of whatever you spend.

 

[WinterDeere]

...my advice to her, call your agencies broker and tell them to get you a different agent.

Better yet.. don't use a buyer's agent. It's an obsolete position, by more than 20 years.

Unless the market is so hot that properties are being snapped up before they even hit realtor.com, just retain your own real estate attorney (under $1k retainer), find the properties you like yourself, contact the seller's agent directly, and work from there under dual-agency. You can easily save 3% off the top, by eliminating a second unnecessary realtor, who never had your best interest anyway.

 

[WinterDeere]

I understand that a lot of people think real estate people are a lot like lawyers, who needs them?

I've bought property without involving realtors, but never without involving lawyers. Real estate attorneys are an entire order of magnitude (10x) cheaper than a realtor, when you start working 3% against $1M properties.

 

[Sigarms]

Often FSBO offerings come about to pocket money otherwise going to commissions.

In other words a seller lists so as to not have to pay commission and buyers have similar thoughts of being able to discount as no commission is being paid.

No one wants to pay a commission because it adds to the price, I get that.

I guess selling a home and property is easy, but the reality is I don't mind paying a commission if it can save my ignorant butt on something stupid I could easily overlook.

When we bought our current home, we didn't sell our old home until about 4 months later. Then we had the option to buy the additional land because only then we knew we could swing it after we sold the old home.

I was very impressed with our real estate guy on that home buying experience. Without his expertise and contacts, the reality is we wouldn't have been able to buy that home.

When I sold my dads house for him when he was living with us in NC, my cousin recommended a guy in town where my father lived. My dad wanted the older woman real estate lady who he knew, but I went with my cousins suggestion. Guy driving a big dodge ram who did a lot of work himself and didn't dress to nice. The guy was good though and knew his stuff inside and out. Guy had a boiler replaced for us cheaper than I thought possible (although I told his guy it was a leak in the heat exchanger and he thought it was the hot water coil LOL). Guy handled everything for my father from start to finish, and was honestly amazing in helping me over 400 miles away.

There are good real estate agents out there, you just have to find them.

 

[buckeyefarmer]

Better yet.. don't use a buyer's agent. It's an obsolete position, by more than 20 years.

that's the rub on the piece of property I was interested in in WV. The agent wanted me to sign an exclusive buyers agent agreement that applied for several months for ANY property I was to buy. I said NO, she said that's what everyone has to do as of July, because of the collusion case. Wonder if she was right? That piece of property is still available. it came down in price 5K and now is listed as pending sale. In the end I'm glad it didn't go thru.
Was browsing some new parcels that came up recently, one I would have liked to offer on, already is pending.

I was not impressed with any agent so far in WV, they seem to do it different there. THey basically will do a verbal offer to the seller, not in writing until the seller says ok, then they make it in writing. Plus the deal above, I'm 99% sure the seller is the agents husband, but was not disclosed, and the question was not answered when I asked.

But the agent I'd use if I sell my VA property (If I can find what I want in WV) I like. He seems to be on the ball.

 

[paulsharvey]

that's the rub on the piece of property I was interested in in WV. The agent wanted me to sign an exclusive buyers agent agreement that applied for several months for ANY property I was to buy. I said NO, she said that's what everyone has to do as of July, because of the collusion case. Wonder if she was right? That piece of property is still available. it came down in price 5K and now is listed as pending sale. In the end I'm glad it didn't go thru.
Was browsing some new parcels that came up recently, one I would have liked to offer on, already is pending.

I was not impressed with any agent so far in WV, they seem to do it different there. THey basically will do a verbal offer to the seller, not in writing until the seller says ok, then they make it in writing. Plus the deal above, I'm 99% sure the seller is the agents husband, but was not disclosed, and the question was not answered when I asked.

But the agent I'd use if I sell my VA property (If I can find what I want in WV) I like. He seems to be on the ball.

It's August 17, and they aren't blowing smoke, however; the length of the contract, and any exit clause is not set in stone. I do get from the agents perspective, they don't want to show you 5 houses; and then you swap and buy one of those, and they don't get paid.

We haven't approached this as, we are buying a house now, and we need to tour 12 homes and buy one of the 12. We have toured what we were interested in, but we can wait, some. At the same time; this is a pretty decent time; as I've got about 30 years more to work, and wife too.