Real Estate offer question

[Bill Douglas]

Lol

[rusnak]

One of us would show up wearing sunglasses and a trench coat like an old timey spy and make an offer on the wrong house. The jig would be up.

[KFC911]

Originally Posted by Captain Ahab Jr

Wow, you guys make buying a house complicated

I just went to my local pub one evening and bought mine at an auction, only waved my hand in the air the once and it was ours

Most expensive night I've ever had out

LOL.... that's one helluva bar tab

[john70t]

300 days on the market means it is way overpriced, there is something wrong with the place or deed, or there is something wrong with the owner.
There are a few house in my neighborhood which have sat empty for the past decade collecting tax bills and disintegrating into a pile of material.
Some people have more money and stubbornness than common sense.

[LWJ]

^^^exactly.

Market is smoking hot right now.

[KFC911]

Do you have a buyer's RE agent... maybe you need one who's fiduciary obligations are on your side, instead of the seller's (well... in theory anyways)? Otherwise, any agent is actually working on behalf of the seller's best interest...not yours. Just something to consider as you make an offer... good luck!

[Mike80911]

Most exclusives with brokers have a clause that states if the house is sold to a buyer that was working with that broker after the listing expires the seller is still on the hook for commission fees. The clause can last for a long time sometimes years. So even if you bypass the broker and rent it the seller may still have to pay commission if you buy it. I rented a place that I was trying to sell with an option to buy. The woman lived there 15 years and never bought it. But I did sell it afterwards for twice what I was asking 15 years prior so it worked out well. Why would a seller rent the place to you with a set buying price and take the chance on losing a lot of money in a future sale?

[1990C4S]

Originally Posted by Mike80911

Why would a seller rent the place to you with a set buying price and take the chance on losing a lot of money in a future sale?

My first thought too. As a seller, I would never entertain that offer. Almost zero upside for the seller, the renter wins in any scenario.

[sugarwood]

Simplest way is to first present an actual offer and actually get it rejected

[LWJ]

I've been grinding on this. I think the answer is to make an appropriately priced offer with my realtor. As was said above. Anything else will confuse and muddy the waters.

Thank you all!

[KFC911]

If your market is that hot.... mebbe don't worry about renovating your bathroom? Around here.... sign goes up...a parade of buyers for a day or so.... sold!

[john70t]

Do a background search on the owner and get to know everything about him: His holdings, his history, his money, his hobbies.

Have your wife accidentally bump into his wife in Pottery Barn and become best friends.
"OMG that's your name? What a coincidence. We loove you place so much."

(okay well that's how the Zuke would do it.)

[Eric Coffey]

Originally Posted by LWJ

I've been grinding on this. I think the answer is to make an appropriately priced offer with my realtor. As was said above. Anything else will confuse and muddy the waters.

Thank you all!

Good call. Lease/purchase contracts are typically a waste of time. Just be sure your guy/gal knows the specific market/neighborhood well, and can effectively communicate, articulate, and substantiate your offer.
IOW, if you come in low, but with accurate market data to back it up, you have a better chance of convincing the other side (or at least minimizing the counter). Good luck!

[look 171]

Originally Posted by 1990C4S

My first thought too. As a seller, I would never entertain that offer. Almost zero upside for the seller, the renter wins in any scenario.

I am with you on this 100%. I would not be interested in that offer at all. Too many things can go wrong. No benefit for seller but headache brewing.

[look 171]

Originally Posted by LWJ

I've been grinding on this. I think the answer is to make an appropriately priced offer with my realtor. As was said above. Anything else will confuse and muddy the waters.

Thank you all!

Tell your agent escrow can't close unless you sell your current home. Personally, I will not accept an offer like that. Its worth a try unless you can buy the new and sell the current later. That's ideal.

[look 171]

Originally Posted by Eric Coffey

Good call. Lease/purchase contracts are typically a waste of time. Just be sure your guy/gal knows the specific market/neighborhood well, and can effectively communicate, articulate, and substantiate your offer.
IOW, if you come in low, but with accurate market data to back it up, you have a better chance of convincing the other side (or at least minimizing the counter). Good luck!

The listing agents also close the deal. They have to eat too, knowing the market, they will try their best to sell it to the seller. Let the agents do their thing behind close doors.

[dad911]

Originally Posted by 1990C4S

My first thought too. As a seller, I would never entertain that offer. Almost zero upside for the seller, the renter wins in any scenario.

I did it once. Pocono house, I was fed up after a string of bad tenants. Met a young couple that wanted to buy, they had a young kid, income but no down payment. Told them if they paid on time, I think it was a year, I would apply 1/2 the total rent towards purchase.

For us it was a win-win.