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Trying to Purchase a Home in COVID-19 - Continually Lose Out, with Offers over Asking Price?

Ken555

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Why not have a rent back option for a few months for those who don’t have a home to move to when they sell? I suppose this might dampen enthusiasm for the buyers, but I would think it’s an option to consider.


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VacationForever

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I would definitely sell first in this hot market. There's no way that I would ever want to carry two mortgages. If the market changes you might have to do something drastic like selling at a steep discount to get out from under the second mortgage. Price your place competitively and move it quickly then you can find another house (hopefully, lol).
We paid cash for our current home so it will only be for 1 mortgage for the new home. Our neighbors in the same condo building have a hard time selling their homes and it makes us take a pause on what we have thought of doing.
 

VacationForever

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Why not have a rent back option for a few months for those who don’t have a home to move to when they sell? I suppose this might dampen enthusiasm for the buyers, but I would think it’s an option to consider.


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Yep, that is an option but we also don't want it to hold up a potential sale.
 

joestein

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We are looking to sell our home and buy a bigger home in our neighborhood (Marlboro) or Colts Neck which is nextdoor. As we have been working from home, we find our house is a bit tight. My wife has taken over the dining room and I have our old office we shared to myself. In addition, we would like an inground pool.

We have been to a few open houses and met a real estate agent we liked. We spoke to her yesterday and she recommended we put our house up for sale now and then look for a property. We said that we wouldn't put our house up for sale until we found a house to buy.

We are both 50 with twin girls who are starting college next year. Part of me says that it is foolish for us to upgrade and part of my says it is good investment for the future.
 

geekette

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Septic can get real expensive. When we had to replace the one at our beach place it got bad. We were close to an inland bay so it took a special system. Also with new regs we had to clear an area for a new field that meant taking 25 trees out. By the time we were done the total was over 29k,
Absolutely, experiences vary. My total septic replacement was 14k, including removal of all old and arranged differently on the land including new holes for tanks closer to street (in case we are ever compelled to connect to city sewer not yet in our area).

Never more than 500 for well pump replacement. Complete well replacement is around 10k here.
 

geekette

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The thing that really is unbelievable to me is that people have this kind of cash money to begin with just for a house. I mean many people do not even have that kind of money to live on until they die! LOL!
Definitely, people roll differently than I do! But, there are investors that turn profits into another house. Plus, these are extraordinary times. Could be pooling money with siblings or friends after they sell their homes. Could be pulling from retirement to pay cash and have no mortgage... There didn't used to be so many flip-this-house shows, either, and people have ideas and time now.

All I need is the one cash buyer that sees the potential in my slice here. I would be interested in their back story, but, so long as the check cashes, it's not my biz if they don't share.
 

WinniWoman

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Yep, that is an option but we also don't want it to hold up a potential sale.

Yes. We thought of doing that on our move but no way would the buyers go for it. She was pregnant and due 2 weeks after we closed! LOL!

The reality is most times people want to get into the house they bought as soon as possible.
 

geekette

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So far, my limited experience with cash buyers is that they don't sit around, they follow up leads and get on property ASAP and follow with offer ASAP. The guy that was here today mainly took pics and asked questions. I was surprised that he merely went down the stairs to basement and didn't poke around into different rooms. Okie dokie. Ought to help me, based on how much stuff remains crammed into a room down there....

I have one offer, sight unseen, that is too crazy low to consider. I am guessing that the people that actually visit the property will have a different take. But, I know it will be lower than what Zillow says. I'm prepared for whatever numbers come in. It would be nice to not have to deal with staging, etc.
 

Sugarcubesea

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I don't know about your religion, but I did put a St. Joseph statue in the ground at our former home and at the rental house. He now sits in honor on the window sill in our kitchen
I’m Catholic and I’ve always put a St Joseph stature in the ground. We buried one when we went to sell my parents house and it sold 2 days after listing date and this was a few years back when the economy was bad.
Thanks
 

Sugarcubesea

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The thing that really is unbelievable to me is that people have this kind of cash money to begin with just for a house. I mean many people do not even have that kind of money to live on until they die! LOL!
The last 3 offers that we made on houses we lost out to cash buyers and these folks were offering large amounts over the asking price. I’m blown away that so many folks just have such large amounts of cash just lying around.
 

bogey21

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I have one offer, sight unseen, that is too crazy low to consider.
There is an industry out there that prays on those whose primary need is to sell now. When I sold my Son's house for him about 18 months ago I thought it was worth $175,000. My Realtor insisted on $190,000 which it sold for in less than 60 days. While I was in the process of selecting a Broker somehow the word was out that I was selling. During this period I had 3 totally unsolicited offers in the $135,000-$140,000 range. Their pitch was "we will write you a check tomorrow"...

George
 

geekette

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There is an industry out there that prays on those whose primary need is to sell now. When I sold my Son's house for him about 18 months ago I thought it was worth $175,000. My Realtor insisted on $190,000 which it sold for in less than 60 days. While I was in the process of selecting a Broker somehow the word was out that I was selling. During this period I had 3 totally unsolicited offers in the $135,000-$140,000 range. Their pitch was "we will write you a check tomorrow"...

George
Yes. I am finding a mixed bag, one was very upfront about Fast being not High, making darned sure that I understood the grand compromise of dealing with them. If I had to flee Today, like, close in 48 hours, theirs would have been an offer worth considering.

Most all have asked why I am leaving. they are indeed looking for the motivated sellers. They don't need to understand that I know my home is too weird for most normal buyers. I am taking the tack of, well, I thought I was going to remodel but then got an opportunity out of town that is fine on telecommute for a while but would like me settled before end of year....

it seems to all come down to strategy and not sure mine is best, but I figured I'd call 3 to 5 cash buyers each week as little improvements are made to my place and it starts emptying and grounds looking better and better.... It's not a bad thing to have a lot of eyes on it while not officially on the market. eventually the right offer will show up, and I would like to be surprised at how high it is, but I can handle whatever the reality is.

It's all a bit Vegas'y for me, honestly.... playing the cards I'm dealt to the best of my ability and I can't fold!
 

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I totally disagree that it discriminates or violates any Fair Housing Regulations.
Well, you are entitled to your opinion but that doesn't mean you know what you are talking about :ROFLMAO:

On the other hand, a licensed real estate agent would know and receives follow-up training on a regular basis.
 

Snazzylass

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Agree. I like to make my own decisions. I will listen carefully to what the professionals (Doctors, Lawyers, Financial Advisors, RE Agents, etc.) say then make my own decision as to how I will proceed. There are so many times in my life I have done this to my benefit. The most startling was about 40 years ago when my then Cardiologist insisted I needed a pacemaker. After doing my own research I politely declined. Just say it is now 40 years later, I am now 85 years old and still trucking...

George
There's a difference between advise and following the law. While you can chose to NOT follow the advice given by a professional, also be prepared for said professional to no longer represent you if you chose to act unlawfully.
 

geekette

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I never said anything about acting unlawfully...

George
That, and, no doctor ever represents me. They do surgery and walk away, not having to live with consequences. Professional advice is not always best suited to the interests of the customer and can in fact be all about the professional. There have many unsuitable surgeries suggested for me and a lot of mumbling when I ask about potential bad outcomes.

I think it would be wise to take advice of any kind with a grain of salt. There are dangers both ways, in simply following 'professional advice', or, in ignoring 'professional advice'.
 

DaveNV

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It would be nice to not have to deal with staging, etc.
We sold our Washington house without any staging. The rooms were obvious for what they were intended to be, so we felt staging was unnecessary. The place was spotless, paint was fresh, hardwoods in excellent condition, carpeting was brand new. The buyers didn't have to do a thing to move in and live there. There was a reason it sold so quickly. Staging might have complicated things.

The one item we left behind that may have been "extra" were the cushions for the window seats in the upstairs media room over the garage. Those were brand new, ordered specifically to fit into that seating area. It was a $350 investment that I think made the room really stand out.

mediaroom.jpg


Dave
 

TheTimeTraveler

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Well, you are entitled to your opinion but that doesn't mean you know what you are talking about :ROFLMAO:

On the other hand, a licensed real estate agent would know and receives follow-up training on a regular basis.

Please post the Regulation that shows that submitting a letter to the buyer does "in fact" violate Fair Housing Regulations when submitting a written offer to the seller. I think many of the TUG members would like to read it (as well as myself).



.
 

geekette

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We sold our Washington house without any staging. The rooms were obvious for what they were intended to be, so we felt staging was unnecessary. The place was spotless, paint was fresh, hardwoods in excellent condition, carpeting was brand new. The buyers didn't have to do a thing to move in and live there. There was a reason it sold so quickly. Staging might have complicated things.

The one item we left behind that may have been "extra" were the cushions for the window seats in the upstairs media room over the garage. Those were brand new, ordered specifically to fit into that seating area. It was a $350 investment that I think made the room really stand out.



Dave
Beautiful! It would have been painfully obvious if you had removed those cushions!

My place is old and rustic, there isn't going to be fresh, new, spotless... Empty is my plan. Someone else's wallet will have to chase Beautiful. too bad I won't be around to see The After Pictures.
 

DaveNV

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Beautiful! It would have been painfully obvious if you had removed those cushions!

My place is old and rustic, there isn't going to be fresh, new, spotless... Empty is my plan. Someone else's wallet will have to chase Beautiful. too bad I won't be around to see The After Pictures.
I think there is room for both types of houses in the resale market. Our buyers paid us (indirectly) for all our work. Your buyer will pay for the opportunity to do their own thing there. I hope you sell for a great price, and move to your new adventure with a good head start. :)

Dave
 

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That's a beautiful room, Dave!! If the rest of your house looked like that, it's no wonder it sold so fast.

Regarding staging, it really depends on what someone defines as "staging." De-cluttering, deep cleaning, and removing family photos can work wonders. Most people cannot visualize themselves living in a home when other people's stuff is in it. If a home is full of clutter, family pictures, etc. it throws them off and they can't see past it. A dirty house? Nasty carpet? Oh my goodness, that is the worst and can literally tank a sale.

For us, we go a bit further. We've sold 3 homes in the last 14 years and each time, we stripped the houses down to where they basically looked like model homes. Nothing on the counter tops (which is a huge pain but the look is impeccable), minimal decor, packed away unnecessary clothes in the closets, etc. Every person that went through our homes talked about how much they looked like model homes. All of our realtors have talked about the importance of giving people the feeling they are walking into a well-cared for home.

We've been blessed for certain in that we were able to sell so quickly. The first one never even got on the market before it sold. The second one sold the first day it was on the market. The 3rd one is the home we just sold and it was on the market for 60 days. But, we listed it in the midst of Covid-19 and it was a luxury home and sales of those are/were a little slower around here. Now, we're basically "homeless" and building a plan for the future as we face off against the disruption of life caused by Covid-19, and a country that seems to have gone off it's damned rocker in every aspect.

We sold our Washington house without any staging. The rooms were obvious for what they were intended to be, so we felt staging was unnecessary. The place was spotless, paint was fresh, hardwoods in excellent condition, carpeting was brand new. The buyers didn't have to do a thing to move in and live there. There was a reason it sold so quickly. Staging might have complicated things.

The one item we left behind that may have been "extra" were the cushions for the window seats in the upstairs media room over the garage. Those were brand new, ordered specifically to fit into that seating area. It was a $350 investment that I think made the room really stand out.



Dave
 

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Dave,

You are absolutely right. There is room for both types. Some people are able to see a home like Geekette's and all the wonderful possibilities it allows for them to be creative and make it there own. I, too hope Geekette is able so sell quickly and for a great price!

I think there is room for both types of houses in the resale market. Our buyers paid us (indirectly) for all our work. Your buyer will pay for the opportunity to do their own thing there. I hope you sell for a great price, and move to your new adventure with a good head start. :)

Dave
 

VacationForever

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The last 3 offers that we made on houses we lost out to cash buyers and these folks were offering large amounts over the asking price. I’m blown away that so many folks just have such large amounts of cash just lying around.
Our close friends in the community in which we live, have cashed out $500K worth of investment in the past few months because they believe that the stock market will crash badly due to high unemployment rate. Then recently, they decided to move out of our community across town - about 45 min drive away to another country club community. They are eyeing a $900K home. Their current home will sell for about the same. They are preparing to sell their home and buy this other home, and get some sort of bridge loan for about $400K. There is alot of cash sitting out there.
 

elaine

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we stripped the houses down to where they basically looked like model homes. Nothing on the counter tops (which is a huge pain but the look is impeccable), minimal decor, packed away unnecessary clothes in the closets, etc. Every person that went through our homes talked about how much they looked like model homes.
We also do this. I have photos from model homes in our area as my guide. Then, we get 50 Rubbermaid bins and put it all in a storage unit. We leave basic essentials, a "timeshare" amount of pots/pan, dishes, etc. in the cabinets and 2 suitcases worth of of clothing staged in closets. fresh paint and carpet and neutral furnishings/decor, nothing frumpy or "old" looking either for furniture or soft goods. When we sell, we'll have to get rid of our giant TV airmore--no one uses those anymore.
 
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