i'm on the googlez, creepin ur house

i'm on the googlez, creepin ur house

They told us they'd have an answer for us in the morning. The offer doesn't expire until 6 pm Thursday...as of this afternoon, they had no other offers...

 

Not sure if that is good or bad...going to be an anxious night!

You bid the offer, they should take your money and run.

 

You bid the offer, they should take your money and run.

You'd think...I think their concern would be where it would ultimately appraise...we think the property is well-worth it; in fact, I think they are idiots. If they had a broker that could market this house correctly, I think they could have found many cash buyers in California for well over this listing price. They just didn't know how to sell the home.

 

So they may be fearful it won't appraise for list and just take a cash offer at a level where they believe may be above what it would appraise at.

 

But as far as I know, that offer has not come in yet...of course, the house has only been on the market for 3 days now, which is why I don't know why they would want to give us an answer thirtysome hours before our offer expires...

 

 

Yeah they really dont have any incentive to accept early if there is earnest money that you would forfeit.

 

 

Wow...they delisted the property and are intending to re-list it for an additional $75k.

 

What a dick move.

Wow...they delisted the property and are intending to re-list it for an additional $75k.

 

What a dick move.

That is s***ty, they must've gotten some really nice offers or something for that big of a jump.

That is s***ty, they must've gotten some really nice offers or something for that big of a jump.

Apparently the owner's business manager stepped in and thought they didn't ask enough because of all the attention it got once it hit the market.

That doesnt look like Vegas at all. Nice.

Yeah. Grass in Vegas. Amazing.

Yeah. Grass in Vegas. Amazing.

Also stupid...I checked their water usage...they used 445,000 gallons of water the last quarter! I had plans to rip half of that grass out...

Haha...so the listing agent for the home we offered on a few months ago sent an email to our agent yesterday afternoon...

 

"Its at 525 BUT just had a phone call from Sellers secretary

and she was told to tell me to tell anyone to 'present all offers'

 

Sellers advisor was one that wanted it raised not the Seller. so

If you can come back in where u were but they still will not pay

any closing costs or appaisal can not be a contingency -

 

Buyer to pay own closing costs"

 

 

These jerks want us to come back in with basically the same offer but without it being contingent on the appraisal....idiots...should have just accepted our original offer for list in the first place...

You bid the offer, they should take your money and run.

 

Guess they should have hired me to be their attorney. They would already have the money in their pocket.

Guess they should have hired me to be their attorney. They would already have the money in their pocket.

Yeah, you were right on...I think everyone but this woman's "business manager" felt that they should have taken the offer...

So are you going to buy it now?

Haha...so the listing agent for the home we offered on a few months ago sent an email to our agent yesterday afternoon...

 

"Its at 525 BUT just had a phone call from Sellers secretary

and she was told to tell me to tell anyone to 'present all offers'

 

Sellers advisor was one that wanted it raised not the Seller. so

If you can come back in where u were but they still will not pay

any closing costs or appaisal can not be a contingency -

 

Buyer to pay own closing costs"

 

 

These jerks want us to come back in with basically the same offer but without it being contingent on the appraisal....idiots...should have just accepted our original offer for list in the first place...

I had an offer on a place that I thought I was about to close and all of a sudden they took the place off the market because the guy got caught cheating on his wife and now the sale is going through court.

So are you going to buy it now?

Not sure...we gave up on it and decided to move the girlfriend into my house...and I spent $10k or so on light renovations, furniture, getting the landscaping cleaned up, the floors redone, etc...she spent some money preparing to move as well.

 

She is actually moving in this morning. We have an appt to go see the house at 1230 though, because she has actually never seen it. We made the offer with just me seeing it before.

 

So there are a few issues now:

 

1) We spent money previously earmarked for a downpayment;

2) These people are claiming they won't accept an offer which is contingent on an appraisal;

3) We would have to liquidate a lot of our assets in order to put down any kind of sizable amount of cash if the home were to appraise low; and

4) We think the home is worth the original listing price, but the appraisal algorithms are heavily based on sq footage and the age of the home, and so even though the home is in pristine condition (it has never been used as a primary residence - always has served as a guest home), it probably will appraise for a decent figure lower than the original listing price.

 

So we probably have three options:

 

1) Put in an offer that is contingent on an appraisal anyways, and see what they do with it;

2) Put in a lower offer that is not contingent on an appraisal, and see what they do with it; or

3) Let it sit on the market for a bit longer and see if they become more amenable to our terms.

I had an offer on a place that I thought I was about to close and all of a sudden they took the place off the market because the guy got caught cheating on his wife and now the sale is going through court.

Yeah, buying a home in this market is rough...you may get a little cheaper price than say, 7-8 years ago, but you also have to deal with a lot of nonsense because of the overarching financial atmosphere. Tough to find a traditional sale, and then when you do, crap like this pops up.

Edited April 5, 201313 yr by iamshack

On top of this though, I am about to purchase a townhouse in little italy. However it needs a bunch of work, I am thinking about dropping 50-75k on renovations. Does that seem like a good number to anyone who knows the biz? I had a guy scope it out and he said I could get a new basement, master bath, kitchen and some touch ups around the place

 

Option 3 may be smarter since you probably want to save some cash up again anyways. I doubt they really would consider a lower offer that much considering they had raised the price. My guess is they are willing to hold out a little bit to get the price they want.

Option 3 may be smarter since you probably want to save some cash up again anyways. I doubt they really would consider a lower offer that much considering they had raised the price. My guess is they are willing to hold out a little bit to get the price they want.

Yeah, they may...we have no idea what the seller's financial situation is...but I found it interesting that the email did instruct her to solicit all offers. Secondly, I am not really concerned about offending them with a lower offer, either. They already screwed us over, and now they come back to us looking for another offer. So it makes you think they are at least on some kind of timeline.

 

 

Shack,

 

Sometimes I hate having options. My advice would be, is this the house that you really want, no other house will ever make you as happy. If it is, you probably eat the $10k, skip the appraisal and make the deal.

 

If it is not, then try and work it. Worst case scenario you are in the exact same position you were 2 days ago. If you dont need this house, you can try and work them. They are coming from a position of weakness.

On top of this though, I am about to purchase a townhouse in little italy. However it needs a bunch of work, I am thinking about dropping 50-75k on renovations. Does that seem like a good number to anyone who knows the biz? I had a guy scope it out and he said I could get a new basement, master bath, kitchen and some touch ups around the place

Depends on the finishes you choose, how many problems they run into when doing the renovations, etc.

 

If I know you, you aren't going to settle for some mid-line finishes, and so if you want to redo the kitchen, master bath, and basement, you'll probably need at least $75k-100k...

Yeah, buying a home in this market is rough...you may get a little cheaper price than say, 7-8 years ago, but you also have to deal with a lot of nonsense because of the overarching financial atmosphere. Tough to find a traditional sale, and then when you do, crap like this pops up.

I've actually been looking around lately. It seems kinda crazy since Im just coming up on a year out of school in May, but I've saved well and the area I live in is dirt cheap for condo prices. I've just been using Redfin to keep track of listings and one popped up last week that looked great that was a 4th floor penthouse that had a private rooftop deck and elevator (which is almost non-existant in my area). For a 3br, new construction it was only $150k but was missing some appliances (has all the hook ups but needs a W/D and Fridge). Within 1 week though it has a pending offer.

I've actually been looking around lately. It seems kinda crazy since Im just coming up on a year out of school in May, but I've saved well and the area I live in is dirt cheap for condo prices. I've just been using Redfin to keep track of listings and one popped up last week that looked great that was a 4th floor penthouse that had a private rooftop deck and elevator (which is almost non-existant in my area). For a 3br, new construction it was only $150k but was missing some appliances (has all the hook ups but needs a W/D and Fridge). Within 1 week though it has a pending offer.

Market times have been around the 2 week area for nice places. Within 24 hours the unit in my building had almost 5 offers right away. You need to be ready to go. Which sucks.

 

I've changed gears and started looking at renos in good locations.

Shack,

 

Sometimes I hate having options. My advice would be, is this the house that you really want, no other house will ever make you as happy. If it is, you probably eat the $10k, skip the appraisal and make the deal.

 

If it is not, then try and work it. Worst case scenario you are in the exact same position you were 2 days ago. If you dont need this house, you can try and work them. They are coming from a position of weakness.

Well, the house is like my dream house...there IS no other house like this in Las Vegas. There probably are only a handful of original mid century modern homes in this condition in the entire country. Then you factor in location, and that it's on a 1 acre lot (very tough to find in a developed neighborhood out here), and it is sort of like my dream property.

 

Unfortunately, we need to finance the home. We're both relatively young and don't have $450k to put down on a home. Not even close.

 

So say it appraised at $375k, and we offered 450k with no contingency on appraisal, we'd be on the hook contractually to come up with $75k in cash to make up the difference between the loan value and the contracted price, plus the downpayment on the financed amount, plus the closing costs. That would come to, at the very least, about $130k or so.

 

Now we both own properties which we think we could probably make about $50-75k on each if we sold them now, but other than by doing that, we couldn't come up with $130k at this moment. And I don't think they are going to agree to an offer that is contingent on two home sales.

 

Sooo....we have to have a REALLY good idea of the value of the home if we are going in without a contingency on the appraisal.