|
|
Considering cold call about purchasing my cabin
11-13-2019, 04:16 PM
|
#1
|
Recycles dryer sheets
Join Date: Nov 2017
Location: Seattle
Posts: 452
|
Considering cold call about purchasing my cabin
I have a cabin that I bought in 2012, that is special (maui quality sunsets, great swimming lake), and difficult (built in 1948, few updates, probably impossible to expand). I get cold calls from real estate people a couple of times a year who say they would like to make an offer on the place. They would look at the place and on the spot make a cash offer. Has anyone followed through on such a thing and if so, with good or bad results? I've been thinking about selling it. There is huge appeal to not having to get it to 'staged' state, deal with contractors, negotiations, etc. It seems like it would be so unwise of them to make an offer after a 20 minute inspection, so I don't get it. I am meeting them next week, prepared to say no, but hoping I'll learn something.
Thanks
__________________
Retired 2015 at age 55...50/45/5 AA
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
11-13-2019, 04:54 PM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,070
|
Quote:
Originally Posted by 4legsgood
I have a cabin that I bought in 2012, that is special (maui quality sunsets, great swimming lake), and difficult (built in 1948, few updates, probably impossible to expand). I get cold calls from real estate people a couple of times a year who say they would like to make an offer on the place. They would look at the place and on the spot make a cash offer. Has anyone followed through on such a thing and if so, with good or bad results? I've been thinking about selling it. There is huge appeal to not having to get it to 'staged' state, deal with contractors, negotiations, etc. It seems like it would be so unwise of them to make an offer after a 20 minute inspection, so I don't get it. I am meeting them next week, prepared to say no, but hoping I'll learn something.
Thanks
|
I used to get these all the time. They would call with a claim they had a buyer for my place. Truth be told, they did not, but wanted me to list my place with them Vendor Emptor (Let the seller beware)
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
|
|
|
11-13-2019, 04:56 PM
|
#3
|
Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
|
They are just looking for the listing as said above.
__________________
*********Go Astros!*********
|
|
|
11-13-2019, 04:59 PM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Oct 2013
Posts: 1,181
|
I get this type of solicitation quite often for my rental properties. Never followed up since I'm quite sure any offer would be well below market value or it's actually a realtor trying to get a listing through deception. Let us know how it goes.
|
|
|
11-13-2019, 05:06 PM
|
#5
|
Moderator
Join Date: Nov 2014
Posts: 9,102
|
They said they would make an offer so not so sure they’ll be looking for a listing. My guess is that the offer will shock you, may even insult you, but, as you said, they’d take it off your hands and you’d be done. No muss no fuss. You’ll have to decide what that’s worth to you.
They’re not worried about the inspection because they’re either only interested in the land or they assume they’ll have to do a lot of work and have that priced in. Either way, their offer will reflect that.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
|
|
|
11-13-2019, 05:13 PM
|
#6
|
Recycles dryer sheets
Join Date: Nov 2017
Location: Seattle
Posts: 452
|
Good info thanks. They said it'll just be 20 minutes so not a big waste of time.
__________________
Retired 2015 at age 55...50/45/5 AA
|
|
|
11-13-2019, 05:13 PM
|
#7
|
gone traveling
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,406
|
Tell them you are willing to sell--for a zero % commission.
|
|
|
11-13-2019, 05:17 PM
|
#8
|
Recycles dryer sheets
Join Date: Nov 2017
Location: Seattle
Posts: 452
|
They said they'd make a cash offer, but then asked, will a bank loan money on it so that seemed off.
__________________
Retired 2015 at age 55...50/45/5 AA
|
|
|
11-13-2019, 05:22 PM
|
#9
|
Moderator
Join Date: Nov 2015
Posts: 13,879
|
Quote:
Originally Posted by 4legsgood
They said they'd make a cash offer, but then asked, will a bank loan money on it so that seemed off.
|
Sounds like they plan to flip it. So they will pay you cash, but intend to sell it to a buyer who would typically finance.
Whatever they offer you will be low ball, and it's worth the bother (imo) to at least shop around for other offers and get an independent appraisal. If that sounds like too much bother at about $50k to whatever they offer, and promise yourself you'll never look at zillow to see what it ends up re-selling for 6 months from now.
|
|
|
11-13-2019, 05:28 PM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
|
OP - now I'm curious.
As to your question, no harm in them looking, however I feel certain they will lowball you, or tell you they have a buyer but you have to list with them to sell it.
Since you know what you paid in 2012, you know what would be acceptable to you as a selling price.
How much land is involved and is it waterfront, what is the size of the lake ?
Any photo you can show us to make it exciting ?
__________________
Fortune favors the prepared mind. ... Louis Pasteur
|
|
|
11-13-2019, 05:34 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,281
|
The agent who lists your place gets 1/2 the commission, splitting with selling agent. Makes getting a listing a real profitable deal.
We had a call with offer to buy outright on a triplex this summer. Their first offer, after hearing our current rents and seeing interior pictures, was below the tax man's "Real Market Value". In fact I figured it was about 2/3 a real reasonable price. That was before any inspections, which don't normally result in a higher price being offered.. Didn't bother pursuing his offer. Another small rental house sold at the end of summer for 14% more than the tax man's RMV.
There is a real estate money making theory that has a buyer making dozens and dozens of offers for super cheap prices. Buyer doesn't get but a few responses, but is liable to get one or two for cheap. If you do well buying then selling can be really profitable.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
|
|
|
11-13-2019, 05:49 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,337
|
Quote:
Originally Posted by 4legsgood
... There is huge appeal to not having to get it to 'staged' state, deal with contractors, negotiations, etc. ...
|
How much appeal? $2K? $4K? $10K? Be sure to have a hard number in your head. That is the amount you are willing to discount the property to avoid this work.
+1 on probably a realtor looking for a listing, but why would anyone list with a known liar?
|
|
|
11-13-2019, 05:58 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,655
|
I never do business with anyone who pitches me. I do my research, determine the fair market price, and then take offers based on that knowledge. So I'd get a professional appraisal first, then you'd at least know if the "on the spot" offer was fair. But me, I wouldn't deal with those kinds of sales people in the first place, I just don't like that kind of thing.
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
|
|
|
11-13-2019, 06:50 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
|
Quote:
Originally Posted by Jerry1
They said they would make an offer so not so sure they’ll be looking for a listing. My guess is that the offer will shock you, may even insult you, but, as you said, they’d take it off your hands and you’d be done. No muss no fuss. You’ll have to decide what that’s worth to you.
They’re not worried about the inspection because they’re either only interested in the land or they assume they’ll have to do a lot of work and have that priced in. Either way, their offer will reflect that.
|
+1... from what the OP wrote it sounds like one of these buy ugly houses outfits or a local looking to do the same thing... make you a lowball offer for your property.
My solution to the real estate agent that calls and allegedly has buyers in hand for my property was to respond that I was willing to do a listing with them for two days... allowing their hot buyer to look at the property and make me an offer if they like it that I would accept if the offer was high enough... I never got any takers on that one.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
11-13-2019, 06:56 PM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
|
During a FSBO attempt I got dozens and dozens of these calls. 98% of them were realtors looking for a listing. A few were people looking for us to hold the mortgage for them. Not a single one was actually a legitimate offer, not even a low ball offer. YMMV, but I wouldn't waste my time.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
|
|
|
11-13-2019, 07:08 PM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,354
|
I agree that even if you get an offer it's going to be real lowball. The question about mortgage tells me the buyer is a flipper. So more evidence of a real lowball offer
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
|
|
|
11-13-2019, 07:29 PM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
|
Make sure to set the showing at sunset.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
|
|
|
11-13-2019, 11:55 PM
|
#18
|
Recycles dryer sheets
Join Date: Nov 2017
Location: Seattle
Posts: 452
|
Don't know if i attached pic properly.
i do have a number in mind, and they'll prob offer well below or less...but we'll see!
__________________
Retired 2015 at age 55...50/45/5 AA
|
|
|
11-14-2019, 09:15 AM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,281
|
Poor feller - I can see why you'd want to sell - it's all soggy out on your front yard.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
|
|
|
11-14-2019, 09:32 AM
|
#20
|
Recycles dryer sheets
Join Date: Nov 2017
Location: Seattle
Posts: 452
|
Mowing rules my summer and is getting old. Dog will be bummed if I sell.
__________________
Retired 2015 at age 55...50/45/5 AA
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|