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Real estate on a small scale
Old 07-19-2020, 11:28 AM   #1
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Real estate on a small scale

I am looking to sell my home and move back to a different city. Since my wife passed I have more support in the new/old area. I guess you can see I'm in Bend, Or. RE is hot right now. 2 homes on our street have sold this year in under a week.

I have not found a new home yet because I have a very specific area I'm looking at. A total of about 30 homes would work for me. There are several original owners from 2007-2008. Some of those original homes are pricing now at about what they sold for in '07-08. So housing bubble. So no big payday for them beyond the mortgage paydown.

A neighbor in Bend called me yesterday & said she heard I'm moving & selling out. She said she has a friend that wants to move over to Bend and likes our street/area. I told her the story about having to wait...maybe a year. After hanging up I was thinking. What if I rented a room to her until I found a new home? Then make the transaction. Win-win? I split time between the 2 cities now about half & half.

If you did this how would you structure it? Lock in a price now? Just avoid it entirely? Sounds like she is a teacher. I don't know the status of the schools next year. Did not sound like she has secured a job yet. It would suck if she was a whack job. I'm leaning towards not doing it. Upside buyer is locked it without a RE commission. Downside she walks & I have to list it after making repairs
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Old 07-19-2020, 11:54 AM   #2
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... After hanging up I was thinking. What if I rented a room to her until I found a new home? Then make the transaction. Win-win? I split time between the 2 cities now about half & half.

If you did this how would you structure it? Lock in a price now? Just avoid it entirely? Sounds like she is a teacher. I don't know the status of the schools next year. Did not sound like she has secured a job yet. It would suck if she was a whack job. I'm leaning towards not doing it. Upside buyer is locked it without a RE commission. Downside she walks & I have to list it after making repairs
You're overthinking this. You have not even met this person. You could even wreck a deal if you dumped all these "what-ifs" on her at a first meeting. A good salesperson starts by trying to determine the prospect's needs, not by charging off in all directions unhindered by any data. Meet the prospect in person or on the phone/zoom and resolve to listen and to absolutely not offer any but the vaguest thoughts as needed to elicit information. Then spend some time thinking if you are both interested in having a second conversation.
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Old 07-19-2020, 12:10 PM   #3
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Yes, I agree with OldShooter.

Why do you have to wait a year?

Could you sell now with a closing in say, late August, to give you time to either find a house or a rental in your new area?

OTOH, if where you are currently at is a hot market you might be able to wait.... but a bird in the hand is worth two in the bush... especially if you can avoid the realtor commission.
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Old 07-19-2020, 12:12 PM   #4
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Not sure what makes you think she wants to rent a room.

Since you seem so focused on precisely what you want to move to, why not send letter to each home you are considering, and see if they are interested in selling. It might prompt someone to sell faster.
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Old 07-19-2020, 12:17 PM   #5
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I'd sell and move. Lock in your gains. Go rent for a while because prices almost have to go down over the next year or two or more. LOCK IN THE GAINS!
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Old 07-19-2020, 12:30 PM   #6
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Don't do anything on someone's else's timeline. You suffered a big loss and in an abundance of caution should move completely at your own pace. When you are ready to move make those decisions in real time.
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Old 07-19-2020, 12:45 PM   #7
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If it were me I'd probably sell now while the market is hot and just go rent in your new city.
This gives you the benefit of makings sure you truly want to be in that new city and specific area without tying up your money.
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Old 07-19-2020, 05:17 PM   #8
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Thanks. i probably am overthinking. Heck she might hate my house. Or have 7 kids and need more room. It is <1500 SF. And she might not want me all up in her bidness in "her" house

I don't want to move twice. Thus the wait a year thing. It might take 2(!) years. The realtor has sent a letter out looking for interest. I am just about done composing my own letter...with pictures of the puppy!!! If that doesn't shake things loose it might be hopeless.
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Old 07-19-2020, 05:34 PM   #9
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Thanks. i probably am overthinking. Heck she might hate my house. Or have 7 kids and need more room. It is <1500 SF. And she might not want me all up in her bidness in "her" house

I don't want to move twice. Thus the wait a year thing. It might take 2(!) years. The realtor has sent a letter out looking for interest. I am just about done composing my own letter...with pictures of the puppy!!! If that doesn't shake things loose it might be hopeless.

Ha! a puppy might just tip you over the edge. Good luck
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Old 07-19-2020, 05:46 PM   #10
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... Heck she might hate my house. Or have 7 kids and need more room. It is <1500 SF. And she might not want me all up in her bidness in "her" house ...
But you should still follow up and explore her preferences as a potential buyer. If you don't follow up, probably nothing will happen. If you do follow up, you just might get lucky.
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Old 07-19-2020, 07:11 PM   #11
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But you should still follow up and explore her preferences as a potential buyer. If you don't follow up, probably nothing will happen. If you do follow up, you just might get lucky.
Get lucky? LOL...I should say not. I still feel married

I will follow up with my neighbor

Thx
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Old 07-19-2020, 07:11 PM   #12
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But you should still follow up and explore her preferences as a potential buyer. If you don't follow up, probably nothing will happen. If you do follow up, you just might get lucky.
In more ways than one!
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Old 07-19-2020, 08:29 PM   #13
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Jeez....
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Old 07-22-2020, 07:09 AM   #14
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Well, per everyone's advice (thanks @oldshooter) I am talking with the woman. She has a job lined up. The woman & her husband are about to list their property. I have texted a few interior pictures. She wants to walk through next time she is in town. I talked about my dilemma and moving twice. My neighbor has said she can bunk up with her for a while.She has put in a few offers on homes but has not been successful.

We'll see where this goes...thanks for the help on not borrowing trouble

I spread sheeted the 30ish homes in the area that i want to be in. Over the last 3 years 15 have sold. The likeliest candidate to sell is a recent widow that may move to long Beach Ca to be closer to family.
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