Require advice: unsolicited all cash offer to buy my condo

[Fishingmn]

I'm a Realtor.

Call a competing Realtor and ask for a free CMA. Don't tell them you have been talking to another Realtor - just make it sound like you are thinking of selling.

That should give you peace of mind about what someone else is saying the fair market value is. By the way, the similar unit that sold in 2011 really isn't a good comparable. I would only use sales that have happened in the past 3-4 months.

 

[caninelover]

Thanks all - I appreciate all the words of caution...I will ask a lot of questions Saturday and if something doesn't smell right I'll probably show him the door...

 

[caninelover]

I'm a Realtor.

Call a competing Realtor and ask for a free CMA. Don't tell them you have been talking to another Realtor - just make it sound like you are thinking of selling.

That should give you peace of mind about what someone else is saying the fair market value is. By the way, the similar unit that sold in 2011 really isn't a good comparable. I would only use sales that have happened in the past 3-4 months.

Hi Fishing,

Thanks. Question - technically I'm not really working with a broker as this agent is representing buyer. Would I need to be evasive on this at all, as it would certainly be my option to have a broker representing me as seller is well, if I opted to and was willing to pay the commission, no?

 

[caninelover]

Hi,

Just an update, I met with the agent this morning. He did present an all cash offer for $170K, 10 day closing, no appraisal. I said no, that was too low and he did ask what my range would be. I said I would not sell anywhere in the range that he had thrown out before of $170-$190 and I would want to see something in the range of $225K before I even thought about entertaining the hassle of moving right now. Someone here said he would then try and get a listing so he gave me his best pitch...he said $225 was possible as one unit went into escrow at $239,900 (that unit is parkside, so they tend to fetch more) but if it did close at that number then we could list my unit at $240-$245K given there is such low inventory. My feeling is that is optimistic 'sales pitch' though, plus there is still the problem of where I would move to as I didn't find much available. He went though what I would want in a place and I listed out 2 bd, 2ba plus garage, fireplace, walkable to shops/restaurants. He said he knew of a couple of listings he would send me, so I said sure I would drive by the complex and take a look from the outside. I think I know those complexes he's talking about though and if they are what I remember I don't really like how they are laid out, though they are walkable to a small lake with some shops/restaurants nearby. Probably not enough to make we want to move. We'll see...

 

[haha]

Hi,

Just an update, I met with the agent this morning. He did present an all cash offer for $170K, 10 day closing, no appraisal. I said no, that was too low and he did ask what my range would be. I said I would not sell anywhere in the range that he had thrown out before of $170-$190 and I would want to see something in the range of $225K before I even thought about entertaining the hassle of moving right now. Someone here said he would then try and get a listing so he gave me his best pitch...he said $225 was possible as one unit went into escrow at $239,900 (that unit is parkside, so they tend to fetch more) but if it did close at that number then we could list my unit at $240-$245K given there is such low inventory. My feeling is that is optimistic 'sales pitch' though, plus there is still the problem of where I would move to as I didn't find much available. He went though what I would want in a place and I listed out 2 bd, 2ba plus garage, fireplace, walkable to shops/restaurants. He said he knew of a couple of listings he would send me, so I said sure I would drive by the complex and take a look from the outside. I think I know those complexes he's talking about though and if they are what I remember I don't really like how they are laid out, though they are walkable to a small lake with some shops/restaurants nearby. Probably not enough to make we want to move. We'll see...

You could always put some stuff in storage, and temporarily move into an apartment if you actually would like to move.

Although it appears that houses are off the races once again, except for a very few land constrained cities with strong in migration of good earners from US and abroad, there may not be enough underlying demand to make it last. Also, imagine what it is going to be like to try to sell a house that has been valued with 3.5% mortgage money into a market with more normal 7% mortgage money. Interest rates can return to the mean without much inflation. All it would take it less artificial suppression. What if the Fed made the modest pullback of no longer buying any mortgage securities?

I see you live in Southern California. Depending on where, you may not want to take the risk of not holding a marker in the real estate game of musical chairs.

Ha

 

[caninelover]

You could always put some stuff in storage, and temporarily move into an apartment if you actually would like to move.

Although it appears that houses are off the races once again, except for a very few land constrained cities with strong in migration of good earners from US and abroad, there may not be enough underlying demand to make it last. Also, imagine what it is going to be like to try to sell a house that has been valued with 3.5% mortgage money into a market with more normal 7% mortgage money. Interest rates can return to the mean without much inflation. All it would take it less artificial suppression. What if the Fed made the modest pullback of no longer buying any mortgage securities?

I see you live in Southern California. Depending on where, you may not want to take the risk of not holding a marker in the real estate game of musical chairs.

Ha

Thanks, Ha. Don't think the migration portion of the equation holds up but my town is land constrained now (surrounded by a greenbelt mish-mosh of national recreation area land, state park land, and city purchased and put into a local trust not to be developed land. There are no large swaths of land available to the big residential developers here anymore, there is one smaller development of new construction that is nearly sold, otherwise it is smaller developers coming in to buy up a few lots, tear down the single family homes, and put up multifamily townhomes as that is where the demand is...

Had dinner with a friend tonight (a restaurant that she had to drive to, but I just took a five minute stroll to on a perfect SoCal night) and she helped me put this in perspective. She basically told me that unless I was unhappy living where I was, I was foolish to move as I am in a unique location. I have the best of all worlds: the walkability of urban living, with the convenience and safety of suburbia, along with a short stress-free commute and plenty of open space/trails/hiking nearby. She told me I was nuts if I sold right now as this complex should only increase in value with the recent commercial development around me.

i guess it just takes a good friend (and an internet forum with smart people too ) to tell you what you already know in your heart: I am home. Feels good to know that. For some reason I was never fully sure of that until this little exercise. Now, I am sure, and there is no reason to move anywhere, anytime in the foreseeable future. Now when FIRE might be a different story...

Thanks all, I know my answer now. Gonna sit on my rear end and do nothing different than I arleady am

 

[Dawg52]

Sounds like a good fit for you. Someday you might be offered a deal you can't refuse, but I would stay put for now.

 

[Jmo1969]

Do what makes you happy.