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Old 07-30-2021, 05:24 PM   #41
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Hopefully the neighbor is not "connected" and does not end up "making an offer you can't refuse"...
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Old 07-30-2021, 05:44 PM   #42
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Originally Posted by CardsFan View Post
+1

But not just spouse. Would anyone who could afford to casually buy a $800k+ house really want their parents living with them? Just saying.

Well it's easier to say it's for my parents, then to say I want for myself or I think the neighborhood is going to explode in value and I want it for an investment property.
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Old 07-30-2021, 06:20 PM   #43
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Originally Posted by semtex View Post
My neighbor came over and offered to buy our house. I told him that we had no plan to move. He said he would like to pay some premium above the current market price.
I heard some rumor that my neighbor made some significant money last year.
My house market value is about 850K. the fee (realtor/gov/insurance) is around 55k. To have a slight better house in my neighborhood, in this hot market, it needs at least 10% premium, 85K. so the total is 990K.
Is this reasonable? The 990K could give him a shock. This 55K fee eats lot of meat. My net gain is 935K. Below this, I doubt we could have a better house.
We are neighbors about ten years. We get along well. Maybe I should just say no, but he was kind of eager to have my house.
if you don't want to sell then say so, definitively. anything else just strings the neighbor along.
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Old 07-30-2021, 08:26 PM   #44
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I think that the fact that your neighbor finds your house so appealing is a good indication you have a great house and should not move.
I always joked that you know when you have something someone wants, when they are willing to knock on your door to get it from you.

Jehovah witnesses, equity hounds, pest control experts come to mind.

Good to know you have something other people want, but in the end its about what you want. You get one life, make it the best life!
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Old 07-30-2021, 08:31 PM   #45
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Originally Posted by kgtest View Post
I always joked that you know when you have something someone wants, when they are willing to knock on your door to get it from you.

Jehovah witnesses, equity hounds, pest control experts come to mind.

Good to know you have something other people want, but in the end its about what you want. You get one life, make it the best life!

Those 3 you mentioned all want your money...
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Old 07-30-2021, 09:18 PM   #46
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Those 3 you mentioned all want your money...
It seems EVERYBODY wants your money.
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Old 07-30-2021, 09:19 PM   #47
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It seems EVERYBODY wants your money.

I don't know about my money but I'll take your money..
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Old 08-03-2021, 04:21 PM   #48
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I know of two instances where a spouse decided she wanted a particular house in a neighborhood. In both instances the husband approached the owners and paid through the nose to buy the house. In the first instance the husband paid twice the then current market value and then spent $300,000 on renovations. In the second instance the purchase price was the price the owner paid for a replacement home plus $200,000 cash which the owner used to buy a rental property. Neither seller wanted to sell so they made sure they got paid for the inconvenience.

I would look at this as a pure business transaction. Assuming I liked my current home/location, and didn't really want to move, I would determine what would make the move worthwhile to me (i.e. pay me for the time and aggravation a move would entail plus fully cover the cost of my replacement property. Once I determined my willing to vacate price, I'd ask the buyer to give me an offer. If the offer was insufficient, I would tell the buyer he didn't meet my price. If the buyer asked me wham my number is, I'd tell him to make another offer and this time it needs to be his final offer because he will either be successful or I will end the negotiation as I really don't want to move. This tactic should elicit his best offer. When the offer came in close to my number I would then decide if I wanted to take it or wanted more. If I wanted more and was really willing to settle, I'd counter with a price.

In this negotiation you are in the power position. The buyer wants the property and can afford to pay a certain number for the property which you don't know. You own the property he wants and you have your number to sell which the buyer doesn't know. Plus you don't have to sell. Your leverage is the ownership, the knowledge of the price at which you are willing to sell, and the fact you don't have to sell. Never reveal your price in a negotiation until you are ready to execute the transaction.

In any negotiation it is critical to remain objective and unemotional. You owe the potential buyer nothing except living up to the terms of the contract should you sign one. The fact the potential buyer is your neighbor, or the reason he wants to buy your property, is irrelevant. The day you close, the buyer can do whatever he wishes with the property regardless of what he has told you.

Your job is to make the most you can on the transaction. After all, you will endure the aggravation and stress associate with moving, finding a new house, negotiating a new house sale, moving and acclimating to a new neighborhood and possibly renovation costs. You also bear the risk of discovering you don't like the new house and location as much as you like your existing house.

In this market I wouldn't sell my house if my neighbor (or anyone else offered me 2-3 times its market value. At this point in my life I have better things to do than giving up 6 months of my life to find a new house, negotiate a deal, move, and make the new property meet my needs. At 10 times the current market value I would give the proposition serious consideration. After all everyone has a price.
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Old 08-03-2021, 04:25 PM   #49
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Seems silly. I assume you r happy where you are. If youíre going to get 1.5 mill, sure, move. Otherwise, moving sucks. Not worth it unless itís a stupidly high profit.
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Old 08-03-2021, 05:04 PM   #50
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I'm with some of the other posters here.
Unless your house is a one story I don't buy the "it's for my parents" thing for one second. Most parents in their 80's are looking to downsize, get out of a place with stairs, and most of the time get into a retirement-type community.
Don't let them try to affect you with a soft-pitch about parents, and unless you want a headache finding another place and moving in this real estate market tell them flatly no.
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Old 08-03-2021, 05:18 PM   #51
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When we used to rent out a townhouse, "I'm looking on behalf of my parents" was a known looky-loo line, used by other landlords who wanted to see what the competition was charging. They would send their adult kids out to scout the competition. It gave the person an excuse not to fill out a credit application, or give any info.

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I'm with some of the other posters here.
Unless your house is a one story I don't buy the "it's for my parents" thing for one second. Most parents in their 80's are looking to downsize, get out of a place with stairs, and most of the time get into a retirement-type community.
Don't let them try to affect you with a soft-pitch about parents, and unless you want a headache finding another place and moving in this real estate market tell them flatly no.
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Old 08-03-2021, 05:19 PM   #52
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Location

My view is that this all depends on where this house is located. What state and what city.

I get a monthly list of the sales in my neighborhood near San Francisco.

Last month there were about 15 sales. Each was listed with "asking" and "sold for".

Every house sold for over asking and three of them went $1million over. So a $1.2 million ask sold for $2.2.

Without putting your house on the market in this current environment you will never know what it would sell for.

If you want to sell, put it on the market and see what it is worth, then you can choose your buyer including your neighbor.
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Old 08-03-2021, 05:22 PM   #53
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In my area, if you have a buyer, you can just handle the sale through the title company. No realtor needed. Or you could pay a realtor a reasonable flat fee to handle the paperwork, as someone else suggested. The main thing is, do you have somewhere else to live?
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Old 08-03-2021, 05:42 PM   #54
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Is it just me that thinks the neighbor is an arrogant snob for even suggesting he should buy your house ...I find that creepy.

Tell him you find the whole thing to be in poor taste

Think the parents story is a load too.
I donít get this, Iíd be glad to entertain anyoneís offer price for my house. Whatís the harm?
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Old 08-03-2021, 05:53 PM   #55
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I donít get this, Iíd be glad to entertain anyoneís offer price for my house. Whatís the harm?

Well unless I missed something OP had no intention of selling.


Neighbor asked to buy but never actually gave a firm offer, vaguely said they would pay "something" over market.


OP said they didn't want to sell and neighbor came back again with another ask.



Now if the neighbor wants to knock on the door and say I'll pay you 500K over asking that might be another conversation.
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us too -
Old 08-03-2021, 05:55 PM   #56
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us too -

Quote:
Originally Posted by Amethyst View Post
When we used to rent out a townhouse, "I'm looking on behalf of my parents" was a known looky-loo line, used by other landlords who wanted to see what the competition was charging. They would send their adult kids out to scout the competition. It gave the person an excuse not to fill out a credit application, or give any info.
yup. had that happen with our rental townhouse too. Lately it's been "we want to buy your property but we need to look at it". Not for sale, it's elderly mom's income stream currently.
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Old 08-03-2021, 06:09 PM   #57
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+1



But not just spouse. Would anyone who could afford to casually buy a $800k+ house really want their parents living with them? Just saying.


I would, but I see great value in multi generational households. Itís likely the Parents would need a lot of help maintaining that home. Going through something similar with a cousin and like PB said, I suspect a spouse squashed plans for the parent to live in her own place nearby. We did it for DWís mom and also her brother.
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He will bail...
Old 08-03-2021, 06:28 PM   #58
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He will bail...

He will bail out in about a month or two when the housing bubble begins to burst, again.

Sell it now, then buy something less expensive when the prices drop!
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Old 08-03-2021, 09:12 PM   #59
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When we used to rent out a townhouse, "I'm looking on behalf of my parents" was a known looky-loo line, used by other landlords who wanted to see
Iíve actually used that line myself (looking for our kids) in nearby neighborhood open houses. Iím not a landlord, just nosy. Seems to be acceptable but I do sign in if requested. Realtor want to show seller lots of activity, right?
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Old 08-04-2021, 08:13 AM   #60
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You told your neighbor you had no plans to move and he asked again, but sweetened the pot by offering a premium. A little rude and pushy in my opinion



EVERYTHING has a price!


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