Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 12-17-2019, 07:28 PM   #21
Full time employment: Posting here.
 
Join Date: Mar 2009
Posts: 512
Should my parents sell their house "as is" to flippers
Yep
oldtrig is offline   Reply With Quote
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!

Old 12-18-2019, 10:09 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 7,002
Yes they should sell it.
Teacher Terry is offline   Reply With Quote
Old 12-20-2019, 09:12 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Nov 2013
Posts: 1,031
Quote:
Originally Posted by oldtrig View Post
Should my parents sell their house "as is" to flippers
Yep
They don't need to sell to flippers exclusively. Just get a couple of real estate agents through to get their input on sale price. Choose one real estate agent that is not too optimistic about pricing.
  • Set the price to sell
  • Sell as-is if too many repairs are needed
  • If there are issues that would preclude financing, this could be spelled out in ad, would lend itself to investors more than first time home buyers.
  • Take offers right away, but don't accept any until after the first weekend of being on the market.
NgineER is offline   Reply With Quote
Old 12-20-2019, 10:27 AM   #24
Recycles dryer sheets
 
Join Date: Jun 2008
Posts: 88
Great advice! The realtor said if she doesn’t list we can save 3% in realtor fees. Do you think we should still list it? I’m trying to see if my brother wants to try a first-time homebuyers program too.
Neecy is offline   Reply With Quote
Old 12-20-2019, 10:49 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,012
Quote:
Originally Posted by Neecy View Post
Great advice! The realtor said if she doesn’t list we can save 3% in realtor fees. Do you think we should still list it? I’m trying to see if my brother wants to try a first-time homebuyers program too.
The realtor is trying to keep the "listing" private, so she can sell to friends who will under pay. Only way you know you get a fair price (maybe it's $250K and not $200K) is by having it offered public.

Alternatively, you could pay (not free) for an assessment of the value, it would at least give you an indicator, but note, my experience with these assessments is that they are pretty flexible in the final amount, so don't hire via the realtor or even tell realtor you are doing it. Once done , the price may still be too low or high compared to what a public listed price will sell for.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 12-20-2019, 11:13 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 10,337
Quote:
Originally Posted by Sunset View Post
The realtor is trying to keep the "listing" private, so she can sell to friends who will under pay. Only way you know you get a fair price (maybe it's $250K and not $200K) is by having it offered public. ...
+1

It's not necessarily "friends" but it is a greatly diminished pool of potential bidders.

I would go further and say that a realtor who makes this kind of offer is not a realtor that you should be working with. It might be interesting for you to call the state assn of realtors and describe the situation. At best this is probably considered unethical and it may be a direct violation of their rules and even jeopardize her broker's (boss's) license.
OldShooter is offline   Reply With Quote
Old 12-20-2019, 03:05 PM   #27
Recycles dryer sheets
 
Join Date: Jun 2008
Posts: 88
Quote:
Originally Posted by Sunset View Post
The realtor is trying to keep the "listing" private, so she can sell to friends who will under pay. Only way you know you get a fair price (maybe it's $250K and not $200K) is by having it offered public.

Alternatively, you could pay (not free) for an assessment of the value, it would at least give you an indicator, but note, my experience with these assessments is that they are pretty flexible in the final amount, so don't hire via the realtor or even tell realtor you are doing it. Once done , the price may still be too low or high compared to what a public listed price will sell for.
Yes, sounds good and makes sense. Thank you.
Neecy is offline   Reply With Quote
Old 12-20-2019, 03:08 PM   #28
Recycles dryer sheets
 
Join Date: Jun 2008
Posts: 88
Quote:
Originally Posted by OldShooter View Post
+1

It's not necessarily "friends" but it is a greatly diminished pool of potential bidders.

I would go further and say that a realtor who makes this kind of offer is not a realtor that you should be working with. It might be interesting for you to call the state assn of realtors and describe the situation. At best this is probably considered unethical and it may be a direct violation of their rules and even jeopardize her broker's (boss's) license.
Hmmm, wow. It did raise my spidey senses when she said it. It is tempting to not have to pay 3%, but you are right. I think it would be best to go public. I'll check with the association of realtors. Thank you!
Neecy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
British Doctor does a high touch family intervention with struggling family haha Health and Early Retirement 20 12-07-2015 02:34 PM
Family of 6 looking to retire soon but need help! PackingBags Hi, I am... 10 12-19-2011 03:51 PM
Need help - Best flashlight for home use Amethyst Other topics 30 12-06-2011 01:22 PM
charitable family foundations--family first! astromeria Other topics 4 09-25-2006 09:49 PM

» Quick Links

 
All times are GMT -6. The time now is 01:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.