Got An Offer Today On My House

[Zee09]

I got a call earlier today to buy a spare house I have out of the blue.
They offered me about 95% of its real value and no realty fees and ZERO inspection.

Anyway, not bloviating but this is a great deal and everything in the house was never used and kept immaculate.
They want the furnishings as well and will pay for them. They came over today and looked at it. Everything still has the tags on it.

The issue is, I really don't want to sell it, but this deal is the kind that makes you think.

I know for a fact that I could not get it built for what I can get out of it.
That is why they want it as well. They looked in the area.
I sold a 12 acre in 2017 in Florida, and I still regret it to this day.
Even though I got 3X what I paid for it in 17 months. It was a screwed-up HOA and the neighbors
were not to my liking and it was best for me in the end.
I really don't like the pressure as they want it in 3 weeks.

What to do?

 

[eljefino]

Back up a little bit.

Is the neighborhood its in getting better or worse?

How long have you had it? What are the taxes and insurance like?

I suspect the prospective buyer is a flipper or otherwise in the business. Maybe they look at tax rolls for non owner occupied houses. If you're thinking about selling you can probably do better with a little effort.

 

[demarpaint]

Every month you own it and do nothing with it, it costs you money. Me, I'd take the money and run, there are plenty of places that money can be invested in w/o the headache of real estate. JMO

 

[Zee09]

Back up a little bit.

Is the neighborhood its in getting better or worse?

How long have you had it? What are the taxes and insurance like?

I own three houses in my neighborhood of six.. Neighborhood is top notch.
Sort of a shrine for me and a tax shelter-investment. I redid the house myself top to bottom.
About lost my life there working on it. It has been vacant for 12 years. I'm eccentric.

 

[Zee09]

Every month you own it and do nothing with it, it costs you money. Me, I'd take the money and run, there are plenty of places that money can be invested in w/o the headache of real estate. JMO

Thats been about 150 months

 

[John105]

My dad sold 7 acres in Avon CT in the 70's, and regretted it for a very long time, despite being in the black. Easier said than done, we're supposed to transact, and never look back. Maybe I'm not the right person to give advice, I sold amazon.com stock in 2001 after I tripled my investment.

 

[GON]

Back up a little bit.

Is the neighborhood its in getting better or worse?

How long have you had it? What are the taxes and insurance like?

I suspect the prospective buyer is a flipper or otherwise in the business. Maybe they look at tax rolls for non owner occupied houses. If you're thinking about selling you can probably do better with a little effort.

Is the home in a well-run, fiscally solid state.... keep the home. In a state that is not well run....... sell that baby.

 

[eljefino]

I own three houses in my neighborhood of six.. Neighborhood is top notch.
Sort of a shrine for me and a tax shelter-investment. I redid the house myself top to bottom.
About lost my life there working on it. It has been vacant for 12 years. I'm eccentric.

Jeez your moment was two years ago with the 3 percent mortgages, LOL.

 

[John105]

Thats been about 150 months

151-271 won't really hurt too much more

 

[Zee09]

Is the home in a well-run, fiscally solid state.... keep the home. In a state that is not well run....... sell that baby.

It is perfection. I just put in a $30K HVAC system in it last year.

 

[Zee09]

Jeez your moment was two years ago with the 3 percent mortgages, LOL.

Here it is hot. The buyer sold his house in one day over the asking price.

 

[GON]

It is perfection. I just put in a $30K HVAC system in it last year.

I must have worded my reply poorly.

If the home is in a state like Illinois- sell, sell, and sell..... no brainer

Home is in a well-run, pensions fully funded state like South Dakota.... keep it

 

[John105]

It is perfection. I just put in a $30K HVAC system in it last year.

It sounds like it won't make or break you no matter which way you go....but it almost seems like you'd have some remorse parting with the property? I get we should not act on emotion, but I do think people here can often make decisions not solely dependent on financials...like when we buy tools we don't need, even cars we don't need etc....

 

[Zee09]

It sounds like it won't make or break you no matter which way you go....but it almost seems like you'd have some remorse parting with the property? I get we should not act on emotion, but I do think people here can often make decisions not solely dependent on financials...like when we buy tools we don't need, even cars we don't need etc....

Thanks, I do. My mother loved it, and I owned the lot before the house was built. Her house is right up front.
But that is painful too as I took care of my parents when they were terminally ill. I grew up there as well and my other house borders on the property. It will be a loss to me but it's a sale without drama.

My cousin just sold her mother's house and the whole ordeal was a complete fiasco.

 

[Zee09]

I must have worded my reply poorly.

If the home is in a state like Illinois- sell, sell, and sell..... no brainer

Home is in a well-run, pensions fully funded state like South Dakota.... keep it

I get it- yes sir...
I was going to Florida myself, but it turned into a joke lately.

 

[Zee09]

He's in Md. a communist state.

Yeah.... lucky for me I live near the Delaware line but that ain't much better... we can't go there though.

 

[LDB]

What is the point of a "spare" house? Why vacant 12 years? What would you do with the money if you sold it? Why do you need to keep it? I wish I'd get an identical offer on my rent house I'm listing. Good luck with your decision.

 

[E150GT]

Man just say no. Theyll offer again. I had a duplex that needed at least $40k of work. I had this guy wanting to buy it and I kept saying no. His price kept coming up and up and I finally sold it. I talked to a real estate investor and he said I should take that offer in a heartbeat so I did. I am glad. I didnt want to deal with it anymore and I got about as much as I could without putting money into it. If I put the money into it I would just recoup the money and not the effort.

 

[dlundblad]

Didn’t read any other comments, but perhaps counter at a higher price. They did come to you after all. Maybe if they accept, that’ll change your mind.

If you don’t want to sell, don’t sell.

 

[Zee09]

What is the point of a "spare" house? Why vacant 12 years? What would you do with the money if you sold it? Why do you need to keep it? I wish I'd get an identical offer on my rent house I'm listing. Good luck with your decision.

Yes, those are the questions. If I sell it, I could live off just the interest at a safe 5% in my stock market account.
But as I have come to know once it's gone its gone. Most likely I would just end an era and sell everything here and get lost.
Thank you. I am resistant to change, and I have thought about the fact I am keeping things I don't use and as you get older those things become a burden.