Got An Offer Today On My House

Zee09 said:
I got a call earlier today to buy a spare house I have out of the blue.

They came over today and looked at it.

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

I really don't like the pressure as they want it in 3 weeks.

What to do?
Click to expand...
Almost the exact same thing happened to my wife and I about five years ago. We had been talking about moving for some time, and mentioned it to a neighbor/friend of ours while back... we get a knock on the door one evening, a young couple friends of theirs who said they heard we were thinking of moving and they wanted to know how soon, what kind of money we were looking for, etc. We were a bit taken off guard but let them in and showed them around. After about an hour of looking around they literally made an offer right there on the spot. I sat there in silence, mouth open eyebrows raised, not knowing whether to poop or go blind, and my wife was about as bewildered as I was. We told them we would have to talk about it and gave them an open ended "we'll get back to you".

Called our other neighbor friend who was the realtor that sold us the house 20+ years ago, she said "They offered HOW much?" and told us to take the money and run for the hills. We called the people back the next morning and said its a deal. They overpaid by about 10% but they really wanted to be in our neighborhood and I dont turn down money.

The next few weeks were a whirlwind of trying to find somewhere to go, started putting crap in storage, purging the junk in the attic and basement... I just wasnt ready to move, physically or mentally. But we found an apartment close to both of our offices and we closed a few weeks later. A couple months later we found the farmhouse and property we're currently at and I'm not impulsive, at all, unlike my wife, so I was a bit on edge during it all but everything went very smoothly and I'm still in a bit of disbelief on how it all happened, but it worked out great.

And three times in the last year we've had three unsolicited offers on our current house as well, so here we go again.

If your head is spinning because of this I dont blame you a bit., been there done that, about to do it again probably. Good luck whatever you decide.
 
RedSpider said:
Almost the exact same thing happened to my wife and I about five years ago. We had been talking about moving for some time, and mentioned it to a neighbor/friend of ours while back... we get a knock on the door one evening, a young couple friends of theirs who said they heard we were thinking of moving and they wanted to know how soon, what kind of money we were looking for, etc. We were a bit taken off guard but let them in and showed them around. After about an hour of looking around they literally made an offer right there on the spot. I sat there in silence, mouth open eyebrows raised, not knowing whether to poop or go blind, and my wife was about as bewildered as I was. We told them we would have to talk about it and gave them an open ended "we'll get back to you".

Called our other neighbor friend who was the realtor that sold us the house 20+ years ago, she said "They offered HOW much?" and told us to take the money and run for the hills. We called the people back the next morning and said its a deal. They overpaid by about 10% but they really wanted to be in our neighborhood and I dont turn down money.

The next few weeks were a whirlwind of trying to find somewhere to go, started putting crap in storage, purging the junk in the attic and basement... I just wasnt ready to move, physically or mentally. But we found an apartment close to both of our offices and we closed a few weeks later. A couple months later we found the farmhouse and property we're currently at and I'm not impulsive, at all, unlike my wife, so I was a bit on edge during it all but everything went very smoothly and I'm still in a bit of disbelief on how it all happened, but it worked out great.

And three times in the last year we've had three unsolicited offers on our current house as well, so here we go again.

If your head is spinning because of this I dont blame you a bit., been there done that, about to do it again probably. Good luck whatever you decide.
Click to expand...
Exactly...it comes out of nowhere and the heat is on.. very stressful. The people even want one of my tractors...lol
I feel violated... thanks 👍👍
 
Tough choice, have something a little similar in my future 3-5 years as well. Think about the future. If its too hard to live there, hire a property manager and let the rest take care of itself and enjoy the dividends, and still enjoy ownership but try to endure the occasional annoyance.
 
cptbarkey said:
Tough choice, have something a little similar in my future 3-5 years as well. Think about the future. If its too hard to live there, hire a property manager and let the rest take care of itself and enjoy the dividends, and still enjoy ownership but try to endure the occasional annoyance.
Click to expand...
What dividends the house has been empty for 12 years and his property taxes alone are $7000.
 
hemitom said:
What dividends the house has been empty for 12 years and his property taxes alone are $7000.
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A property manager handles renting the property, taking payments, paying bills, maintaining the property and ultimately paying the owner the rest after their cut. My aunt and cousin used to run a property management company and I helped in my college years with occasional repairs. I'm not going to bother estimating what his profit could be as I have no clue of the rental market there, but its probably in the black even after expenses.
 
cptbarkey said:
A property manager handles renting the property, taking payments, paying bills, maintaining the property and ultimately paying the owner the rest after their cut. My aunt and cousin used to run a property management company and I helped in my college years with occasional repairs.
Click to expand...
I don't think he wants to rent.
 
Passport1 said:
I lived in Evanston for a while. I remember that area well. Used to drive my British sports car down Sheridan road through Wilmette, Winnetka and of course the 'ravines' towards Glencoe. My uncle had a house on Park Ave. Don't fret about the property values of those suburbs ever going down no matter what else happens in Illinois.
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Ken Griffin and many other very high net worth individuals do not concur.

Heck, Michael Jordan has been unable to sell his prized Highland Park property for over a decade. Yes, you read that right.

Evanston has become a mess, even the once very highly regarded Northwestern University can no longer retain top professors.
 
Zee09 said:
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?
Click to expand...

I would sell ASAP !!!!!!
 
You sure its legit?

People keep calling me trying to buy my house. I feel like its a scam. I have heard of people knocking on the door to buy a house, and it being legit, but a phone call?
 
Warstud said:
No kidd'n .......... just another Monkey on your back . Shoulda sold it during the last market frenzy .
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Why? It's bringing more now and was never a Monkey to begin with. Some of you guys just don't get it. Not everything revolves around dollars and cents. I didn't want to sell it and still don't...
My thinking about the offer is I have grown tired of being bothered by the scavengers...

Like the guy with an old car.
He loves it and doesn't care what it's worth because it is worth more to him than anyone else..

But the vultures just won't let him be and they are looking for an opportunity to score. These same losers ruin it for everybody. What's yours is yours and none of my business. If it's for sale it will have a sign on it. Why is that so hard to understand?

Not that any of the above pertains to you personally as I am just trying to explain the situation.

People bring up taxes and all of that nonsense and that means nothing to someone that looks at that as just a life tax and doesn't care about the costs.

Your pets and kids are an expense but do you sit and do the math about them? No....
 
Zee09 said:
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?
Click to expand...
Amazingly enough I got a call. It was your third cousin, twice removed. Your favorite cousin ever in the history of cousins. Turns out he is in an identical situation to you and asked what to do. I told him ask you as you'd give him the best possible advice. So for your absolute most favorite cousin ever, what will you advise him to do in this exact situation?
 
LDB said:
Amazingly enough I got a call. It was your third cousin, twice removed. Your favorite cousin ever in the history of cousins. Turns out he is in an identical situation to you and asked what to do. I told him ask you as you'd give him the best possible advice. So for your absolute most favorite cousin ever, what will you advise him to do in this exact situation?
Click to expand...
Seriously I wish I never answered the phone. That is the best answer I have right now.

One bit of advice I wouldn't give is taxes, you should have sold it before and if you die...
After you die do you care ..nope.

Against most here ..follow your heart.. Most of these buyers have a song they sing...
And who wants to pay $200k more to get back what you sold buy building new...

If you want to move or like the offer..go for it. If you no longer can afford it or the upkeep it's time to move on...

As you know...no simple answers...
 
It’s been vacant for 12 years and you don’t rent it? I’d sell it and put the money in the S&P 500. You’re paying for insurance, taxes, HVAC, roof, windows, landscaping, and maintenance. Plus despite what people tell you insurance doesn’t cover everything, so there is some risk there. What if a pipe breaks and water leaks for 3 weeks and the entire home is mold damaged and insurance pays for the initial damage but claims the rest of the damage to the home isn’t covered as it’s secondary damage caused by failure to remediate in a timely fashion? To me I’d take the easier less of a headache path and just sell it.

That’s what I’d do but you can do what you want with it. If you don’t want to sell then don’t. It’s your money.
 
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Zee09 said:
But the vultures just won't let him be and they are looking for an opportunity to score. These same losers ruin it for everybody. What's yours is yours and none of my business. If it's for sale it will have a sign on it. Why is that so hard to understand?
Click to expand...
This is life. The vulture could be the tax man, or the city ordinance, or the squaters that get hurt and sue, or in your case the vultures that want to buy it. This is hardly new, man has had to defend what they owned since they picked sleeping spots in the cave.

Either you like it enough to defend it. Or sell it and forget about it. Sounds like its not a financial decision for you, so this one should be easy.
 
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