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Location: A rich man is not one who has the most, but one who needs the least
25 posts, read 169,863 times
Reputation: 52
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Hello good people. I will try to make this short and to the point. My DH and I are relocating to Ky in the near future. We have a trip planned for August. Found a lovely colonial farmhouse "FSBO" within our price range. In speaking with the Seller she happened to mention that she would also likely be selling her home (newer, larger with a higher price tag)... we have been communicating and have seen photos of both. They are right next to each other in proximity. We love them both but obviously the farmhouse is more modest and would be more practical for us... unless she was willing to accept less than what she expects to get.
We won't be going down to see the houses until about 8 wks from now... we have expressed that we are interested in the farmhouse but that we would see if it would be possible for us to consider her newer home. It would all depend on our finances at the time. Right now we have enough to buy the farmhouse cash but buying the newer bigger home would be a stretch... possible, but again, only if she reduces the price.
So my question is this, in order not to keep her waiting for 8 wks just to disappoint her with our offer, would it be appropriate to initiate a dialogue about prices for either home NOW before our visit. Any figure we throw at her would of course be contingent on the results of a professional inspection.
Our feeling is that if she is willing to accept less for the bigger home we would buy it... if not, we would go with the farmhouse. However, we do not want to pay full price for either home.
Again, both will be cash. We have also discussed our willingness to let her stay in her home for as long as she wants after closing until she finds a place, since we would not be looking to move until about Spring. She was happy about this. The only details not discussed was what we would offer for either home, and what she would accept. After speaking with her today, we are inclined to communicate two "offer" scenarios to her and leaving the ball in her court. That way, she will have the opportunity to think about our offer(s) and decide whether she can live with it or not. I feel waiting until we get there to let her know our position would be a waste of time for her and us, in the likely chance that she says no to both.
The details of the homes and what we would like to offer for either home is below.
Home #1 - Bigger/Newer Home:
3 acr.
> Large Spring fed pond
>Newer 1 car Garage
> above ground Pool
.Patio
> 4 brm
> fam. room
> dining room
> 2 1/2 bath
> 2 level basement home - ideal for Ky weather
>Laundry room/pantry
>
> She's Asking $160K....... we are thinking of starting negotiations at $140K (88%)
HOME #2 - Colonial Farmhouse
> Newer windows
> New roof
> New septic - few yrs old
> Newer oak cabinets
> 3/4 acre
> newer furnace
> 5 br
> liv. room/dining room
> kitchen
> 1 bath
> Unfinished Basement
> Asking $99500.... we are thinking of offering $84K (85%)
From what we can assess, she is very motivated (divorce, etc.) - she even offered to sell both homes to us (wish we could as they are both lovely). Again, we want to be respectful, while realizing this is just business. How should we go about presenting our position on both homes realizing that one or both may turn her off completely. would addressing this now or waiting until we get there (8 weeks) yield the best results?
Its not like she is going to take the house of the market waiting for you guys. I would wait until you go see it. I don't see how this is wasting the seller's time.
You should also look at other possibilities. You may agree on price and then find problems with the house anyway. You don't want to waste the next 8 weeks with no plan B.
How exactly are you determining what the houses are worth?
Location: A rich man is not one who has the most, but one who needs the least
25 posts, read 169,863 times
Reputation: 52
Thank you for your input maderly6.
We have many other properties on our list so there is a plan B. We are not just coming down to see this home.. however, this is the one that seems to fit the best from everything on our list so far. Yes, you are right - the farmhouse is in a local listing so no loss to her there.. and her house is not even on the market yet and she is willing to wait for us. I guess we are just trying to be fair to her and also test out the waters so that we are not putting all our energy on this situation. she is very excited at the prospect of selling so I don't want to get her hopes up just for her to be disappointed. Out of everything we've seen both of her homes are well suited for our family. Because the area is quite rural it is hard finding comps. I am basing it on strictly what i have seen and what she is asking... not much i know.
Location: A rich man is not one who has the most, but one who needs the least
25 posts, read 169,863 times
Reputation: 52
Quote:
Originally Posted by 2bindenver
You need to wait, and you need an attorney specializing in real estate in that area.
Thank you, I appreciate it. I know that is the general advice given here but I don't think I am asking a legal question. For anyone else that may be inclined to respond... I am an experienced real estate paralegal and this is not my first time purchasing. I have in the past conducted my own purchase/sale closings as I see no need to pay an attorney to do for me what I do on a daily basis. I digress, My reason for coming here is to get advice or input not on whether I should consult an attorney but on HOW to present our offers to the Seller given the usual situation.
I am an experienced real estate paralegal and this is not my first time purchasing... coming here is to get advice or input not on whether I should consult an attorney but on HOW to present our offers to the Seller given the usual situation.
In writing and with a deposit.
As an "an experienced real estate paralegal" should know...
anything short of that is nothing more than a conversation about the idea of buying.
Include whatever contingencies you may need or want,
or maybe even do it as an option deal for future date,
include whatever YOU need to be comfortable in the offer contract.
But until it's in writing...
(oh yeah, and consult an attorney too)
Location: A rich man is not one who has the most, but one who needs the least
25 posts, read 169,863 times
Reputation: 52
Quote:
Originally Posted by MrRational
In writing and with a deposit.
As an "an experienced real estate paralegal" should know...
anything short of that is nothing more than a conversation about the idea of buying.
(oh yeah, and consult an attorney too)
this is exactly what i was looking for.... why didnt i think of that?
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why didnt i think of that?
