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Old 05-10-2011, 03:50 PM
 
88 posts, read 280,949 times
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*approached

I've been in GA for 3 years now. 1 year in an apartment. 2 years in the home I'm currently renting. When we do purchase we're looking at homes in the $350k - $450k range (and we're looking to rent in that range as well). We're not willing to purchase right now b/c we're unsure of what the market is going to do and aren't willing to take the risk of depreciation. We have 4 kids to put through college and right now having the ability to do that trumps home ownership and its current risks because of market conditions. The issue we're seeing right now is owners unwilling to rent. While I do understand the drawbacks I'd think that doing a thorough check on renters would certainly ease risk but I'm not the seller so I digress. I've approched a few realtors of homes I'm interested in and all come back with a no. I wonder if they even pitch the option to the seller (even if in when they first listed they said it wasn't an option) when the house has been on the market for extended amounts of time as alot are these days. The way I see it is yes commission will be alot less but (hopefully, maybe a bigger hopefully for some rather than others) you take the current strain off the owners and can potentially have a new customer in the renters. We definitely plan to buy but we have to be in a position where we can sustain a loss (hopefully not have too) and not affect the quality of life for our children and right now while we're saving for their education we can't.

I'm considering contacting sellers directly via mail - does that seem outrageous at all?

Last edited by futrMrsJ; 05-10-2011 at 03:52 PM.. Reason: spelling
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Old 05-10-2011, 08:10 PM
 
1,588 posts, read 2,865,384 times
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Quote:
Originally Posted by futrMrsJ View Post
We're not willing to purchase right now b/c we're unsure of what the market is going to do and aren't willing to take the risk of depreciation.
No one can predict the market. That said, I've never seen a safer time in my life (granted, I'm only 33 yrs of age) to get into a house. You run a greater risk of missing out on appreciation imo.

Say it does get worse (then we're all screwed, renters and owners alike). Are you going to sell in short period? My guess is no. You'll ride the cycles like everyone else.

If you have the means, pull the trigger.



Quote:
I'm considering contacting sellers directly via mail - does that seem outrageous at all?
I'm not sure how it could hurt, all you can do is ask. That said, how do you propose to get a hold of seller's email addresses?



And to answer your subject question, my best guess is that you'll get a mixed bag. Some will, some won't.
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Old 05-10-2011, 08:42 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,188 posts, read 31,342,827 times
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Quote:
Originally Posted by futrMrsJ View Post

I'm considering contacting sellers directly via mail - does that seem outrageous at all?
It wouldn't hurt, and if you're willing to sign a long(er) lease and put down a decent deposit, it might "nudge" someone into considering leasing their property to you when otherwise they may never have considered renting at all.

The Atlanta home rental market is FILLED with horror stories. Of the half dozen or so people I've known over the years who have at some point rented out property they've owned, all but one of them said they would never, ever, go through that experience again. The one remaining one said they would only deal with a professional leasing service to handle it for them. So that explains the cold reception people typically have to it - if you heard some of their stories you'd hide in a corner.
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Old 05-10-2011, 08:44 PM
 
Location: Snellville, GA
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I have approached owners/agents in regards to renting, when that better suits my client's needs. That being said, I have also found the response to not be very positive.

In that particular price range, I'd think that in order for a current owner to move, they'd need to sell to be able to get out from the current mortgage to be able to get into their next home. Hard to find owners that a home in that range is a 'second' home for them (rental property).

You may end up renting in a 'lower range' just to get in something, and then check out the area before buying.

I'll agree with ATL Golfer that this is a great time to buy - and that no one can predict the future. (I'm STILL looking for that crystal ball!) I'd hate to think that someone in that range would be selling very soon after buying - hard even in a better market to recoup costs, much less profit.

As far as contacting those particular homeowners, I suppose you could watch the yard signs and contact them when the sign disappears. If I were a seller in that price range, I'd be kind of peeved if an agent gave out my info after my listing expired.

Just my two cents!
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Old 05-10-2011, 08:45 PM
 
Location: Snellville, GA
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P.S. You might find an agency that specializes in 'executive rentals.'
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Old 05-10-2011, 09:13 PM
 
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ATL Golfer, one would simply check tax records and mail info. to the addy on file. Even if it isn't current more than likely it's forwarded.
peachstatehomegal I've seen alot of homes on the mkt for extended periods (not bankowned) and after driving around find they are vacant (or seeing the unfurnished home via the net)- those, more than likely, would be first choice. However I'm not ruling out face to face encounters either. You just never know what situation a person is in until you put it out there.
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Old 05-10-2011, 09:31 PM
 
88 posts, read 280,949 times
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Frm K-SawDude's thread....this is what I'm afraid of:

The high-end buyers usually have the funds. However, even the prices of these executive homes must be studied before an offer is made. One purchaser bought a $650,000 home in 2009 for $435,000 (33 percent less) only to have the value drop to $375,000 by 2011.

I've watched numerous home prices drop steadily even when I've thought they wouldn't decline anymore. For instance a home in the Hedgerows S/D near me was $687k or maybe $587k (don't quote me) it's now $300k. I've been eyeing homes well above what I'm willing to purchase for and the price drops people are taking is astounding! This is a serious deterrent for me. It just makes me and alot of others I'd imagine fearful of the what ifs. That's like dropping your down payment into a crap bucket and hoping for the best. I'd rather gain minimal interest on that money and let someone else bear that risk. I'd hope it were someone who's back wasn't up against the wall though.
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Old 05-10-2011, 09:45 PM
 
16,434 posts, read 20,254,310 times
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Quote:
Originally Posted by atlantagreg30127 View Post
The one remaining one said they would only deal with a professional leasing service to handle it for them. So that explains the cold reception people typically have to it - if you heard some of their stories you'd hide in a corner.
Add me to the list! I had a professional firm handling my rent house and I would never rent out my property again. Our house was essentially destroyed by renters, and I had two costly evictions. I really don't have words to describe what has happened to the character of American society.

‘Squatter Rent’ May Boost Spending as Mortgage Holders Bail on Payments - Bloomberg
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Old 05-10-2011, 09:53 PM
 
2,467 posts, read 4,077,143 times
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I agree with peachstatehomegal - I think sellers in that price range are less likely to rent. In my neighborhood which is smaller homes and lower on the price range, houses are all listed as both For Sale or Rent. The typical seller in my s/d is a young couple upgrading to their dream home.

Another issue you may have in that price range is if the seller is corporate transfer. They have no reason to rent since their company will buy the home from them if it does not sell. After the property transfer, the company then becomes the seller often with their own agent. You would likely have a better chance of renting at that point.

What I am not sure about is if you can find/contact an agent that specializes in those type of properties (I believe they exist) and find out if they have properties available where rent is an option.
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Old 05-10-2011, 11:38 PM
 
449 posts, read 1,044,345 times
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Quote:
Originally Posted by ATL Golfer View Post
No one can predict the market. That said, I've never seen a safer time in my life (granted, I'm only 33 yrs of age) to get into a house. You run a greater risk of missing out on appreciation imo.

Say it does get worse (then we're all screwed, renters and owners alike). Are you going to sell in short period? My guess is no. You'll ride the cycles like everyone else.

If you have the means, pull the trigger.





I'm not sure how it could hurt, all you can do is ask. That said, how do you propose to get a hold of seller's email addresses?



And to answer your subject question, my best guess is that you'll get a mixed bag. Some will, some won't.
Right, if the market goes any lower we might as well not even have a housing market.

I'm buying as many properties as I can now while it's still low.

I definitely think finding an offer on a foreclosure is the best bet. How much lower can the value of the property go if you bought it well under market value?

They predicted the Georgia housing market will take 10 years to bounce back, but I don't see it dropping that much more than it already has.

The housing market in GA is basically already at rock bottom, due to many people buying houses above their means in the early '00s and taking those mis-leading loans.
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