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I'm at the point of just being impatient with the limited market I'm working with, having lost $3k on engineering bills, inspections, etc. on a house I loved, and facing steepening interest rates and an increasingly expensive temporary housing situation. I see houses all over that I would buy. None of them are for sale.
Has anyone ever heard of making unsolicited bids on homes? Is there any hope of that working? I'm about to give up.
You are not lonely. A lot of markets are probably like that.
I've been looking to buy some land, maybe with some older buildings in a shell condition. But the Gods are not smiling. Haven't been for several years now.
What is on the local market is mostly junk, somebody's way, way over priced joke or other assorted damaged goods. Part of my local situation was a bunch of manipulation by some of the locals. Anything remotely of value never made it to the market but was rolled around thru a type of game, the original seller really got had. Apparently those involved have been sort of caught, the exact details still remain a mystery (least to me) but they no longer seem to be able to directly be involved as they once were. Hope springs eternal.
Part of the problem is a type of conditioning that happened over much of the country over the last several decades where peeps were led to believe any real estate was worth vast sums even if the logic behind such great value was very flawed. Even a never ending stream of suckers burnt by such logic doesn't seem to temper the judgement of the next ones in line to experience the unsure event if good judgement is not used. Real estate is still largely over valued by any sort of historical sense / method of valuation.
So part of it may be a warped value system, peeps tend to hold on to real estate if there is no compelling reason to sell it. Especially if they can not realize unreal profits. Part of it is an extremely messed up market from so many angles. The mental state around real estate is not very sane at the moment.
If you are in your position where time is critical you have a super problem. Patience and time heals all woes. As I tell the local suckers, I hope you are happy with that last price, because I ain't paying you anything close too it next time. Everybody is just waiting for the next real estate bubble and they are so very sure it is coming quick.
I don't know about the part of unsolicted offers. Maybe you just got to find the fellow that wants to move to Florida. There are still such fools. The grass is always greener. Anything is worth a shot. I might not use a super direct approach. Ask around, who is vulnerable, some folks might just give up with the right nudge. You got to find the boy who is motivated to do something else, somewhere else. Don't tell anybody till you got it well in hand.
There are more homes on the market for sale right now then any other time in the history of the world !!!
Granted....many people's homes are dumps and they list it without fixing it up thinking some one is going to buy it anyway.
Limited market????
The MLS is bursting at the seams.
Your other question...I have lake property, just raw land. I get letters quite often with outright offers or sometimes just asking the question if Im selling. Sometimes I throw them away, if they seem nice I do write back saying it is not for sale. So there is nothing wrong with it. Just know that many investors have already beaten you to it. They wrote that letter and were likely rejected which is why the home still sits there.
Not every place has tons of real estate for sale. Not every place has a zillion foreclosures.
My county does not, it is pretty limited. Occassionally you get either a very cheap or very expensive way upscale something. Those tend to sell after some time. Most of the stuff, I've seen isn't worth the money. Or it is in a location I sure do not wish to move too.
Lots of stuff never sells, either total junk or priced too high. The pickings are a bit slim overall. The one big thing is the house flipping dazes are long gone around my way. They don't even get an offer equal to what they paid if it is in a town after pouring whatever into it.
Nothing really interesting on my local market, no matter the price.
So he could very well be right in the market where he is looking. Small towns or rural locations are a totally different bag from big or medium cities or former hot locations, especially in like the midwest. All depends on where you are and where you wish to buy. Lots of places the folks are sitting very tight or they move on but never sell the old home place. Either some relative or whatever caretakes it or maybe they rent it. The good stuff ain't on the market, least what I am seeing.
Not every place has tons of real estate for sale. Not every place has a zillion foreclosures.
My county does not, it is pretty limited. Occassionally you get either a very cheap or very expensive way upscale something. Those tend to sell after some time. Most of the stuff, I've seen isn't worth the money. Or it is in a location I sure do not wish to move too.
Lots of stuff never sells, either total junk or priced too high. The pickings are a bit slim overall. The one big thing is the house flipping dazes are long gone around my way. They don't even get an offer equal to what they paid if it is in a town after pouring whatever into it.
Nothing really interesting on my local market, no matter the price.
So he could very well be right in the market where he is looking. Small towns or rural locations are a totally different bag from big or medium cities or former hot locations, especially in like the midwest. All depends on where you are and where you wish to buy. Lots of places the folks are sitting very tight or they move on but never sell the old home place. Either some relative or whatever caretakes it or maybe they rent it. The good stuff ain't on the market, least what I am seeing.
Bingo. I'm looking in a coastal area, north east, top schools in the state, total population of 25k for the aggregate of the towns I'm looking at, lowest unemployment in the country, etc. There is a dearth of good property out there.
If I were you, I'd identify the homes you'd be interested in and research the owners' addresses. Mail out a polite letter of interest to all of them and keep the letters coming at least once every 6 months.
I'm currently looking for vacant land and am doing the same thing for the properties I'm interested in. I am a Realtor, but have not been able to find the right piece of land on the MLS. I guess time will tell if this approach will work.
Unsolicited bids on houses NOT for sale was very common a few years ago when the market was red hot and the inventory was low. I got mail and realitors knocking on the door all the time, saying they had a buyer interested in a home in my area and wanted to know if I would be interested in selling.
I have rental property out of state, and I get letters, probably one every other month asking if I wish to sell my property.
A hungry realtor will be glad to knock on doors of unadvertised homes for you....
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Naw..... Welcome to the club
