Question on selling property in Massachusetts (Boston, Norton: buyer, landlord, subdivision)

[Shrewsburried]

Originally Posted by Lampert

I bet they don't ignore even 10,000.

I’m sure that’s the dominant opinion, but not every seller is motivated entirely by the almighty dollar.

When I was buying I ran into a number of sellers who had some degree of requirements, probably because I was targeting custom built mid-century and contemporaries. Three sellers requested a buyer who would restore the home and/or update in a way which respected the original architecture. I had another seller decline my high bid, much to displeasure of his agent who recognized I was the ‘easier close’, as he “morally objected” to someone buying a home with less than 20 percent down (I offered 15% down, a 30 day close, no contingencies other than mortgage, and a pre-approval which was nearly 2x my offer).

In short, there are plenty of crosses which buyers are willing to die on. Of course, this represents a minority.

[Lampert]

Originally Posted by Shrewsburried

In short, there are plenty of crosses which buyers are willing to die on.

Are you sure they picked a worse offer than yours and not just waited for an unreasonable offer to be made?

I am saying this because when I bought my home the seller laughed off our offer. 2 months later they told their agent to call us back because they had not received any offer whatever while they though they were going to drown in offers. Ultimately they had to take my second offer, which ended up being lower than the first one.

Many people that ask for weird things think they can get exactly what they want, and in this market they are probably often right.
I am sure there are always a few people that are like you said, maybe they lived in that house for decades and they have a particular attachment, but I think very very few put that above a sizable chunk of money.

[MikePRU]

Originally Posted by fabfan84

I imagine the idealism goes out the window real fast when an offer is $50K or $100K higher.

A big bag of money will definitely change a lot of people's tunes.

Originally Posted by Shrewsburried

If you have a few mill in your IRA and your Newton property is already netting $1mill+, I'm sure you can ignore an extra $50k.

I don't think it has anything to do with how much money you have in the bank. It's more about sentimentality. Some people have an emotional attachment to their house because they lived there for 40 years and raised 6 kids in it. For some people, it's just lumber, drywall, etc. and once they make the decision to move out they could care less what the next owner does with it.

Originally Posted by Shrewsburried

I’m sure that’s the dominant opinion, but not every seller is motivated entirely by the almighty dollar.

When I was buying I ran into a number of sellers who had some degree of requirements, probably because I was targeting custom built mid-century and contemporaries. Three sellers requested a buyer who would restore the home and/or update in a way which respected the original architecture. I had another seller decline my high bid, much to displeasure of his agent who recognized I was the ‘easier close’, as he “morally objected” to someone buying a home with less than 20 percent down (I offered 15% down, a 30 day close, no contingencies other than mortgage, and a pre-approval which was nearly 2x my offer).

In short, there are plenty of crosses which buyers are willing to die on. Of course, this represents a minority.

You are 100% correct. Money is not everyone's primary motivation. That story about someone refusing your offer because you didn't have 20% down is kind of weird but hey different strokes for different folks. I will say that money is quite a motivating factor for the vast majority of people though.

[massnative71]

Gimme a break, my plan is simply to sell to a traditional buyer who intends to live there. Nothing more, nothing less. I can't imagine that would be a difficult find, in today's market.

[Shrewsburried]

Originally Posted by MikePRU

You are 100% correct. Money is not everyone's primary motivation. That story about someone refusing your offer because you didn't have 20% down is kind of weird but hey different strokes for different folks. I will say that money is quite a motivating factor for the vast majority of people though.

100% weird. The selling agent and my agent were, at the time, working out of the same office and they were overtly surprised/annoyed by the whole ordeal. Not something they had encountered in their 35+ collective years. Particularly since the number two bid had a home sale and inspection contingency ... and less money. Rather odd, but whatever ... ended up with a better home.

My coworker/friend recently (within the past year) bid on a Deckhouse home and a Techbuilt home in desirable metrowest towns. In both cases either the family or original owner wanted a buyer who would restore, not raze the home. Best offers still won, of course, so even if sellers have requirements you better have deep stacks to compliment the story.

[sawyer2]

Originally Posted by massnative71

Gimme a break, my plan is simply to sell to a traditional buyer who intends to live there. Nothing more, nothing less. I can't imagine that would be a difficult find, in today's market.

Sure, but no guarantee that the buyer doesn't turn right around and flip it/develop it. Your only assurance is whatever is in the condo. docs re. any provisions around % owner occupier/renter.


I will buy it from you - pinkie swear that I will live there for ever.

[massnative71]

It's a seller's market now. That's who is calling the shots.

[massnative71]

Originally Posted by sawyer2

Sure, but no guarantee that the buyer doesn't turn right around and flip it/develop it. Your only assurance is whatever is in the condo. docs re. any provisions around % owner occupier/renter.


I will buy it from you - pinkie swear that I will live there for ever.

The association does I want to say have provisions against that, something like a year before a new owner can turn around and rent it out (assuming it still falls within the minimum % owner/occupied). Of course there is no long term guarantee of anything. Stuff happens. But knowing I did my due diligence, I can live with that.

[porterhouse]

Originally Posted by Shrewsburried

If you have a few mill in your IRA and your Newton property is already netting $1mill+, I'm sure you can ignore an extra $50k.

This definitely isn't how HNW people think (or got there in the first place).

[Shrewsburried]

Originally Posted by massnative71

The association does I want to say have provisions against that, something like a year before a new owner can turn around and rent it out (assuming it still falls within the minimum % owner/occupied). Of course there is no long term guarantee of anything. Stuff happens. But knowing I did my due diligence, I can live with that.

I have some friends who were in a similar situation with their condo. They’re also good friends with the neighboring units so they strongly preferred the buyer be a professional primary resident and not an investor/landlord. Perhaps an RE could comment, but I don’t think this uncommon regarding condo units.

In their market, finding that buyer didn’t require a financial compromise.