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I would love to have my grandparents place with 90' of low bank salt waterfront with a view of other islands. But, it is out of reach financially. Now, if a previous owner wanted the house we have now, I don't think they could afford it. In the last five years, homes have sold from $330k to $1.3 million in my neighborhood.
Seriously, people who are interested in buying a particular house - whether your childhood home, or just a house you find attractive - would be better served by writing a letter to the owners rather than knocking on their door.
Imagine you're sitting at home, and some stranger comes to your door and announces he/she would like to buy your house. Since it's probably the last thing on your mind, you brush them off and that's it.
With a letter, you read it, get a laugh, but then you actually take a few minutes to consider. Maybe you've been thinking that "someday" you'd like a different house but the thought of marketing your home gives you hives. Now you've got a letter to refer back to. Or set it aside for six months while the idea of moving percolates in your mind. This happened to my sister. She did sell her house to someone who sent her a letter, about nine months after she received it.
Well, we bought our house almost exactly a year ago. I'd want enough money to cover all my seller's expenses (like transfer taxes, closing costs, etc), moving fees, costs incurred with buying a new house, and some extra because interest rates are slightly higher, so for the same loan amount, I'd be paying a higher monthly mortgage. I'd also want a slightly nicer house for my trouble. There are houses in my neighborhood I'd be happy to have, and they are about 60% more than what my house is worth. So, I guess about 60% more.
The scenario doesn't make much sense. If you decide to buy a property for 50% more than the FMV, you'll have to cough up the entire dollar amount of it as there's no bank going to loan anything on an overpriced property. So you decide you'll buy it anyway and pay cash. Now the neighbors will hate you for driving their property taxes thru the roof. So much for the joyous living where you did years ago. BUT, if you knocked on my door making me an offer like that, the next thing you'd see are uniformed guys with guns and badges coming to get you and your scam off my front porch. Yes, I actually get letters several times a year from investors wanting my property as I've put a lot into it. Enough that I'm not moving.
That happened to us once. You couldn't give us enough. We loved the neighborhood we lived in, the market was very hot, and you couldn't buy a house without paying $200,000 over asking.
If I knocked on your door out of the blue, and told you that you are living in my childhood home and I want to buy it. I'll give you 6 months to find another place to live.
How much (percentage over) the fair market price would you demand? 10%, 50%?
A million dollars isn't exactly a lot of money these days. Google alone makes over 9 billion dollars a year! How about one... hundred... BILLION dollars?
To OP: why ya asking?
Do you want your childhood home or is someone asking you to sell?
If ya want it, then it could be priceless to you (don't tell them )
Or have I just ruined a fantasy game you opened to play?
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