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There is one area where i have more knowledge and experience than you: being an inexperienced, mainstream, run of the mill buyer. Which is 90% of the buyers you'll encounter. Instead of shaking your first and trying to strong-arm buyers into seeing it your way, perhaps try to understand where they're coming from so you can either meet them halfway, or avoid the pitfalls of their inexperience.
Abby decides what she'll pay. Just like "whoever you are" decides what you'll sell it for.
And Abby will have a hard time finding a house where the buyer will accept Abby's offer! Just a guess!
Goodness gracious. I too do not factor sale prices from 7, even 4 years ago in to my assessment of what a property is worth. I'll try to explain it again. This was JUST sold ~a few weeks ago~ for 90K less than it is now listed at. WEEKS!! Not years. It was a 90K mark up with a 10 day turn around.
Yeah I understand but even if it was a day it doesn't really matter .
Real estate is an "inefficient market " unlike the stock market .
It might of also been an inside family deal too . Who knows .
Did you say they had bought it off market or on the MLS ?
You've confirmed the 10-day turnaround is real? If it is, I suppose I could see myself wondering how much could have actually been improved in 10 days. But I doubt papers could record that quickly.
Would it have mattered if it wasn't a flipper but a family member who bought and then sold quickly?
Yes it would matter if it was a family member because in that case, the property is more "acquired." That's different than someone swooping in with a bag full of money, taking advantage of a desperate and downtrodden seller, then trying to take advantage of naive buyers. I sort of doubt it was a family thing, as it was on the market for several months before it sold for well below ask (that is why I'm assuming it was an all cash deal and that is why the owner sold low). But yeah, if someone happens to end up with a house they don't need, I wouldn't blame them for selling it. That's different to me than someone who set out to do it for profit. (Again I realize home selling is always for profit but there's a distinction between it falling in your lap and setting out just to profit.)
Yes it would matter if it was a family member because in that case, the property is more "acquired." That's different than someone swooping in with a bag full of money, taking advantage of a desperate and downtrodden seller, then trying to take advantage of naive buyers. I sort of doubt it was a family thing, as it was on the market for several months before it sold for well below ask (that is why I'm assuming it was an all cash deal and that is why the owner sold low). But yeah, if someone happens to end up with a house they don't need, I wouldn't blame them for selling it. That's different to me than someone who set out to do it for profit. (Again I realize home selling is always for profit but there's a distinction between it falling in your lap and setting out just to profit.)
OK, I'm out. Good luck assessing the moral worthiness of home sellers.
What a home sold today is worth, has nothing to do with what was paid for it in the past. It has a current value, and that is what it is worth today. The home may have increased in value and price, and it may have declined in value.
I owned homes in the Silicon Valley in the 1950s, that I bought for under $20,000, that today 60 years later are selling for well over $1,000,000, often to be torn down, and another new home built. Yes people are paying over $1,000,000 for a lot without a house on it, that would have sold for under $5,000 60 years ago without a house on it.
Does the OP know for certain, that it was a fipper that bought the home 10 days ago, and is now offering it for $100,000 profit. There may have been no sale 10 days ago, but some action was taken to clear a title, and the deed recorded at the value it was bought for in the past. As the home was worth the current asking price, did not jump in value $100,000, but this was only a title clearing action. This is a very common action in real estate, in situations such as a divorce when one side keeps the home, and the other signs off on a deed to clear the title for a future sale. The deed is filed at a previous purchase price, not the current value.
I had to clear the title many times on property I sold for clients, when I was a broker. One time the title company came up on a divorce situation that did not have a deed signed and filed by the ex husband. It was to close the next day. I was able through a relative of his, able to find he was the engineer on a highway project on a 2 land road 90 miles up that road along a river there. Without his signature on a deed to the ex wife, it could not close. I found the only way to contact the ex husband, was to drive up to a small tourist restaurant where he would be from 5 pm to 6 pm every evening having dinner. It they had cell phones at the time, he could not have been contacted due to that still being an out of service area.
It was 15 miles from my office to the start of that mountain road and then 95 miles to the restaurant. I arrived there at exactly 5 p.m. I asked about him, and told he would be there within 10 minutes if he did what he usually did. He arrived about 5 minutes later, and they pointed me out to them. He came over and when I told him the problem, he signed and I notarized his signature, and then back that 110 miles before it got dark. I gave the deed to the escrow officer, and they filed the deed 2 hours before closing, at the original purchase price. No one knew exactly where he lived, as he was living in his pickup camper which he could park anywhere, when on these out of town jobs. An excellent way to find a place to live, when it was many miles to a motel out where he was. Actually he had not purchased the property. After he and his wife were married and had some kids, she inherited it from her family. As they were married it was put in both their names. The value at the time, was shown as a purchase price to set the value for purchase if the property was sold in the future. This way there was a place to ascertain difference between purchase and sale prices for tax purposes when if was sold in the future.
To sell it, he had to sign off. This should have been taken care of at the time of the divorce, but the attorney handling the probate had screwed up and had not gotten him to sign off when they divorced. As it had to be done to clear the title, I became the person that had to get that signature on a deed to clear title.
The OP thinks as the filing of the deed was 10 days before the property was placed on the market, it meant there was a flipper involved. What would she think if the one deed was filed less than 2 hours before the closing took place.
There are so many reasons that a property has a deed filed just day before it is on the market, and flippers are only a very small part of these fillings.
Abby, you're fabulous! It's Abby, the prospective buyer vs. The Rest of the World... You're practically alone. Your few supporters have long disappeared, blown away by the strong headwinds, but you stand your ground fighting like a lioness against the wisdom of professional real estate agents and the experience of seasoned homeowners. You really are a lady who thinks outside the box! You're our modern day Boudicca, the queen who led a revolt against Rome in ancient Britain... and lost all her real estate in the process, by the way. It doesn't matter, your stubbornness is very refreshing. Thank you for fighting bravely!
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by Abby Schmitters
Goodness gracious. I too do not factor sale prices from 7, even 4 years ago in to my assessment of what a property is worth. I'll try to explain it again. This was JUST sold ~a few weeks ago~ for 90K less than it is now listed at. WEEKS!! Not years. It was a 90K mark up with a 10 day turn around.
Geez I can't believe how you don't get it. YOU DON'T KNOW HIS NUMBERS!!!!!
Once again you are assuming that you know what he paid into it. You don't!
You are assuming all the $90K value added was just done in 10 days, but you still don't know what he paid for the house. You said you don't care if he had to pay a lien or extra cost that doesn't show up on sales history, but that might well be the explanation of why it's 90K more. But then you also blame him for being greedy because you think he is making too much money when in fact maybe he isn't.
It's really simple, you don't like it, go find another house. Why dwell on the one you think is overpriced? Go find one you think is fairly priced.
The house I sold that I asked over double what I paid and sold for even more was over just 14 months. That was a lot more than the 90K.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by Abby Schmitters
Yes it would matter if it was a family member because in that case, the property is more "acquired." That's different than someone swooping in with a bag full of money, taking advantage of a desperate and downtrodden seller, then trying to take advantage of naive buyers. I sort of doubt it was a family thing, as it was on the market for several months before it sold for well below ask (that is why I'm assuming it was an all cash deal and that is why the owner sold low). But yeah, if someone happens to end up with a house they don't need, I wouldn't blame them for selling it. That's different to me than someone who set out to do it for profit. (Again I realize home selling is always for profit but there's a distinction between it falling in your lap and setting out just to profit.)
Hahahahahaha-desperate and downtrodden? Drama much? The only desperation I see is you arguing over what someone else is allowed.
The key word in this is you "assuming"
The next one is "doubt" meaning you still don't know.
In the end what does it matter, go find another house that suits your price. There must be lots that aren't marked up 90K.
I really don't see a lot of support for you here.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by Abby Schmitters
There is one area where i have more knowledge and experience than you: being an inexperienced, mainstream, run of the mill buyer. Which is 90% of the buyers you'll encounter. Instead of shaking your first and trying to strong-arm buyers into seeing it your way, perhaps try to understand where they're coming from so you can either meet them halfway, or avoid the pitfalls of their inexperience.
Abby decides what she'll pay. Just like "whoever you are" decides what you'll sell it for.
Are you one of those people that likes to refer to herself in the 3rd person?
I had said:
Originally Posted by nobodysbusiness OP: Despite your opinion to the contrary, you do not represent a typical buyer.
Most can be educated.
and you replied:
Quote:
Originally Posted by Abby Schmitters
If that were true, real estate wouldn't be such a lucrative industry. Nice shaming tactic though!
Your "logic" escapes me. You are an irrational buyer. How do you equate irrational buyers with "lucrative industry?" - Especially given the fact that you are an irrational buyer who won't buy because they don't want the seller to make a profit beyond what they deem is "reasonable!"
You would drive a buyer's agent INSANE!
AND . . . If you had had a buyer's agent, your offer would not have gone unnoticed. A buyer's agent would call the listing agent to advise an offer was coming, and would follow up to make sure it was received. There would be a conversation with the listing agent . . . there would be zero chance that an offer would be "lost."
In the real estate business, you are what's known as "not a REAL buyer." A real buyer BUYS. You would be a time-waster, blood pressure-increaser.
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