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Well, yes but 4 years is different than 10 days. The price shouldn't change by almost 100K in 10 days. While she shouldn't offer an identical number to what it last sold for several years prior, I don't think your mom is off base by using pricing history to justify offers. There's a reason it's relevant and readily handy public info to potential buyers.
You ran your other thread for weeks with the same mindset and now you're here with the new thread and the same problem. Once again, the asking price is not important. It. Does. Not. Matter. The price here has not changed a hundred thousand in ten days, as you say.
The asking price may be $100,000 more than the previous sale price but that still does not mean the current seller actually expects to get anywhere near the asking price or that his total outlay is what you believe the sale price was. He may be relying simply on the right buyer coming along who wants that house in that area who is willing to pay. He also may be considering things that you have not in your calculations; things like his closing costs and expenses for both exchanges and that is before he changes one light bulb.
Your sole description of the work accomplished recently is that it smelled like fresh paint. Was that just paint or refinished oak floors? Was the roof replaced a week ago? How about the HVAC system? I would suggest that if you cannot immediately answer those few questions you are not qualified to buy any house right now. Instead you focus on what is not there that is important to you but not the market in general. Some people like finished basements, others prefer to live above ground level. Some want bedrooms on another floor, some hate to climb stairs. These things may reduce the pool of buyers and create a longer period on the market but don't change the value of the house.
Last edited by kokonutty; 10-09-2017 at 09:40 PM..
Doesn't feel a buyers agent is necessary. Comes to the internet to get help from strangers that are mostly anonymous.
Not quite. Doesn't feel a buyer's agent is necessary. Comes to the internet to get validation from strangers that are mostly anonymous and still won't give validation.
What matters is the current condition of the house compared to the market, not what someone else paid for it or how much money they may net from the sale. Even if you have an accurate price history, you don't know why they paid what they paid and what circumstances may have caused that.
Check the comps. Offer what the house is worth to you. If they accept, you have a deal, if not, move on. If they are being greedy, then they will pay the price of sitting on a house that doesn't sell, and that's not your problem.
You ran your other thread for weeks with the same mindset and now you're here with the new thread and the same problem. Once again, the asking price is not important. It. Does. Not. Matter. The price here has not changed a hundred thousand in ten days, as you say.
The asking price may be $100,000 more than the previous sale price but that still does not mean the current seller actually expects to get anywhere near the asking price or that his total outlay is what you believe the sale price was. He may be relying simply on the right buyer coming along who wants that house in that area who is willing to pay. He also may be considering things that you have not in your calculations; things like his closing costs and expenses for both exchanges and that is before he changes one light bulb.
But his outlay isn't my problem anymore than my desire for a house is his problem. What he wants to get out of it doesn't impact what it's worth to me. Just as he's relying on the right buyer to come along whose willing to pay him back for whatever he's done, I'm waiting for the right seller. One whose *sole* purpose isn't sheer profit.
I'm waiting for the right seller. One whose *sole* purpose isn't sheer profit.
Hahahahahahahahahahahahahahaha!!!!
Oh my gosh, Abby. Come on. This is a business transaction, OK?
When I sold my last house, I hoped for buyers who would be good neighbors for my longtime friends next door. I hoped for someone who would love the house as we had.
But his outlay isn't my problem anymore than my desire for a house is his problem. What he wants to get out of it doesn't impact what it's worth to me. Just as he's relying on the right buyer to come along whose willing to pay him back for whatever he's done, I'm waiting for the right seller. One whose *sole* purpose isn't sheer profit.
At least make an attempt to be consistent. You posted that he would net almost $100,000 in ten days based on the posted price he paid and his current asking price and you also stated $20,000 was acceptable. Now you are trying to say none of that matters. Which is it?
You also say "What he wants to get out of it doesn't impact what it's worth to me" but have titled your Original Post here "How do flippers overcome price history issue?" You can't have it both ways and your continuous backtracking and course changing will get you nowhere.
Once again, in case you missed it - asking price is meaningless.
Fact: What a home sold in the past, has nothing to do with it's current value. The true market value of a home, has nothing to do with what it's market value is today. In today's market it may be worth more or sometimes less than it's last sales price.
Fact: Two homes in a neighborhood that look alike from the outside, with the same sq. footage may be worth a lot different in value. One may have one bath, and the other 21/2, one 2 bedroom and one 4 bedrooms. One may have a fireplace and the other none. All such features must be adjusted for, and the list is quite long of possible adjustments and the adjustments may be thousands of dollars.
Fact: Homes are compared in the same neighborhood, as the same home may be worth considerably different in another part of the city.
a checkered history of ownership, much like a resume with several quick work history jumps, looks bad.
There is a scientific philosophy known as Occam's Razor, which essentially states that 'the simplest answer is most often correct.' Just because a person's resume or a home's history has several quick history jumps, doesn't necessarily mean that there's anything wrong with said person or house. I personally have done both. In no instance was I a bad problematic employee, nor the owner of a bad house. In all my such firsthand experiences, it was simply a matter of the job or house in question not being a good fit for me, and ultimately I moved on to something better. People have many reasons for selling their homes, many of them are personal and unrelated to condition of the house.
Well, yes but 4 years is different than 10 days. The price shouldn't change by almost 100K in 10 days. While she shouldn't offer an identical number to what it last sold for several years prior, I don't think your mom is off base by using pricing history to justify offers. There's a reason it's relevant and readily handy public info to potential buyers.
I was with you on the 10 day ago sale price possibly being relevant, but a sale price from 4 years ago really is irrelevant.
You also seem to be caught up in the 10 day thing. A lot can happen in 10 days. That doesn't mean it necessarily did in this situation, but it can.
"How do flippers..."
Easy-Peasy. They just don't fiddle with buyers who distract themselves unnecessarily.
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