Posted by E.Eka on October 27, 2003 at 16:14:02:
Maybe he’s a glutton for punishment and a financial beating.
I agree with Tim, re-read your post and run the numbers. You’ll know what to do next.
How to get home seller motivated - Posted by Conrad Niles
Posted by Conrad Niles on October 27, 2003 at 10:49:31:
I sent a letter to a home owner in Seattle that I was interested in buying his home if he was considering selling. A month later the owner called and said he was thinking about selling his home for $435,000. I visited him and found out he has been living there for 30 years and that his son died in the home of a rare cancer, who was only 12 yrs at the time. The home and property needs a lot of work as it has been neglected. I called the home owner a few weeks later and he said he spoke with a realtor and that the price was now $550,000. I questioned the price as another fixer three houses away has just sold for $380,000. Most homes on the block that are fixed up are selling for $475,000 to $575.000. After six months, this home is still for sale and the homeowner will not return my calls or my realtor. It is for “sale by owner” and I get the feeling he does not want to sell unless he gets the over fair market price of $550,000. My top price is $475,000. Can somebody give me some ideas and approaches to present to a 67 year old man who really does not want to let his memories and home go? I really like the area, but the home needs minimum $200,000 upgrade.
Re: How to get home seller motivated - Posted by Brad (CA)
Posted by Brad (CA) on October 27, 2003 at 14:54:33:
I agree. Why force the deal? If he is unrealistic then so be it. He doesnt sound motivated at all to me. He probably doesnt have a mortgage payment, and the repairs dont bother him.
Second, the comps need to be a bit tighter. 100k is a big spread.
Third, you dont tell us what you want to do with this house…your exit plan. That limits the amount of advice you will receive. Unless this is going to be your house and not a number driven acquisition, I wouldnt get anywhere near the 475k range.
Just my thoughts,
Brad
Re: How to get home seller motivated - Posted by Tim
Posted by Tim on October 27, 2003 at 12:46:23:
If the seller got motivated enough to come down to your top price of $475,000, & you had to put $200,000 into upgrades, you would have a house that cost $675,000 in a neighborhood of $475-575,000 homes. Why would you want to do this to yourself?
Re: How to get home seller motivated - Posted by chris-atl
Posted by chris-atl on October 27, 2003 at 11:19:39:
You can’t make him motivated. He has to get that way on his own. You’ll just have to wait and in the meantime, look for another opportunity. Don’t get hung up on this one particular house, there are others.
I don’t think it is easy to motivate a 67 year old man to sell his home for a lower price than he want when he does not want let his memories go. Don’t force deal on him if he want to sell his home or if his mind changes he will surely call you. Moreover if you buy this home at your wanted price then also it will get more expensive to you as it needs $200000 upgrade.
Also if you want to buy a home then contact a realtor who can help you in buying homes for cash or any other payment mode that you want.