Unsolicited home purchase inquiry

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MrSquished

Lifer
Jan 14, 2013
23,079
21,202
136
Yeah, I'd want the house appraised and then add a little bit to that since it was their idea for you to sell your house.

I also wouldn't assume the buyer's agent would waive the seller's fee, I'd make sure that was stated up front.

A buyer's agent would have to be pretty crazy to demand not just their normal 2-3% cut but double that.

Also appraisals, well, in many markets you can get people to waive those too, so learn your market and it might be worth a shot. People got cash to burn.
 

JEDIYoda

Lifer
Jul 13, 2005
33,986
3,320
126
Blind bidding means you set a date and interested parties put in their offer and seller decides which offer to go with.

Blind people can bid too duh.
I KNOW!! iT WAS WAY TO EASY TO MAKE A JOKE...LOL....HAHAHAA
 

Zorba

Lifer
Oct 22, 1999
15,244
10,817
136
A buyer's agent would have to be pretty crazy to demand not just their normal 2-3% cut but double that.

Also appraisals, well, in many markets you can get people to waive those too, so learn your market and it might be worth a shot. People got cash to burn.
Around here agents expect both side's cut if there is only one agent.

I guess this would basically be like a FSBO, so maybe not in that situation. I would still make sure it was stated in writing upfront.
 

MrSquished

Lifer
Jan 14, 2013
23,079
21,202
136
Around here agents expect both side's cut if there is only one agent.

I guess this would basically be like a FSBO, so maybe not in that situation. I would still make sure it was stated in writing upfront.

They are insane. I haven't heard that around here. For FSBO's a buyer's agent should expect the cut as if they were just a buyer's agent.
 

Scarpozzi

Lifer
Jun 13, 2000
26,389
1,778
126
They are insane. I haven't heard that around here. For FSBO's a buyer's agent should expect the cut as if they were just a buyer's agent.
There are a lot of first timers and people that don't ask questions. I could see a buyer's agent showing more fsbo houses if they think they could charge 6% without question.

We actually have a number of 1-2% companies popping up. They're advertising, of course as listing agents, but that's so they can list higher volumes to get established. Considering what it takes to compete with some of the larger companies, it's pretty smart to advertise and get people to list with you. Btw...Many real estate agents for the larger companies that list pay their employers listing fees for the properties they list. It's pretty crappy, but it's something the agents don't always negotiate for. (Since people take that test all the time and try their luck at becoming an agent)
 

FelixDeCat

Lifer
Aug 4, 2000
29,613
2,262
126
Things are pretty hot right now. Some guy came knocking on my van down by the river and offered twice what I paid for it. I told him I wanted 3x and he smiled and walked away.

I also have a cardboard box under the bridge at a busy intersection. It caught fire but I still get offers on it.

Crazy times.
 

pete6032

Diamond Member
Dec 3, 2010
7,674
3,217
136
Heard back from agent, looks like client wants something different than what I have so they're not interested.
 
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nakedfrog

No Lifer
Apr 3, 2001
59,239
13,840
136
yeah in plenty of markets people are just waiving home inspections, on fully detached homes no less. My client bought a condo, and lived in the building already so knew about the general issues the units had and so was comfortable waiving home inspection. At least in a condo the association is responsible for a lot of the problems, in a fully detached home a million more things can go wrong.

And we waived the appraisal contingency too. We actually beat an offer that was $15K more because they wouldn't give enough concessions on either of those fronts. The seller wanted to go with the extra money but the agents said ours was stronger. I think the appraisal will come in at over the asking price but not quite as high as the selling price. I think that's what sealed the deal.
I waived a home inspection last year, but I was doing a VA loan so they do their own inspection and appraisal regardless. From the home (and one business) inspections I've had done, they've rarely told me anything I couldn't already see with my own eyes anyway. Fortunately it appraised for $40k over asking price (and I was offering asking price). The seller would have done much better if they'd staged it better and had some landscaping done, I think, the back yard had been neglected by renters for years and much had been overtaken by invasive blackberry brambles. They skimped out on the repainting inside too, seems like they got the lowest bidder to come in and spray everything with a coat of the cheapest possible white paint. They had one other offer they were working on, under asking price, I think it was likely someone planning to flip it after doing the obvious things.
 

repoman0

Diamond Member
Jun 17, 2010
4,701
3,727
136
yeah in plenty of markets people are just waiving home inspections, on fully detached homes no less. My client bought a condo, and lived in the building already so knew about the general issues the units had and so was comfortable waiving home inspection. At least in a condo the association is responsible for a lot of the problems, in a fully detached home a million more things can go wrong.

That’s been a thing here for a long time .. my now wife and I did it three years ago for our current (detached) 100 year old home. Instead people do “pre-inspections” .. get an inspector in before offers are due and based on results decide whether to move forward with an offer. Sucks because you pay either way even if the seller doesn’t accept your offer. We waived everything to get this place and avoided a bidding war because of it, despite offering 20% over. Best decision ever, house is awesome and we’d be paying a lot more per month if we bought an equivalent place today.

We’ve talked about offering to buy a larger place owned by an older couple down the road if they ever decide to sell, but I feel it’s kind of awkward. Current plan is to bust out the back of the house instead for some extra living space.