I know the subject is spelled incorrectly but I think you’ll enjoy the content.
About 1.5 years ago my dad wanted to move to the Algonac area. He cant get approved to buy a dozen eggs so I told him i’d buy something and rent it to him.
We found a good house with two out buildings. If I remember correctly they were asking 160k. I offered 140K and they balked.
The agent just called me today, the house just sold for $67500!
They shoulda jumped when they had the chance.
Replies
while back we found out about a house that was going to be up for sale.
one of the neighborhoods we liked at the time ... real good location.
the house was a mess. Structurally not bad ... but lady moved out with new husband ... left her 21 year old son there ... for a year he sold drugs ou the back door. So ... it was garbage heap inside.
plus ... never was maintained. Needed new windows and doors ... all new carpeting, hardwood refinished ... bathroom was outta order the whole time he lived there ... had a 1950's kitchen ...
So ... I looked at the comps ... subtracted the materials ...
decided to offer $70K ... and we'd take it as is. Leave the garbage ... post-it note what U wanna keep ... and I'll pack up and deliver.
thru a friend, who was their relative ... found out they were pissed at our offer ... then figured it was $70K they didn't have ... and were gonna accept.
the new husbands son in Fla hears the news ... No. Don't sell.
He'll lend them the money ... let's flip and get rich quick!
so ... he killed our deal.
fast forward 2 years later ... They finally sell ... for $130K.
the son had loaned them $70K.
Not sure how it all divided up in the end ...
but take our offered $70K ... plus the son's $70K ...
and that $130K don't look so good.
kid got back just what he gave them ... minus any interrest. We do know he said he learned a valuable lesson about giving his Dad money ... and guess they walked away with the rest .... $60K ... after 2 years and a coupla pretty quiet family TGivings.
also found out ... right after they said No to us and before they started any of the little remodeling they did ... the next door neighbor offered $120K as is.
coulda just given the kid back his $70K and walked out with $120K.
actually worked out for us ... as the more we looked at that neighborhood and more we realized the sky high tax rates weren't worth the small lot sized.
Jeff
Buck Construction
Artistry In Carpentry
Pittsburgh Pa
Sounds like the kids ot a great head for business. All that effort to earn 5k less than you offered them.
There was a lady that put a house on the market for $325,000. Within a month someone offered her $300K and she thought it was insulting so she turned them down. House sat for another year before she got another offer - $195,000, which she accepted and was actually a lot closer to its value then the $325K that she originally thought.
Doug
Got one like that for sale just down the road from me. The lady has been through three realators and drop the price twicw from the original $360,000. I don't know what it is down to now, but it is for sale by owner. The house was, and still may be, way over price for this area, and on the smallest acreage in the development.
If she ever sells it, I'm sure it will be for substantialy less than the first three offers she turned down.