Insulting offer on my old house?

[femurphy77]

W H Y sell when you can rent, make money

Making millions as a slum-lord is another one of those myths the real estate companies like to push in order to sell houses. Horny has already responded to the renting option and he is right. My ex and I had a house that we owed free and clear, it was in a perfect price range for local rentals and we had no trouble renting it. We even got 3 months deposit on the house. Short story is that when the renters vacated it cost us almost a years rent to clean up the house and prep it for the eventual sale to her mother. And yes we were able to recoup some losses on taxes but personally it wasn't worth it to us, time money or effort wise.

As a side note when I sold my house in Greenwood a couple of years ago, it cost me a huge chunk to sell it and I got more than I had paid for it just a few years before. At closing the first time buyer was talking about it being a good starter home for her and that they planned to "flip it" in 4 or 5 years and roll the profits into a bigger house in a nicer neighborhood. I asked my agent if everything was finalized before I filled the buyer in on the reality of homeownership. She had paid fair market price for a nice house in a market that was falling apart around us. She wasn't going to be "flipping" anything unless it was her real estate agent that filled her full of this nonsense. He was busy pretending to be filling out paperwork while this conversation was going on. I have no reason to feel bad about the deal she got but I can't believe the lines of drivel people use to sell things!

 

[Hotdoger]

Friend, you're skating awful close to a license law violation with that. I'm betting Mr. Hornady's Realtor is probably going to think that comes a little too close to soliciting the business of an already-listed property.

LOL All the low ball buys on aquired ROPs is the biggest scam going.

Find any old ladies and buy their property lately ?

Realators and ethics do not go togeather!

 

[gunman41mag]

Making millions as a slum-lord is another one of those myths the real estate companies like to push in order to sell houses. Horny has already responded to the renting option and he is right. My ex and I had a house that we owed free and clear, it was in a perfect price range for local rentals and we had no trouble renting it. We even got 3 months deposit on the house. Short story is that when the renters vacated it cost us almost a years rent to clean up the house and prep it for the eventual sale to her mother. And yes we were able to recoup some losses on taxes but personally it wasn't worth it to us, time money or effort wise.

As a side note when I sold my house in Greenwood a couple of years ago, it cost me a huge chunk to sell it and I got more than I had paid for it just a few years before. At closing the first time buyer was talking about it being a good starter home for her and that they planned to "flip it" in 4 or 5 years and roll the profits into a bigger house in a nicer neighborhood. I asked my agent if everything was finalized before I filled the buyer in on the reality of homeownership. She had paid fair market price for a nice house in a market that was falling apart around us. She wasn't going to be "flipping" anything unless it was her real estate agent that filled her full of this nonsense. He was busy pretending to be filling out paperwork while this conversation was going on. I have no reason to feel bad about the deal she got but I can't believe the lines of drivel people use to sell things!

I have rental homes, my renters don't destroy my places, If there is any damage when they move, I take it out of their deposit, before I retired I'll have all 5 rental homes paid-off & I'll be living good, THANKS TO MY RENTAL HOMES

 

[hornadylnl]

Update. We countered the offer almost half way from our listing price to their initial. They just countered back half way so we are going to accept it with the implication that if it requires a bunch of repairs, we won't do it.

 

[prowland]

When we bought we came in low because of the market... then they countered with an offer that was a little lower than the start.

We ended up paying a few grand under asking price with about $12,000 in repairs before we took ownership.

Both teams made out good IMO.

Sellers should not expect to get asking price in this market...

 

[hornadylnl]

The initial offer was 67% of our original asking price. The counter we are accepting is 74% of the original asking price. I'm not real confident in what a USDA inspector is going to come up with.

 

[HICKMAN]

Just make sure to run a credit check on the person or persons that you are renting to.

What will a credit check these days tell you?

That someone lost their job, house, a car... and is recovering financially from their wife having breast cancer?

 

[HICKMAN]

my folks bought a house in Lawrence County for 35K and sold it years later for $130K.

I'm thinking the housing market is going to be adjusting itself for a while.

 

[HICKMAN]

triple post

 

[Cemetery-man]

I was trustee of a rather large estate last year. For years the talk around town was everyone wanted the gents house when it went up for sale because of the condition, location, appliances, etc. The guy believed in only the best when it concerned his property.

We figured the property would go fast so we were eager for the auction. Not 1 person showed up. We finally received 2 offers on the house a couple of weeks later and the lawyer advised us to take any reasonable offer so we didn't get stuck with the property taxes, utility bills, etc. for several years.

The house appraised at $175k and the best offer we got was $80k. It sure is a buyer's market right now.

 

[Hoosier8]

I sold my last house at a 4k loss due to the neighborhood changing and glad I did as that was before the housing collapse.

During the housing crash, where I moved has increase by 11%.

Sometimes it is just a gamble.

 

[E5RANGER375]

How can you say that real estate is better than a 401k? Depending on your employer you may be getting a % match that is instant earnings. If your 401k is not earning you 10-15% or better than you should reinvest. I can't tell you of anyone that is making money on a real estate investment right now unless your last name is Trump.

Granted, the market has been up and down but earnings have far exceeded losses over the 25 or so years that I have been investing in a 401k. 6.5% net increase in the first quarter is better than any real estate holdings.

you think 10% is a good return? I dont.

if your smart you can double your money on every purchase of property

 

[hornadylnl]

Had another offer come in today. Do any of our real estate gurus here know what the maximum overhead doorsize an outbuilding can have on a USDA loan?

 

[hornadylnl]

Well, we closed on the house yesterday. It was the original low offer we had. We countered and ended up getting the contract that we didn't have to pay for any fixes the lender required. I don't think there was anything major as I never heard how the inspection went other than it was ok. So with our counter and not having to shell out for fixes, we didn't do too bad considering the market.