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Answers (9)
- Dave Bond, "DaveBondRealtor"
- Contributions:18
Sunnyview and wetdawgs seem like they have it. Two can play the game. You don't have to go Godfather and make him an offer he can't refuse, but always trying to be on the "offensive" will take the pressure off you. Finding a way to put him in "check" position should make him start scrambling his queen behind the rook, so to speak. Good luck!
- sunnyview
- Contributions:25127
I like wetdawgs advice and I completely agree. Consider getting 2-3 CMA's from local agents to see what the house is worth before you pay for an appraisal to make sure that you would be willing to move for an amount that is 2-3 times more than that.
You also need to consider talking to a real estate attorney that is sharp. You will need one if you agree to sell to make sure that the contract is above board. Developers that do business this way will often try to slide provisions in the contract that would benefit them, but not be caught up front by the seller. Do not take the chance and pay the 200-400 for the contract review before you sign anything.
If the price that the "developer" wants to offer is not high enough, tell him no thank you. If he keeps saying he will sell all the other houses, tell him that you plan to sell to a larger developer that will pay more and squeeze him out of his properties for their pet condo project. Two can play the game he's playing and a larger developer may actually be interested in your house for a long term wedge play against the other developer/owner. As long as you get what you want in quiet enjoyment of your house or in money to buy another plus some for the hassle, it's a good deal for you.
You also need to consider talking to a real estate attorney that is sharp. You will need one if you agree to sell to make sure that the contract is above board. Developers that do business this way will often try to slide provisions in the contract that would benefit them, but not be caught up front by the seller. Do not take the chance and pay the 200-400 for the contract review before you sign anything.
If the price that the "developer" wants to offer is not high enough, tell him no thank you. If he keeps saying he will sell all the other houses, tell him that you plan to sell to a larger developer that will pay more and squeeze him out of his properties for their pet condo project. Two can play the game he's playing and a larger developer may actually be interested in your house for a long term wedge play against the other developer/owner. As long as you get what you want in quiet enjoyment of your house or in money to buy another plus some for the hassle, it's a good deal for you.
- CulverCityRealtor
- Contributions:455
Dear Rick,
You might want to consider his offer, as I have seen homeowners do well is such circumstances, however, I do not like the pressure tactics and I think they are illegal.
If you are being harrassed by this "person" you can call the local police department and get him off your back and you should.
You might want to consider his offer, as I have seen homeowners do well is such circumstances, however, I do not like the pressure tactics and I think they are illegal.
If you are being harrassed by this "person" you can call the local police department and get him off your back and you should.
- Dan, "the_country_hick"
- Contributions:4693
I like both replies immediately below. However, you have been bothered by this guy for years. That has created a debt he owes to you that should be paid.
If the house is worth about $240k I would have him pay at least $600k if not more AND all of your moving, selling, and other expenses.
I would probably set at least a $1,000,000 price on the house. WHY? "He constantly heckles us but we've never been willing to sell." You do not want to move. You like the place you live and he has been annoying you for years. There is an inconvenience involved and profit to be made. He can either pay the price or leave you alone.
If he refuses expect to learn he does not sell all the other houses. Then I would get a restraining order against him saying he could not contact you in person again. That is known as harassment and is illegal.
If he can make (as an example only) $1.5 million profit from the condos why should you not take a big part of that profit and leave him a little of it?
If the house is worth about $240k I would have him pay at least $600k if not more AND all of your moving, selling, and other expenses.
I would probably set at least a $1,000,000 price on the house. WHY? "He constantly heckles us but we've never been willing to sell." You do not want to move. You like the place you live and he has been annoying you for years. There is an inconvenience involved and profit to be made. He can either pay the price or leave you alone.
If he refuses expect to learn he does not sell all the other houses. Then I would get a restraining order against him saying he could not contact you in person again. That is known as harassment and is illegal.
If he can make (as an example only) $1.5 million profit from the condos why should you not take a big part of that profit and leave him a little of it?
- wordsmth
- Contributions:361
I'd play hardball, as wetdawgs suggests, but I'd do it a bit differently.
First, yes, you do need to know how much your property really is worth. You absolutely can't take the potential buyer's word for it. So either get a CMA or two, or get an appraisal. Actually, in this case, the appraiser might be able to help a bit more, for the reason suggested below.
Second--and this isn't what most Realtors would say--your house probably is worth a lot more to the investor than the CMA or appraisal. The CMA is just a reflection of what another average buyer--your typical buyer--would pay for your house.
BUT . . . this investor is NOT your typical buyer. It's worth more to him. He's motivated. And when the investor looks at it, he's not just looking at your house. He's looking at the total values--and total profits--from the condos he'd put up in place of the houses.
Example: Remember when you used to play Monopoly? And you (or one of the other players) would be assembling a whole line of properties? But there was one holdout. And the player assembling the properties would willingly pay much more--not because Baltic or Ventor or Park Place was priced that high, but because it'd be the final piece in the puzzle. It's the same with you and your property. It's the final piece in the puzzle. The investor doesn't give a darn about moving in--as would an ordinary buyer. The investor is willing to assign a higher value to it because of the overall value of his entire assemblange.
So you might try to find an appraiser who does commercial appraisals as well. Ask him what the value of your property is--not just as a single-family home, but as the final piece in the assemblage jigsaw puzzle.
So your CMA is your absolute, lowest figure. But you know he's willing to pay more. The question is: How much more? Depending on the projected profitability of the condos, it could be a whole heck of a lot more. A lot more.
Hope that helps.
First, yes, you do need to know how much your property really is worth. You absolutely can't take the potential buyer's word for it. So either get a CMA or two, or get an appraisal. Actually, in this case, the appraiser might be able to help a bit more, for the reason suggested below.
Second--and this isn't what most Realtors would say--your house probably is worth a lot more to the investor than the CMA or appraisal. The CMA is just a reflection of what another average buyer--your typical buyer--would pay for your house.
BUT . . . this investor is NOT your typical buyer. It's worth more to him. He's motivated. And when the investor looks at it, he's not just looking at your house. He's looking at the total values--and total profits--from the condos he'd put up in place of the houses.
Example: Remember when you used to play Monopoly? And you (or one of the other players) would be assembling a whole line of properties? But there was one holdout. And the player assembling the properties would willingly pay much more--not because Baltic or Ventor or Park Place was priced that high, but because it'd be the final piece in the puzzle. It's the same with you and your property. It's the final piece in the puzzle. The investor doesn't give a darn about moving in--as would an ordinary buyer. The investor is willing to assign a higher value to it because of the overall value of his entire assemblange.
So you might try to find an appraiser who does commercial appraisals as well. Ask him what the value of your property is--not just as a single-family home, but as the final piece in the assemblage jigsaw puzzle.
So your CMA is your absolute, lowest figure. But you know he's willing to pay more. The question is: How much more? Depending on the projected profitability of the condos, it could be a whole heck of a lot more. A lot more.
Hope that helps.
- wetdawgs
- Contributions:26800
I'd play hard ball if in your shoes:
Plan A:
1. Look around at homes available elsewhere, and get a clue at the prices of houses that are attractive to you.
2. Get a couple of CMAs (the charge, if any, should be minimal) or hire an appraiser for $300 to $500.
3. Multiply the number by two (if that will get you into a home that you like without harassment and cover full service moving expenses) and make that your non-negotiable asking price.
Plan B:
Say "fine", I don't mind if you sell all the houses around me. I'm staying. I don't want to hear from you again.
Plan A:
1. Look around at homes available elsewhere, and get a clue at the prices of houses that are attractive to you.
2. Get a couple of CMAs (the charge, if any, should be minimal) or hire an appraiser for $300 to $500.
3. Multiply the number by two (if that will get you into a home that you like without harassment and cover full service moving expenses) and make that your non-negotiable asking price.
Plan B:
Say "fine", I don't mind if you sell all the houses around me. I'm staying. I don't want to hear from you again.
- slickrick92
- Contributions:2
Thank you for the replies guys,
At the moment we owe a little less then $50000 on the house and all the surrounding houses are being rented out so they're not vacant. He has offered no fees whatsoever and 20k-40k more than the market value which HE says is about 240k according to HIS agent/realtor, but i really dont know if i should take his word for it because he seems like a shady guy... So How would i go about obtaining a CMA because as far as i know it would cost $300 to obtain one? Would i contact my local 21st century realtor per say?
And to be honest we could care less if he sells all the houses around us because we have nothing to lose. We love our home and are perfectly content. Hes the one who potentially has substantial profits to be made.
At the moment we owe a little less then $50000 on the house and all the surrounding houses are being rented out so they're not vacant. He has offered no fees whatsoever and 20k-40k more than the market value which HE says is about 240k according to HIS agent/realtor, but i really dont know if i should take his word for it because he seems like a shady guy... So How would i go about obtaining a CMA because as far as i know it would cost $300 to obtain one? Would i contact my local 21st century realtor per say?
And to be honest we could care less if he sells all the houses around us because we have nothing to lose. We love our home and are perfectly content. Hes the one who potentially has substantial profits to be made.
- Jim Stevenson, "therealtorguy"
- Contributions:1111
Derek has given good advise. You should also find out what your house is worth. Ask a local realtor for a Comparative Market Analysis (CMA) &/or hire an apraiser for an appraisal (fee will be charged). Most realtors do not charge for a CMA. Make sure the investor is at least offering fair market value ... he should be willing to offer a little (or a lot) more to complete his plans. You can also be a bit creative with the investor-ask for a new condo in return for your property and living expenses while the condo's are being built. If you are going to request a condo in return for your house, I strongly suggest you hire an attorney to write the contract to protect your interest.
What if the investor sells the surrounding houses ... would this be bad?
Good luck and let us know what happens!
What if the investor sells the surrounding houses ... would this be bad?
Good luck and let us know what happens!
- Derek Zasaretti, "Derek_Zasaretti"
- Contributions:343
The first key is, How much , if anything , do you owe on the property?
What would it cost to find a comparable house? Area, size, amenities?
Is everything around you vacant? Or is this just being implied?
Do these calculations 1st, find out what your number is ($$$$).
Let him make the first offer, and then counter. Everything is negotiable, so be brave.
What would it cost to find a comparable house? Area, size, amenities?
Is everything around you vacant? Or is this just being implied?
Do these calculations 1st, find out what your number is ($$$$).
Let him make the first offer, and then counter. Everything is negotiable, so be brave.
Broker/Investor desperately wants my home and I need some help and much needed advice
My parents and I have been living in our home for over 10 years and there is this man who is a broker/investor who has never left us alone since the moment we moved in because he wants our home. He owns nearly all the houses around us and we are the only house standing in his way of flatting the land and building a condos. He constantly heckles us but we've never been willing to sell. Now it seems like he has drawn the last straw and hes told us that hes giving us a month to decide to sell to him or else hes gonna give up and sell all the homes surrounding us. My question is what could we possibly do in this situation to strike a deal which will help us out significantly? I know we have leverage here because he wants our home very badly but is it realistic to actually expect him to pay us more then the house is valued plus other goodies?
Thank you and pardon my lack of real estate knowledge. Im a noobie here
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