Need to vent...
I am selling a rental and had the deal fall through due to an amateur/poser investor. My agent was upfront with the need of a flexible closing date in January and had many interested parties but going with the first one was a mistake. The house is in a very desirable location in downtown Vancouver, WA near PDX and the listing had a TON of interest. He came in a little low but in good faith I met him in the middle because the house needs a bit of work but nothing scary. The needed work is obvious and his inspection only showed obvious things. He dragged his feet and ended up asking for WAY more off the accepted counter even though he saw the needed repairs on day one. The deal is dead and lost a lot of time. Updated the listing indicating it's being sold as is and it's priced accordingly. Is there anything else I can do to deter the poser investors? Thanks for reading.
Few of the common things to deter “posers” ; higher deposit. Less contingencies (inspection , financial), require proof of funds or prequal be submitted with offer. Um...
Good stuff. I'll definitely exercise these options on the next buyer.
I'm really surprised the deal fell through considering it has a full basement that is bone dry and could be easily finished. Also, the garage would be an ideal site for a new build ADU with all the utilities easily available. Roof is in great shape, has a brand new gas furnace, and sewer lateral replaced. Let me know if you or someone you know is interested and have a great weekend. It would be a great house hack or live in flip.
I'd definitely go with a higher deposit. You can get your realtor to call the other people who were interested and let them know the deal fell through-tell them it was due to financing or you couldn't agree on the terms of the offer.
Give priority to people that offer to skip inspections, have cash and proof of funds, have several investment properties, not the first deal...or stick with those that want to live in the house. Does it qualify for VA or FHA? If so. advertise that in the listing.
BTW, saying being sold as is to me is saying this is a dump that is falling apart. If it truly only needs a little, why not disclose what it needs?
I think "poser investor" is a bit strong of a term for someone failing to come to an agreement on the cost of needed repairs. Perhaps you need to reassess the condition of the property based on their findings. Why not make the repairs and get retail? If you don't want to or can't do that, then expect to be beat up on the price.
I hear you but this is not the case. It's retail condition now and could use some new windows. This buyer literally wanted me to pay to rehab the whole house with a the price reduction he wanted. He already signed a purchase agreement to a lower price that would have easily paid to get that stuff done. He was just learning on everyone else time.