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Luxury homes
Good afternoon everyone!
I seem to have reeled in a shark while fishing for a catfish. While marketing to absentee owners I got a call from a seller who has decided to move back in his old house and sell his new house. The new house is a million dollar home (at least from what I can gather from redfin) and the seller has it listed with an agent but the listing agreement has expired as he has been trying to sell for almost a year. He is super motivated and the MLS listing price reflects that already. This is all fine and dandy but this would also be my first deal. My question is how difficult is it to find a cash buyer for a luxury home?
I think you're mis-assessing the situation. Any property that's been on the MLS for a year is overpriced. Any seller who's willing to let their overprices property linger for a year on the MLS isn't motivated.
Thanks for the reply Jon. I should have added more details on that. The house was listed last year at 1.3 mil then price reduced to 899 and then taken off the MLS for a few months now it's back on with a 634 price and the seller just wants to get rid of it. It was under contract 3 different times but they have not been able to close the deal. The houses around are all 800k or more and the most recently sold are the same $899k al the way to $1.3 mil
- What did the seller buy it for originally?
- What's the mortgage on this?
This sounds to me like a possible short sale situation and the bank wouldn't negotiate?
@Chase Gochnauer the owner owns it free and clear.
something doesn't add up. Unless you can buy it for an extremely safe price i'd avoid it. These are big numbers with a few red flags and it would be your first deal. Most times houses sit on the MLS due to unmotivated sellers or being over priced. The houses around it might of sold for 800k or more but how do they compare to this house? Also when did they sell? I just looked at a custom built house yesterday from the 70's that seemed like it would be an amazing opportunity to flip but when you walked the house it was functionally obsolete. A lot goes into a house especially at the higher price points those are your pickiest buyers.
I agree that something doesn't add up. You should be able to see what the guy purchased the house for on the assessor. Why did he decide to move back into his old home?
He has another million dollar home that he decided to move back into. The house I was marketing for isn't for either house but he has no interest in selling that one for whatever reason. He told me that there's no point in have 2 homes of that size/value.
Something doesn't sound right with the #s
There might be something wrong but as I mentioned the info is according to redfin and not the MLS. The zestimate is 833k eppraisal has the value at 746k. Because it is listed there are pictures available and it looks like a house you'd find in the movies.
nobody wants to buy a million dollar house at almost 60cents on the dollar. and why would you need to find a cash buyer? looks like you need to prequalify potential buyers for a jumbo loan
@Vincent Nguyen the reason I need to find a cash buyer is because I would need to wholesale the deal prequalifying someone would take too long.
Why does everyone seem like this is too-good-to be true?
Rene, what was the outcome of the house? Did it sell? What price?
