All Forum Posts by: Account Closed

@Lydia S.

I do not have any listing agreements. Yes that makes sense to me. 

Nina has a property she is working/worked on in my area so I reached out to her. She came by and gave me her assessment on the comps in the my area and target selling value of our property. 

Just saw the post, I would of called you back sooner to apologize =[. 

After speaking with you on the phone and talking to you today, you were good and I did mean it when I said I would like to work with you. I think to find a good realtor, people do need treat it like getting a quote and  meet a few realtors to see how they think/work (like what we did today). 

Sorry about not disclosing everything. This house is not in any escrow, but has offers. I have learned from working with the first realtor that disclosing everything actually hurt me, so I try not to make the same mistake. I didn't know who to trust. 

Not sure if you're sleeping yet but I will call you tomorrow morning to apologize again.

Thank you for both for the help and sorry for the extremely late update. I have been a little overwhelmed with everything.

- just realized the comps I found may not have be exactly the same and I will verify the comps my realtor found as well. My house is a duplex, has a tall attic that can be turned into a living space, and 2 huge garages that looks like half the size of the house. I did not take those 3 points into considerations, the things I looked at in comps were # of rooms, # bath, lot size, house size.

- first realtor is bringing in another investor that wants to see the property

- My other realtor (2nd realtor) that is helping me find a new house knew an investor and also made an offer for our house at $470k. Charges less 3% commission rather than the 5% commision from the initial realtor.

- will be getting 2 foundation inspections and an appraisal this weekend.

@Gregory DeRosso: We may consider listing, but my family hates the idea of tire kickers and we may be limited to cash offers only because traditional loans/bank appraisals don't like brick foundations. Plus the fact that we may lose the $470k offer if we wait too long, we may counter offer soon.

@Lien Vuong: thank you for the multiple perspectives! You helped me put in words why I was felt like I was being taken advantage of, because I wasn't sure if I had a fair representation. I will be getting an appraisal this weekend hopefully. The $600 is not cheap like you said but I guess it has to be done. 

I only realized that realtor is getting 3 folds after you mentioned it, nice catch. Someone told me to just not look at other people's earnings if it's their fair cut because it'll drive you crazy haha. This realtor will be getting a nice cut if he gets the deal.

The metric may not be too far off from 40%. Our area is getting gentrified (even though everyone says that about their neighborhood). Also, they wanted to convert this duplex to a single family house and the 2 garages into an Additional Dwelling Unit. The ballpark figure they were shooting to get is $800,000+, but that has some serious leg work and renovation to get it done. This is a historical property.

Hi Gregory,

Thanks for the reply. I agree, the headache of tirekickers is a pain. What if only property investors with cash is allowed to come? That would help reduce the problem.

I forgot some information, thanks for pointing it out. 

There is a realtor involved and he is charging 5%. We met the realtor when we saw our neighbor's open house and he knew a private investor that would be interested in our house. He called us back in about 1 week of our initial meet up to have the investor come by. The investor looked at our house for about 1 hour, with no real inspection. Now, we have an acceptance and escrow documentation provided by the realtor. 

Thanks,
Kwan Lee

Background:

- our house is surrounded by $550,000-$650,000 houses

- house does not have a foundation, it's a brick and mortar

- house is a fixer upper: needs plumbing, electrical, roof, and more.

- it's a 1,200 sqft duplex, 3 bed, 2 bath, has a big attic, 2 garages.

- Location in a neighborhood that's going through gentrification and close to downtown L.A.

- family wants to move to a better neighborhood

- private investor offered $450,000 with no verbal deadline

- our next house is going to be around $550,000 +/- $50,000.

- house is not listed anywhere, not on the MLS or anything

- we are currently looking at houses

Problem/Question/opinion

- do we just take this offer because it's close enough and we don't miss out on this deal or do we post online and try to get other investors to make some offers?

- what would you do in this situation?