So I have a contengcy that we find new housing before close. We've been trying to buy since last April, beat out of houses every single time we put an offer in. We decided to get ours listed first, try to sell and buy at the same time. Now, we got 2 showing requests immediately, and an agent calling our realtor asking if we would accept sight unseen full cash price, and RENT our house back from them, until we find a new one..no escalation clause not an on paper offer, just asking if we would consider that. I'm kind of offended, we have the contengcy for a reason, I'm not wanting to do a rent back when my mortgage is only $720 a month, I can't imagine paying more than my mortgage to rent my own home, whole I HOPE to find another one. As I was writing this, a guy actually drove up to my house (I'm sitting on the porch) and asked me questions about buying it, and the neighborhood. So feels like we at least have some interest. What's the benefits of taking cash offer the first day you list? I'm in central PA area
House went live last night, got offer for full asking in cash
byu/frankenboobehs inRealEstate
Posted by frankenboobehs
11 Comments
Just as a human being, fuck all the PE company’s. Sell to a family. Make the world a better place vs a worse one. Be part of the solution not the problem
The rent could be $1. Just negotiate.
Sight unseen cash offers can be pretty nefarious. They shut the door on everyone else since it’s an easy cash offer and then ask for a ton of concessions since they count on you just wanting the transaction to be over and not deal with relisting the house.
Unless you have to never take an offer from somebody who hasn’t seen your home.
They’re not serious. They’re just trying to wrap it up while they get to negotiate with you later.
I would never ever do a sight-unseen cash offer.
Don’t do it. They’re just trying to lock it in for themselves then they’ll do inspections etc and back out.
I would advise my sellers to wait on a more serious offer. Hopefully your agent is able to give you some insight.
You don’t have a contingency until you are in contract with a buyer who accepts that condition. The market will tell you what you can do not the other way around.
If you think the majority or even a large enough percentage of buyers are looking for a home that allows someone else to live in it until they feel prepared to move and only pay an amount they (the renter) want to pay you are in for a big surprise.
Would you buy a home at current value and then let the person you bought it from stay there, pay you a fraction of what you must spend to pay the new mortgage and be good with that?
Has anyone told you you are being unreasonable?
Blind cash offer should always receive: 3X EM, Hard & Released upon acceptance of contract.
Absolutely will get rid of everyone that’s trying to tie your property.
It depends if you want to feed the greed or not. If this is some place like the middle if Pittsburgh, where it’s miles of tract homes, it’s a little different than a small town where everyone knows each other. Do you really want your neighbors to have to live with a corporate slumlord next door?
I’d say no. No sight unseen, no helicopter investors. If you need to find a home, your best bet are ones that are fixers that take time ( needs a new roof or AC system is common for these investors to pass on ). Or maybe the yard is a complete disaster. Anything that isn’t a real issue when you live there for years, but will make it a project versus a quick flip or rental as an investor.
A few as an example (hint – put a max year of about 1990 into Zillow:
1870 Lilac Rd, York, PA 17408 – Older design, too much work to fully modernize into an “open floor plan”.
917 Wertzville Rd, Enola, PA 17025 – older home, perfectly livable. Needs an entire garage, though.
504 Electric St, Scranton, PA 18509 – The lack of a modern HVAC system is likely the reason it’s not selling. The price is great, though.
Hope this helps 🙂
Don’t do the rent back. I told my agent absolutely not and she pushed hard for me to accept it and I said no. Eventually sold it to a single home owner who brought $135k in cash. Then used a loan for the remaining portion.