Advice from smart people

[jennyo]

bsrsharma, the only caveat to using this as an example is that, as sellers, we are in a much different position than many others selling homes in this market. It is an inherited house, with no mortgage, so we can go pretty low since anything we get out of it is gravy.

[La Jolla Renter]

Unload the property.

If you had a notion to be a long distance landlord of a 1947 home then you probably would not have started the post. Your gut is saying sell.

Take the money, invest it in a CD for now, maybe pay off some debt if applicable.

If you really want to be a landlord, wait a few years and low ball some investment property near your home that cash flows.

[La Jolla Renter]

Unload the property.

If you had a notion to be a long distance landlord of a 1947 home then you probably would not have started the post. Your gut is saying sell.

Take the money, invest it in a CD for now, maybe pay off some debt if applicable.

If you really want to be a landlord, wait a few years and low ball some investment property near your home that cash flows.

[La Jolla Renter]

Unload the property.

If you had a notion to be a long distance landlord of a 1947 home then you probably would not have started the post. Your gut is saying sell.

Take the money, invest it in a CD for now, maybe pay off some debt if applicable.

If you really want to be a landlord, wait a few years and low ball some investment property near your home that cash flows.

[bsrsharma]

jennyo: Agreed, the inheritance is all gravy for you; but I don’t think the market is very aware of it or responding to it. Do you think people didn’t make offers (at higher prices), just because it is an estate sale? You are flexible on price, but still you would like to get the best price you can get on the house. That is how markets are made. I am simply pointing out how ridiculous (at least the last years) appraisals look now.

[bsrsharma]

jennyo: Agreed, the inheritance is all gravy for you; but I don’t think the market is very aware of it or responding to it. Do you think people didn’t make offers (at higher prices), just because it is an estate sale? You are flexible on price, but still you would like to get the best price you can get on the house. That is how markets are made. I am simply pointing out how ridiculous (at least the last years) appraisals look now.

[bsrsharma]

jennyo: Agreed, the inheritance is all gravy for you; but I don’t think the market is very aware of it or responding to it. Do you think people didn’t make offers (at higher prices), just because it is an estate sale? You are flexible on price, but still you would like to get the best price you can get on the house. That is how markets are made. I am simply pointing out how ridiculous (at least the last years) appraisals look now.

[jennyo]

I do agree with you bsrsharma, I was just making the point that other sellers may not be as quick to take a low offer because they have a mortgage. The house has been on the market 6 weeks, so we could wait to see if something better comes along. It might not. I just don’t care as much about the potential of a higher offer as much as I care about getting rid of the place quickly. You are right, no one knows that the house has no mortgage (it is not technically an estate sale because the property was transferred through a trust), they just see a POS and make lowball offers.

[jennyo]

I do agree with you bsrsharma, I was just making the point that other sellers may not be as quick to take a low offer because they have a mortgage. The house has been on the market 6 weeks, so we could wait to see if something better comes along. It might not. I just don’t care as much about the potential of a higher offer as much as I care about getting rid of the place quickly. You are right, no one knows that the house has no mortgage (it is not technically an estate sale because the property was transferred through a trust), they just see a POS and make lowball offers.

[jennyo]

I do agree with you bsrsharma, I was just making the point that other sellers may not be as quick to take a low offer because they have a mortgage. The house has been on the market 6 weeks, so we could wait to see if something better comes along. It might not. I just don’t care as much about the potential of a higher offer as much as I care about getting rid of the place quickly. You are right, no one knows that the house has no mortgage (it is not technically an estate sale because the property was transferred through a trust), they just see a POS and make lowball offers.

[jennyo]

Update: The POS closed/recorded today, about a week early. The buyer got a 95 percent loan, so those are still out there, but this was not a jumbo. We are very relieved to be done with it, I really think if this had fallen through we would have been stuck with the place indefinitely. Our realtor told us that for the last couple of days it appeared that there was a squatter spending nights in the house. The squatter didn’t do any physical damage (that would be difficult since the house is so disgusting in the first place), but apparently he would sleep there, brush his teeth, and leave his underwear on the floor….not our problem anymore. Phew.

[waterboy]

thanks for the update and congrats….now according to some other piggs you now have to worry about not losing that profit to inflation

[Author]

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