Author Topic: potential private sale - what to know going in?  (Read 347 times)

turketron

  • Bristles
  • ***
  • Posts: 372
  • Age: 32
  • Location: WI
potential private sale - what to know going in?
« on: July 06, 2018, 09:08:20 PM »
I bought a condo a couple years ago using a realtor, pretty straightforward purchase. I almost immediately started dating my current girlfriend and moved in with her "officially" about 6 months ago. I had been renting my condo out to my cousin when she needed a place to stay, but it's been vacant for a few months now while I've been going back and forth between legit renting it out or selling it. Long story short, I don't really feel like dealing with being a landlord, even though I'd be able to make a small profit (a couple hundred bucks/mo) so while I had decided I was most likely going to sell, I've been dragging my feet on cleaning out the remainder of my stuff, making a couple repairs, contacting a realtor, etc. etc.


Cut to this week, when I received a letter in the mail from a realtor representing someone who's very keen on living in my condo community, but new listings to purchase have been few & far between so they decided to proactively reach out to owners to see if anyone is interested in selling. I emailed the realtor saying that I'm interested, and he'd like to speak on the phone over the weekend.

I've only done the one RE transaction so far (with a realtor) when I bought the place, so I'm not sure what pitfalls I should be aware of if I go forward with this without my own realtor. On the plus side, it's a massive seller's market right now- most houses are on the market for less than a week, and many are selling for $15k-$20k above asking price. I don't really know what would be a fair price at this point- the Zillow "estimate" is roughly the same as what I paid for it in 2016 ($100,000), and I haven't really made any significant upgrades to it. I'd honestly be fine with getting basically what I paid for it, but I suppose there's no harm in starting $10-15k higher and see if they bite...

Any suggestions/tips for navigating this would be great!
 

AccidentialMustache

  • Stubble
  • **
  • Posts: 147
Re: potential private sale - what to know going in?
« Reply #1 on: July 06, 2018, 10:14:56 PM »
Sounds like a spam mail for a realtor looking to get hooked up as a sellers agent. Could be legit, but we've gotten those postcard type mailers while other similar homes to ours had for sale signs in the yard.

Approach with caution, much like you would a "dead" skunk.

waltworks

  • Magnum Stache
  • ******
  • Posts: 2877
Re: potential private sale - what to know going in?
« Reply #2 on: July 06, 2018, 10:40:02 PM »
No problem at all - accept their offer, contingent on the place being on the open market for 2 weeks and you having the right to accept any offer in that time.

-W