Author Topic: Solicitation to buy my home  (Read 2741 times)

civil4life

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Solicitation to buy my home
« on: February 16, 2018, 10:06:49 AM »
I received the attached letter from a realtor looking for a client who wants to buy a home in my community. I have been considering selling. I contacted the realtor to discuss. She asked me how much I was looking to sell it for. Here in lies the issue. The community is very nice mostly all middle income. I purchased my home for about $165k in 2012, but most of the others that have sold have gone for $125 to 135k. All the homes are townhome with pretty much the same layout, approximate size, and were all cheap builder grade. The previous owner put significant upgrades into the house. Finished basement with full bath and wet bar, bamboo floors, and solar panels. (I never pay for any electric.) Smaller upgrades as well. I am planning to give her some pictures and details regarding the solar panels. I have the appraisal that was done when I purchased the home.  The Appraisal came in at $165k. Is there anyway sharing this information will hurt me by sharing?

Also, if the person is interested in making an offer, I would like to have things checked over by another realtor just to look after my interests. 

Would you have any other suggestions moving forward?

Jon Bon

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Re: Solicitation to buy my home
« Reply #1 on: February 16, 2018, 12:24:34 PM »
I would say this is an advertisement, not a legit offer.

The realtor is just trying to get you to list the house with them so they can get the commission.  If it was a legit letter it would be addressed to you, instead this realtor likely sent them to nearly every house in your development. Are there other houses currently for sale in your neighborhood? Why on earth would someone try to buy a your house (likely at a premium) from a non motivated seller than one that is listed and ready to be sold.

If you want to sell your house get on the MLS with a flat fee realtor. Heck you can post it on zillow for free. IMO this letter is nothing more than one of those "We Buy Ugly Houses" signs.

wbranch

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Re: Solicitation to buy my home
« Reply #2 on: February 16, 2018, 12:28:52 PM »
I would say this is an advertisement, not a legit offer.

The realtor is just trying to get you to list the house with them so they can get the commission.  If it was a legit letter it would be addressed to you, instead this realtor likely sent them to nearly every house in your development. Are there other houses currently for sale in your neighborhood? Why on earth would someone try to buy a your house (likely at a premium) from a non motivated seller than one that is listed and ready to be sold.

If you want to sell your house get on the MLS with a flat fee realtor. Heck you can post it on zillow for free. IMO this letter is nothing more than one of those "We Buy Ugly Houses" signs.

Yep, 100% agree.

civil4life

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Re: Solicitation to buy my home
« Reply #3 on: February 16, 2018, 02:56:25 PM »
The envelope was addressed directly to me and handwritten.  At least according to Zillow there are no homes for my community.  I have lived in mine since 2012.  The homes were originally built in 2003 with some special deal with the city.  The people that bought got huge discounts to buy, but had to stay ten years or pay it back.  My home was one of the first to sell.  The previous owner did have to pay back a portion of the discount.  Since I purchased mine probably only a half dozen have been sold.

I spoke with the women and I have agreed to do a walk through with her. 

If this is not the situation I have no intention of selling now.  It would only be take advantage of the possible opportunity.

If something does develop I would find a realtor to look out for my interest.

Rich on Money

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Re: Solicitation to buy my home
« Reply #4 on: February 16, 2018, 04:56:52 PM »
I would agree this is a ploy by the real estate agent to get you to list your house.  I would turn the tables on the agent.  Don't answer her question of how much you would sell for, ask what is your client thinking of offering me for the house.  Remember, whoever gives a number first loses.

I wouldn't share the appraisal with her.

If you are serious about selling at some point, go out and find a super star real estate agent who really knows what they are doing and has excellent referrals from others.  Someone who sells a lot of homes in your area and has a good reputation.  I wouldn't deal directly with this agent who sent you the letter.  If you had your own agent, this agent would just make an offer instead of playing this silly game with you.

Meowmalade

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Re: Solicitation to buy my home
« Reply #5 on: February 16, 2018, 05:19:33 PM »
I don't necessarily think it's a ploy-- could just be proactive customer service to try to find the buyer the home they want.  I had a condo in Austin that I sold to a friend, and since we didn't go through an agent I guess the sale didn't show up on the MLS.  Well, my friend was doing renovations and an agent/buyer walked by and saw it, and somehow the agent hunted me down and called my business number in Portland asking if it was going up for sale soon because his buyer wanted first dibs!  I know the owners are all public record, but I don't know how he connected me with that name (it's a common one-- maybe he just tried all that he could).

Papa bear

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Re: Solicitation to buy my home
« Reply #6 on: February 16, 2018, 05:43:55 PM »
I get these things constantly. Always look handwritten too. I call them back just to mess with the poor kid who has to read off a script =)

It's a sales letter.  They want your listing in a hot market. 


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radram

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Re: Solicitation to buy my home
« Reply #7 on: February 16, 2018, 07:58:55 PM »
I get these all the time as well. In fact, just last week I got the same letter..... for both my cars. Turns out, my cars are in high demand, and they just can not get their hands on them to sell to their clients.

What do I drive? We have 2....... 2009 CHEVY AVEO's.  LOL LOL LOL

This is an advertising ploy I have seen before. And quite honestly, it works very well. You DID call.

They might even have a real customer, but it is not in any way a real offer.

If you are curious, you could always just call another realtor and pose as a buyer in your area. See what they say.

Bruinguy

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Re: Solicitation to buy my home
« Reply #8 on: February 16, 2018, 08:59:40 PM »
Tell the agent that's not how it works. The agent sent you the letter when it wasn't on the market. He or she needs to bring you an offer that might make you decide it is a good time to sell.

Also, be cautious in placing too much trust in another agent. They make money if you sell. Period.   Historical sales are available on zillow or Redfin and you will know your neighborhood better than the agent will, most likely.

Adam Zapple

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Re: Solicitation to buy my home
« Reply #9 on: February 19, 2018, 02:48:05 PM »
I'm sure you are not the only person in your neighborhood to get one of these letters. 

Why wasn't your name at the top of the letter? 

They have fonts that look like handwriting now. 


These things being said, I'd ask the realtor what this buyer's budget is.  If they actually have a buyer, they should have a quick answer.  I just can't imagine a buyer telling a realtor "I'll buy any house on this street!"  Not unless all the houses are very similar or something.
« Last Edit: February 19, 2018, 02:55:33 PM by Mr. JL »

ChpBstrd

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Re: Solicitation to buy my home
« Reply #10 on: February 19, 2018, 10:15:34 PM »
I actually did this once, because I was interested in a particular house in a particular neighborhood that had particular exterior features. It was a very classy craftsman fixer-upper with a view, extra-sized lot, and that was the perfect square footage and appeared to need some restoration. Perfect, but not for sale!

I would not want to buy myself a compromise only to see this one come on the market months later. So when an agent begged to be my buyer's agent, I said "sure, send a letter to the owners of this particular house." She actually knocked on the door and asked. The answer was they were not interested in selling. I dropped the buyer's agent and bought a compromise a few months later. (what an asshole, right? ;)

Then again, you're talking about a townhouse, which is at least very similar to its neighbors. Probably in this case, the buyer (if they exist) are canvassing for a good deal - for example, a seller in a financially desperate situation. Or maybe they just hope to avoid a bidding war.

I would quote them a firm fixed price that you'd be thrilled with and leave it at that. They'll either run or ask to take a look.

civil4life

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Re: Solicitation to buy my home
« Reply #11 on: February 20, 2018, 06:57:39 AM »
The realtor and the family viewed my place yesterday.

Another house in my neighborhood went on the market.

I have briefly spoken with another realtor to possibly retain to assist with negotiation and the contract if it moves forward.

Fishindude

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Re: Solicitation to buy my home
« Reply #12 on: February 20, 2018, 07:49:33 AM »
That's just a good aggressive realtor trying to come up with some houses to list, I respect that.
We get a letter from one regarding our lake home every spring.

Never hurts to talk to them.

Cwadda

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Re: Solicitation to buy my home
« Reply #13 on: February 20, 2018, 08:23:16 AM »
I bought my house by emailing random people on Craigslist, no realtors on either side involved. My emails were concise and straightforward. “I want to buy your house, and I have pre approved financing in place. Reply or call me if you’re interested in selling.”

This letter to me does not deliver value. It’s a sales letter. Real value would be saying “if I bring a pre approval letter and buyer to you right now, would you consider selling your house and paying a commission fee? He/she started out well and lost me “in the next few months”. They’re just fishing to get a listing, doesn’t sound like they have a buyer lined up. So nope, not valuable to me.
« Last Edit: February 20, 2018, 08:25:44 AM by Cwadda »

MRL

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Re: Solicitation to buy my home
« Reply #14 on: February 20, 2018, 08:36:50 AM »
While the letter is not yellow, this type of solicitation is called a yellow letter in the business. Look them up - they are typically used by wholesalers, people who get your house under contract, and then sell their equitable interest to investors. This only works for them if they can get it under contract at a great price. There are many "gurus" teaching people how to wholesale, resulting in more and more creative ploys to get your attention.

PathtoFIRE

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Re: Solicitation to buy my home
« Reply #15 on: February 20, 2018, 08:56:07 AM »
We bought an unlisted house. Our realtor contacted the last realtor of record for the house directly, and set up a walk through. No letters were sent. Now the previous owners had listed the house on three separate occasions in three different years coming out of the Great Recession, so not exactly the same situation as yours. And we too get many letters every year from realtors who have interested buyers, and from dealerships who can't keep enough of our cars in stock.

civil4life

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Re: Solicitation to buy my home...Update
« Reply #16 on: February 21, 2018, 09:48:46 AM »
I spoke with a realtor who would represent me for negotiations and the contract process.  She has told me she would do it for 1.75%.

Any thoughts and comments are welcome.  Thanks

Capt j-rod

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Re: Solicitation to buy my home
« Reply #17 on: February 21, 2018, 02:36:46 PM »
I use an attorney to purchase my homes. Realtors are always in it for the money. My attorney charges me $300 to run the paperwork and review the purchase agreement. My last house cost me $750 when the smoke cleared to search and file the deed and pay the attorney. Just saying.

Papa bear

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Re: Solicitation to buy my home
« Reply #18 on: February 21, 2018, 04:01:49 PM »
Do you actually want to sell your house?  Do you have new living arrangements set up?


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accolay

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Re: Solicitation to buy my home
« Reply #19 on: February 22, 2018, 02:40:23 AM »
I've gotten these before. On one hand, kudos to them for trying, on the other hand, not really impressed. Just a form letter they're sending to everyone to try and get a bite. They teach these techniques at property investing seminars how to get these letters out in order to get some bites.

civil4life

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Re: Solicitation to buy my home
« Reply #20 on: February 23, 2018, 08:07:46 AM »
I am planning to sell in the next couple years.  I was originally going to sell sooner but plans changed.

It would be great if I could sell without having to go through the hassle of putting it on the market.

MRL

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Re: Solicitation to buy my home...Update
« Reply #21 on: February 23, 2018, 07:04:18 PM »
I spoke with a realtor who would represent me for negotiations and the contract process.  She has told me she would do it for 1.75%.

Any thoughts and comments are welcome.  Thanks


Way too much - the work is mostly done and you can represent yourself. I've used the standard state realtor sale agreement forms, and simply written in "No Brokers" in the blank for broker's name and info. Title company had no issue with this, and thanked me for not trying to create my own contract. Make sure you write in that buyer accepts property as is and buyer waives option period in on the contract. If the wholesaler can't find a buyer to buy their equitable interest, they will back out of the sale.

civil4life

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Re: Solicitation to buy my home...Update
« Reply #22 on: February 24, 2018, 11:38:23 AM »
If the wholesaler can't find a buyer to buy their equitable interest, they will back out of the sale.

@MRL  Thanks for the information.  What is equitable interest?"

MRL

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Re: Solicitation to buy my home...Update
« Reply #23 on: February 25, 2018, 01:02:55 PM »
If the wholesaler can't find a buyer to buy their equitable interest, they will back out of the sale.

@MRL  Thanks for the information.  What is equitable interest?"

Equitable interest is their interest in the contract - in other words, your house. Wholesalers don't buy and then sell your house to an investor, they sell their interest in the contract, thus conveying the property - the wholesaler pockets the difference.

Cwadda

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Re: Solicitation to buy my home
« Reply #24 on: March 02, 2018, 10:58:52 AM »
While the letter is not yellow, this type of solicitation is called a yellow letter in the business. Look them up - they are typically used by wholesalers, people who get your house under contract, and then sell their equitable interest to investors. This only works for them if they can get it under contract at a great price. There are many "gurus" teaching people how to wholesale, resulting in more and more creative ploys to get your attention.

Wholesaling is immoral. Please don't sell your house to one or partake in such activities.