Ughhhhh my landlord wants to sell our rental - Updated: We decided to buy it.

[kristin0713]

1 hour ago, Carrie12345 said:

Do I pick a ridiculous offer from someone who can throw money around

Pick a strong offer. We didn’t pick the absolute highest offer. The couple we picked was well over our asking price but still not the highest, flexible with closing date, willing to waive inspection barring major issues and appraisal. Also, we had set up cameras in the house and we could tell that they loved it. Also they were respectful of our stuff. One girl made a point to touch everything and open all my cabinets and my daughter’s dresser despite signs that said “limit touching of personal items due to covid”. Another guy cursed when he saw the cameras. Sorry, not selling you my house now. This couple was young and respectful and excited and we felt they would be good for our street which also has a few other young couples. 

[Carrie12345]

26 minutes ago, kristin0713 said:

m in NJ and moving to PA where we are seeing the same thing happening.

I’m nosey and would love to know where in PA. (I’m a NJ to PA transplant, 16 years in.)

[Mrs Tiggywinkle]

6 hours ago, klmama said:

Having a great income or a lot of funds from selling another house will certainly make it easier. Even without those, it can be done by living very frugally.  Every time you finish paying off a debt (car, mortgage, student loan, etc.), you get another opportunity to save more money.  Continue to pay the monthly amount to yourself and save or invest it wisely, so you'll have it when you need to make a big purchase later.  

This is what we’ve done.  We were recently able to purchase a second home with mostly cash.   Some of it we did cash out stocks, but some of it we’ve managed to save a lot the last three years. We also put all our yearly cost of living increases into our 401Ks so we’re living on what we were making in 2015.  
 

The housing market here isn’t quite as crazy.  Things sell fast(the house we bought had three offers within 24 hours of being on the market) but there just aren’t enough people who live here or want to move here to drive up prices.  We paid only 145K for a 1900 square foot ranch on 1.3 acres in a prime school district. 

[kristin0713]

13 minutes ago, Carrie12345 said:

I’m nosey and would love to know where in PA. (I’m a NJ to PA transplant, 16 years in.)

Lancaster county area 😊

[Kanin]

9 hours ago, BusyMom5 said:

I'm sorry that your facing the decision,  but I don't think your landlords are bad people for making the decision to sell.  Being a landlord is a lot of work,  and it sounds like they have been wanting to sell for a while- it makes sense that they would take advantage of the flaming-hot market.  

I don't think they're bad people. I think it's sleazy that they told us repeatedly that they were not planning to sell to anyone but us. I consider that breaking a promise, and that's not cool in my book. 

This is a small town and everyone knows everyone. We know many of the same people. Everyone is shocked at this turn of events. 

[Kanin]

19 minutes ago, Mrs Tiggywinkle said:

We paid only 145K for a 1900 square foot ranch on 1.3 acres in a prime school district. 

That's awesome! I am jealous. Around here, it's $225-$250K for 1,000 sq ft ranches. A year or two ago, small ranches were selling for $160-180K. Because there aren't that many smallish homes for sale (already been bought during pandemic), most of the homes for sale are $350- $500K. In my town, there are 15 homes for sale for under $350K. Eight of them are already under contract. Of the rest, a handful basically need to be completely renovated, one is within smelling distance of a McDonalds AND a BK, and the rest are out of our price range. Surrounding towns not any better. Even my mom's town two hours away is similar. We need to stay within a certain range for DH's job, anyway.

I think we're going to have to accept this offer because we have no other place to go. DH suggests buying at appraised value and then reselling for something exorbitant. I'm sure buying/selling within such a short window presents its own problems. 

The local papers report on lack of affordable housing on a weekly basis, but nothing ever improves - not that I would know how to fix the problem, either, but for low to middle income people around here, it's very hard. At least we can technically stay here. Many people in this situation are royally screwed. 

[TexasProud]

sorry wrong board

Edited April 18, 2021 by TexasProud

[historically accurate]

2 hours ago, kristin0713 said:

Pick a strong offer. We didn’t pick the absolute highest offer. The couple we picked was well over our asking price but still not the highest, flexible with closing date, willing to waive inspection barring major issues and appraisal. Also, we had set up cameras in the house and we could tell that they loved it. Also they were respectful of our stuff. One girl made a point to touch everything and open all my cabinets and my daughter’s dresser despite signs that said “limit touching of personal items due to covid”. Another guy cursed when he saw the cameras. Sorry, not selling you my house now. This couple was young and respectful and excited and we felt they would be good for our street which also has a few other young couples. 

People record open houses/house showings now?!?! I'm never speaking during one of those again. I find that awful. 

[MEmama]

2 minutes ago, historically accurate said:

People record open houses/house showings now?!?! I'm never speaking during one of those again. I find that awful. 

I’m glad I wasn’t the only one to find that shocking! 
 

 

[brehon]

11 hours ago, ktgrok said:

Where do people get that kind of cash??

People moving from California to my state have that much cash and more. 

[kristin0713]

17 minutes ago, historically accurate said:

People record open houses/house showings now?!?! I'm never speaking during one of those again. I find that awful. 

🤷‍♀️

It was our home.  We had 15 showings scheduled the first day.  People coming from all over and none were with our listing agent.  During a pandemic.  What was shocking to me was the girl that opened my DD's dresser drawers.  

[Kanin]

10 minutes ago, brehon said:

People moving from California to my state have that much cash and more. 

Oh yes. I know two people that have recently moved here from out of state. Both wealthy. I'm glad they're both here, but it just makes me realize how out of reach buying a home is for the average Mainer. 

[alisoncooks]

4 minutes ago, Kanin said:

Oh yes. I know two people that have recently moved here from out of state. Both wealthy. I'm glad they're both here, but it just makes me realize how out of reach buying a home is for the average Mainer. 

I live in a growing suburb in central NC, and the housing market is the same. We bought our house (1100sqft, 3br2ba) 15 years ago for 136k; we could sell tomorrow, as is, for 225k. Easily.  We'd love to because this place is a money pit, but we can't buy anything comparable for that price, not even an apartment.  Our town has a huuuuuge neighborhood being built, with "affordable housing options" -- um, that would be the 800sqft cottage model for over 300k?! Pass. 

[klmama]

7 minutes ago, historically accurate said:

People record open houses/house showings now?!?! I'm never speaking during one of those again. I find that awful. 

I've seen cameras. I figured the owners were concerned about theft or wanted a better idea of who had been in their home. Theft is common.  I suspect it's more common in homes where people are super trusting with their valuables, though. I've seen expensive decor, jewelry, cash, and ammo left in plain sight in walk-in closets and storage areas where the realtor wasn't watching.  

[hippymamato3]

2 hours ago, Kanin said:

I don't think they're bad people. I think it's sleazy that they told us repeatedly that they were not planning to sell to anyone but us. I consider that breaking a promise, and that's not cool in my book. 

This is a small town and everyone knows everyone. We know many of the same people. Everyone is shocked at this turn of events. 

I mean...people are allowed to change their minds. I understand your frustration, but I don't think this says anything at all shocking, sleazy, or bad about the owners.  And they offered to sell it to you FIRST. What did they do here that is sleazy? 

Edited April 18, 2021 by hippymamato3

[mommyoffive]

30 minutes ago, MEmama said:

I’m glad I wasn’t the only one to find that shocking! 
 

 

I was kind of shocked at hearing it, but putting myself in the place of the seller I get it.  Nice to know that people do that.  If you are not stealing from the house or anything nothing to worry about.    But yeah I guess it is smart to not say anything inside a house you are looking at.  

[bibiche]

16 minutes ago, kristin0713 said:

🤷‍♀️

It was our home.  We had 15 showings scheduled the first day.  People coming from all over and none were with our listing agent.  During a pandemic.  What was shocking to me was the girl that opened my DD's dresser drawers.  

I think I would have told people that there were cameras before they viewed the house. It feels a little yucky otherwise. 

[JustEm]

I would reach out to everyone you know and even go on Nextdoor and just ask if anyone knows anyone that is looking to sell and if they are interested in a fsbo deal. That is how I found two houses for my brother in my neighborhood that didn't go for ridiculous prices. One was 300k, which is 2 years ago was the high end of the neighborhood and one was 330k, which is more than the neighborhood 2 years ago but the house is a bigger than the average house here, plus they had upgraded everything within the last 5 years. And houses in our neighborhood that go on the market are in the 380k range now.

 

So, avoiding going to market is your best bet.

[ktgrok]

15 minutes ago, hjffkj said:

I would reach out to everyone you know and even go on Nextdoor and just ask if anyone knows anyone that is looking to sell and if they are interested in a fsbo deal. That is how I found two houses for my brother in my neighborhood that didn't go for ridiculous prices. One was 300k, which is 2 years ago was the high end of the neighborhood and one was 330k, which is more than the neighborhood 2 years ago but the house is a bigger than the average house here, plus they had upgraded everything within the last 5 years. And houses in our neighborhood that go on the market are in the 380k range now.

 

So, avoiding going to market is your best bet.

I think I'm going to try that myself - maybe reach out in homeschool groups in the area we are looking at, etc. 

[MEmama]

24 minutes ago, hjffkj said:

I would reach out to everyone you know and even go on Nextdoor and just ask if anyone knows anyone that is looking to sell and if they are interested in a fsbo deal. That is how I found two houses for my brother in my neighborhood that didn't go for ridiculous prices. One was 300k, which is 2 years ago was the high end of the neighborhood and one was 330k, which is more than the neighborhood 2 years ago but the house is a bigger than the average house here, plus they had upgraded everything within the last 5 years. And houses in our neighborhood that go on the market are in the 380k range now.

 

So, avoiding going to market is your best bet.

I’ve seen the occasional buyer/renter/visitor looking for local houses on Nextdoor. That’s a good idea.

[KungFuPanda]

12 hours ago, ktgrok said:

Where do people get that kind of cash??

 

10 hours ago, prairiewindmomma said:

People who cash out from California markets.

People fleeing cities have probably either invested in property there, or have been saving for a while.  I can even imagine people cashing in retirement accounts to make this happen now, especially if they keep their salaries and can work from home when they move to a rural location.  A friend is a lawyer for a major insurance company.  They've decided to downsize their office spaces and continue some level of work-from-home even after the pandemic ends.  People like it and it's less costly for the company.

3 hours ago, kristin0713 said:

Pick a strong offer. We didn’t pick the absolute highest offer. The couple we picked was well over our asking price but still not the highest, flexible with closing date, willing to waive inspection barring major issues and appraisal. Also, we had set up cameras in the house and we could tell that they loved it. Also they were respectful of our stuff. One girl made a point to touch everything and open all my cabinets and my daughter’s dresser despite signs that said “limit touching of personal items due to covid”. Another guy cursed when he saw the cameras. Sorry, not selling you my house now. This couple was young and respectful and excited and we felt they would be good for our street which also has a few other young couples. 

 

1 hour ago, historically accurate said:

People record open houses/house showings now?!?! I'm never speaking during one of those again. I find that awful. 

I think it's disgusting and has some horrific potential for discrimination.

[Bambam]

2 hours ago, Kanin said:

I don't think they're bad people. I think it's sleazy that they told us repeatedly that they were not planning to sell to anyone but us. I consider that breaking a promise, and that's not cool in my book. 

This is a small town and everyone knows everyone. We know many of the same people. Everyone is shocked at this turn of events. 

It is possible the owners had something come up and they need cash now. Health issues, or legal issues (not necessarily theirs but maybe close family), planning for retirement and realizing their tax rate is the lowest it will ever be, business issues, etc? There are all sorts of reasons that they might need money regardless of the fact folks think they are wealthy. Lots of folks lost a lot of money in their retirement accounts over the last several years.  I've also seen many live high on credit for many years, but it's hard to keep that up forever. 

I think folks are allowed to change their mind. It is a sad thing for you - and super bad timing. But it sounds like they are letting you stay there through the end of your lease, so they are fulfilling their part of the lease contract.  Unless your lease contract is way different than any I've ever seen, it only cover the period it covers. Nothing else.  

[kristin0713]

15 minutes ago, KungFuPanda said:

I think it's disgusting and has some horrific potential for discrimination.

I can understand this concern but I maintain that we were well within our rights to have cameras up in our home especially under the circumstances. They were obvious from the outside and inside. We’ve been on the crappy end of selling twice, taking months to sell and losing money each time. Our priority was protecting our home and choosing the strongest offer. 

[Spryte]

I’m sorry you’re dealing with this.  So stressful.  I would probably get the appraisal rolling since it sounds like you’re leaning that way.  I think?

Ignore if not helpful:  maybe you can reframe how you think about the landlords?  It sounds like they wanted to sell to you, so I would take their words for the past 6 mos at face value.  They would prefer to sell to you.  But for whatever reason, they need to sell now - who knows what’s going on in their lives or the pressures they face?  So they offered it to you first - because you are their preference. But if you’re not up for it, unfortunately they still need to sell.

I’m sorry. It stinks.  

 

[KungFuPanda]

3 minutes ago, kristin0713 said:

I can understand this concern but I maintain that we were well within our rights to have cameras up in our home especially under the circumstances. They were obvious from the outside and inside. We’ve been on the crappy end of selling twice, taking months to sell and losing money each time. Our priority was protecting our home and choosing the strongest offer. 

You ruled out a man who swore when he discovered he was being filmed against his knowledge.  That says nothing about his ability to pay a mortgage and shows you were looking for "the right type of people" to inhabit your home.  I do agree that it is your legal right to put up cameras in your home.  I also think this practice could potentially set back fair housing progress by decades.

[MEmama]

3 minutes ago, KungFuPanda said:

You ruled out a man who swore when he discovered he was being filmed against his knowledge.  That says nothing about his ability to pay a mortgage and shows you were looking for "the right type of people" to inhabit your home.  I do agree that it is your legal right to put up cameras in your home.  I also think this practice could potentially set back fair housing progress by decades.

I wonder if a homeowner who films and records potential buyers without their knowledge and consent opens themselves up to discrimination lawsuits, especially if they don’t go with the highest bidder but instead choose whomever they deem “suitable”? IANAL so I have no idea, but I imagine this kind of thing could easily be argued in court. 

[LucyStoner]

13 hours ago, ktgrok said:

Where do people get that kind of cash??

Either from the sale proceeds of a house in a HCOL area or because they are wealthy (either family money or wealth from their own endeavors or working at the right place at the right time- in my area some people definitely have cash from stock options from working at startups).
 

There was a little rundown foreclosure next to my best friend’s little rundown house.  Some flippers bought it.  They put some cash and sweat in to it.  They listed it for 2.5 times their purchase price.  A couple from San Francisco paid more than list, all cash to the tune of more than $700k.  That was a couple of years ago, the same house would probably sell for much more now. These are small concrete block houses thrown up after WWII for working class veterans.  My best friend and her family have moved to a larger house but they are using their (not remodeled) house as a place for her mother and uncle to live. When they sell though they will make a huge profit.   

Edited April 18, 2021 by LucyStoner

[KungFuPanda]

2 minutes ago, MEmama said:

I wonder if a homeowner who films and records potential buyers without their knowledge and consent opens themselves up to discrimination lawsuits, especially if they don’t go with the highest bidder but instead choose whomever they deem “suitable”? IANAL so I have no idea, but I imagine this kind of thing could easily be argued in court. 

It would be expensive to pursue and hard to prove.  I can't imagine a person who is under house-buying stress would funnel their down payment money into legal fees.    

[sassenach]

13 hours ago, ktgrok said:

Where do people get that kind of cash??

Our friends had like 200k in equity from the sale of their house but still couldn’t get a contract. Eventually, they had to borrow another 300k from their parents (who had by chance, just sold their home) so they could make an all cash offer. They refinanced to pay back the parents after the sale. It can get extra crazy in California. 

[MEmama]

Just now, KungFuPanda said:

It would be expensive to pursue and hard to prove.  I can't imagine a person who is under house-buying stress would funnel their down payment money into legal fees.    

Yeah, maybe. This sort of thing (filming potential buyers) is not something I've  ever heard of, so I’m just sorta taken aback and musing. For sure we would run away from a house if we found out we were being spied on, though. They might be within their rights, but it would just raise all sorts of weird red flags. 
 

Anyway...didn’t mean to derail. Back to insane housing markets! 

[catz]

13 hours ago, ktgrok said:

Where do people get that kind of cash??

People have given a lot of examples already.  BUT both my husband and I bought homes as singles in the mid to late 90's.  Mine was about 90K and his was about 150K.  When we moved in together we sold my house for 135K by owner in a weekend.  When we decided to move from his house several years later after finishing the basement, we sold it for 300K.  We put down half for our new house.  We paid off our mortgage in 15 years.  Our current house (which believe me is NOT huge or super fancy, about 2000 sq ft, 100 years old, needs some remodeling, we've been chipping away at it).  But desirable urban neighborhood.  Our current house is now worth over 500K.  We get calls/mailings to consider selling all the time.  

Anyway - there is some luck and good fortune mixed there with living conservatively for our income level and actively avoiding debt.  But there's one example of how maybe someone who doesn't present as "wealthy" might come up with a large cash down payment.

I can see the stock example too.  My husband has quite a bit of stock for his current company that he has been at for over 20 years and we have diversified that portfolio over the years.  We pull some when we have larger expenses.  

[ktgrok]

All this is stressing me out!!!! 

We really need to move, but no way can we pay cash, we are hoping to clear a little under 100K in equity from this house, but then there are closing costs, moving costs, etc. We are looking at houses around 400K, hopefully under but probably not much. As of right now there are ZERO houses for sale in our price range with the square footage we need, in the area we want. I mean, Realtor.com shows half a dozen or so but all are already pending. Given how quick things are selling here (average time on market is 2 weeks I think right now) I can't see us winning a bidding war, we need a mortgage so can't wave appraisal/inspection, etc. I'd hoped we'd be able to buy something contingent on sale of our house, like people have done for decades, but I'm hearing the market is so hot that a contingent offer doesn't stand a chance. So that means selling, renting short term which is exhorbitant, an that's IF we can find a rental that is short term that will take 5 pets!!! 

I'm terrified. Originally we were going to build to avoid this, but there is almost no building going on in the areas we are looking at. Maybe some near my mom's might be starting, but now we are leaning more to staying near my sister with the idea my parents will eventually move there too and everyone be close. 

[BusyMom5]

3 hours ago, Kanin said:

I don't think they're bad people. I think it's sleazy that they told us repeatedly that they were not planning to sell to anyone but us. I consider that breaking a promise, and that's not cool in my book. 

This is a small town and everyone knows everyone. We know many of the same people. Everyone is shocked at this turn of events. 

Or, in another point of view....

Kanin and her DH are so flakey!  We told them 6 months ago that we wanted to sell the house to them, and they said they were interested.  I was so glad to not have to mess with putting it on the market- clean-up, painting,  etc.  But its been 6 months and they haven't even talked to the bank, got an appraisal,  or started a contract- do they want us keep waiting forever?  They got a stimulus check, which would be great for a down payment.   We aren't signing another lease, let's give them notice now, so they can have a few weeks to make up their minds to buy or not, before the lease runs out. 

 

I think you are judging unfairly.   They have been clear they don't want to continue to rent the house.  That decision was made months ago.  The ball was in your court and you did nothing.  Its unreasonable to expect them to sell ONLY  to you.  They gave you an opportunity.  They have been waiting.   Now they are saying they aren't going to keep waiting. Choose to buy or they will list.  

I am sorry you feel blind-sided, but it sounds to me like they have been fair to you.   

[barnwife]

3 hours ago, Kanin said:

I don't think they're bad people. I think it's sleazy that they told us repeatedly that they were not planning to sell to anyone but us. I consider that breaking a promise, and that's not cool in my book. 

This is a small town and everyone knows everyone. We know many of the same people. Everyone is shocked at this turn of events. 

Except...they've changed their minds. Why is that wrong? They are clearly letting you know that they've changed their minds (for whatever reasons they have, like the housing market or personal reasons like getting older and not wanting to deal with a rental, or whatever). Why does changing their minds make them sleazy or breaking a promise? Did you really expect them to never, ever, ever sell to anyone but you? That's...something. 

I get that you don't like the position you are currently in. And I am sorry you feel stressed. Yet, calling/thinking of them in such terms seems a little much to me. 

Others have given you lots of advice and options. I hope you are able to find a way out of this hard place (whether that's buying this place and renting/buying something else) that leads to many good things for you!

[Spryte]

17 minutes ago, MEmama said:

Yeah, maybe. This sort of thing (filming potential buyers) is not something I've  ever heard of, so I’m just sorta taken aback and musing. For sure we would run away from a house if we found out we were being spied on, though. They might be within their rights, but it would just raise all sorts of weird red flags. 
 

Anyway...didn’t mean to derail. Back to insane housing markets! 

It would make me uncomfortable, much like the owner of a house my IRL viewed last March. She and her DH were only allowed in and to view rooms with the boyfriend of the seller.  He kept up a running commentary and refused to give my friends space to discuss without him standing next to them. It was  a turn off, set off weird red flags and my friends walked away.  Which was disappointing because it was a good fit, and it was right across the street from our family.  Grrrr.  

I think cameras could be ok if they are disclosed in the listing or through the agents, and everyone agrees ahead of time. If it’s hidden or not disclosed - it feels sketchy.  As a buyer, we’re also putting our trust in the seller to do the right things.  If a seller tried to pull that over on us, I’m not sure I’d think them trustworthy. I might think they wouldn’t disclose everything they should, etc.

And to be fair, we’ve put cameras in the house when on vacation a few times without mentioning it to workers. The time that comes to mind we were on vacation and needed a water mitigation company.  They came in every day for maybe 5 days, always a different worker, no one we had met. We felt uncomfortable with strangers in our master bedroom and bath, and put a camera in an unobtrusive spot in that room only. No where else.

[kristin0713]

1 hour ago, KungFuPanda said:

You ruled out a man who swore when he discovered he was being filmed against his knowledge.  That says nothing about his ability to pay a mortgage and shows you were looking for "the right type of people" to inhabit your home.

To be clear, I don't know if this man actually placed an offer.  And we were not looking for "the right type of people" but absolutely the right type of BUYER.  Meaning, we wanted buyers who loved the house which would indicate that they would be less likely to give us trouble throughout the rest of the process and also who would not have any trouble getting a mortgage and covering the difference in appraisal.  Now I will tell you that the first offer that came in was from a couple who criticized EVERYTHING as they walked through our house.  They submitted a high offer with a very fake form letter telling us how much they loved our home and couldn't wait to have their grandchildren over.  Give me a break--you just complained about every single room.  The next couple that walked through was excited about everything!  They clearly loved it.  Their offer was high and included a flexible closing date, 300K down, and waived inspection and appraisal.  This was the second offer that we got.  We did not counter or wait for the absolute highest--that would have been greedy in our opinion.  We felt so good about this couple because everything indicated that the process would be smooth and that they would enjoy living in our home as much as we did.  We got several offers that first day.  We kept showings open throughout the weekend at the advice of our realtor, but our minds were made up immediately.  And, yeah, if it were between the couple that we chose and the guy that looked into our camera and said, "I want my f'n privacy!" we would still have chosen this couple even if his offer was high. 

 

1 hour ago, MEmama said:

I wonder if a homeowner who films and records potential buyers without their knowledge and consent opens themselves up to discrimination lawsuits, especially if they don’t go with the highest bidder but instead choose whomever they deem “suitable”?

The highest bidder is not necessary the strongest offer.  

I believe we did a good deed selling to first time homebuyers for a reasonable price instead of trying to milk it for all it was worth.  I have absolutely no regrets about the cameras.  And they were NOT hidden, they were in clear view, on the porch and in several rooms.  

 

OP -- I am sorry for derailing your thread!  I'm happy to chat about this in another thread for anyone who wants to discuss.  

[Sneezyone]

10 minutes ago, kristin0713 said:

To be clear, I don't know if this man actually placed an offer.  And we were not looking for "the right type of people" but absolutely the right type of BUYER.  Meaning, we wanted buyers who loved the house which would indicate that they would be less likely to give us trouble throughout the rest of the process and also who would not have any trouble getting a mortgage and covering the difference in appraisal.  Now I will tell you that the first offer that came in was from a couple who criticized EVERYTHING as they walked through our house.  They submitted a high offer with a very fake form letter telling us how much they loved our home and couldn't wait to have their grandchildren over.  Give me a break--you just complained about every single room.  The next couple that walked through was excited about everything!  They clearly loved it.  Their offer was high and included a flexible closing date, 300K down, and waived inspection and appraisal.  This was the second offer that we got.  We did not counter or wait for the absolute highest--that would have been greedy in our opinion.  We felt so good about this couple because everything indicated that the process would be smooth and that they would enjoy living in our home as much as we did.  We got several offers that first day.  We kept showings open throughout the weekend at the advice of our realtor, but our minds were made up immediately.  And, yeah, if it were between the couple that we chose and the guy that looked into our camera and said, "I want my f'n privacy!" we would still have chosen this couple even if his offer was high. 

 

The highest bidder is not necessary the strongest offer.  

I believe we did a good deed selling to first time homebuyers for a reasonable price instead of trying to milk it for all it was worth.  I have absolutely no regrets about the cameras.  And they were NOT hidden, they were in clear view, on the porch and in several rooms.  

 

OP -- I am sorry for derailing your thread!  I'm happy to chat about this in another thread for anyone who wants to discuss.  

When people view a home, not your home but a home they envision themselves in, they will quite naturally discuss changes they want to make. They may hate the wallpaper, paint colors, kitchen layout, etc.  so??? For the average seller, this is TERRIBLE advice. Your REA will tell you to remove your personal feelings from the transaction as whatever changes they make will be to THEIR home, not yours. This whole thing, and the fact that you’re openly discussing it, is really creepy. Are you in a one party consent state WRT recording? I’ve seen owners insist on having a REA present for all showings, notes can be left WRT appropriate vs. intrusive behavior, but, yeah, this is over the top.

Edited April 18, 2021 by Sneezyone

[Kanin]

6 minutes ago, Dreamergal said:

"Home" is a precious word, more than where you live even if you rent. It means a safe place, a sanctuary which is so meaningful especially now. 

I know you and your family will find a home wherever it is, the house you are currently renting or another.

Even if this is not the place you are meant to be OP, I am sure you will make a home wherever you land.

I will hold you in my prayers. 

Thank you. That is very kind. 

[MEmama]

Congrats on your decision! I hope the process is smooth and easy for you. 

[catz]

Congratulations on your decision to purchase!  I hope it goes super smoothly for you!  ❤️  

[mommyoffive]

Congrats!

I am glad that the stress of everything is off your plate.  Nice job making a fast choice on what to do.  

[DoraBora]

Happy to see your update!  I hope everything is uneventful through closing.  

[bibiche]

Congratulations! 
 

eta and I wouldn’t characterize it as “caving.” I would say that you took advantage of an opportunity. You may have had to decide more quickly than you would have preferred, but you took counsel and made a reasoned decision. I would try to let any bitterness go and just be grateful that you are able to buy a house (your house!) in an area you want to be in without the stress of trying to find a house and then battling a lot of deep pocketed competitors for it. And best of all... You don’t have to move!!! Right there you’re saving yourselves a bunch of stress and a bunch of money.

Be happy. It’s a great opportunity.

Edited April 18, 2021 by bibiche

[WildflowerMom]

Congrats!!

[Bootsie]

1 hour ago, kristin0713 said:

To be clear, I don't know if this man actually placed an offer.  And we were not looking for "the right type of people" but absolutely the right type of BUYER.  Meaning, we wanted buyers who loved the house which would indicate that they would be less likely to give us trouble throughout the rest of the process and also who would not have any trouble getting a mortgage and covering the difference in appraisal.  Now I will tell you that the first offer that came in was from a couple who criticized EVERYTHING as they walked through our house.  They submitted a high offer with a very fake form letter telling us how much they loved our home and couldn't wait to have their grandchildren over.  Give me a break--you just complained about every single room.  The next couple that walked through was excited about everything!  They clearly loved it.  Their offer was high and included a flexible closing date, 300K down, and waived inspection and appraisal.  This was the second offer that we got.  We did not counter or wait for the absolute highest--that would have been greedy in our opinion.  We felt so good about this couple because everything indicated that the process would be smooth and that they would enjoy living in our home as much as we did.  We got several offers that first day.  We kept showings open throughout the weekend at the advice of our realtor, but our minds were made up immediately.  And, yeah, if it were between the couple that we chose and the guy that looked into our camera and said, "I want my f'n privacy!" we would still have chosen this couple even if his offer was high. 

 

The highest bidder is not necessary the strongest offer.  

I believe we did a good deed selling to first time homebuyers for a reasonable price instead of trying to milk it for all it was worth.  I have absolutely no regrets about the cameras.  And they were NOT hidden, they were in clear view, on the porch and in several rooms.  

 

OP -- I am sorry for derailing your thread!  I'm happy to chat about this in another thread for anyone who wants to discuss.  

How can you tell the bolded by what someone looks like or what they said while being videotaped?  You can tell their ability to get a mortgage?  Mortgage companies don't use what people say inside a home, or the way they look, as a criterion.  

Even knowing someone loves your home because they say positive things, doesn't necessarily make them a good buyer, who is easy to work with.  Perhaps they are just more positive personalities.  Perhaps they are not using as critical of an eye making a major decision.  And, then next week they find a house they LOVE even more.  

To me, it is one thing if a homeowner puts a video camera in and then looks at the video IF something ends up broken or missing.  It is another thing for the homeowner to watch the video to try to learn more about what the potential buyer said about the property, said about their income, what they looked like, etc. When we were shopping for a home a couple of years ago, our realtor would discuss things about the house on the sidewalk, not at the front door because of the increased use of video cameras.  She suggested we limit what we said inside the house.  She would not discuss anything inside the house with us as far as potential offers, pricing, how we like the house compared to others, comp prices to ensure that nothing that was said between us was information that got back to the homeowners.  

[historically accurate]

Congratulations on your "new" house! 

[Spryte]

Congratulations!

[kristin0713]

OP, congratulations! I think you are making the right decision.  I can understand your DH's reaction but I wouldn't try to flip it for a big profit. The owners are allowing you to buy it for the appraised price which really might work to your advantage as opposed to listing it and taking the highest offer they can get.  

 

2 hours ago, Sneezyone said:

When people view a home, not your home but a home they envision themselves in, they will quite naturally discuss changes they want to make. They may hate the wallpaper, paint colors, kitchen layout, etc.  so???

Yeah, I know what you are saying, but it was clear that they didn't like it. They actually ended up rescinding their offer before the weekend was up. Gee, I wonder why!  Maybe because they didn't really like it to begin with and found something better.  

51 minutes ago, Bootsie said:

How can you tell the bolded by what someone looks like or what they said while being videotaped?  You can tell their ability to get a mortgage?

It had nothing to do what they looked like and everything to do with what they said.  Did we know for sure that that second couple would not back out? No, but it seemed that they were genuine from what we could tell.  Right--we couldn't tell their ability to get a mortgage. But their offer included 300K to put down which would more than cover a difference in appraisal. 

 

I think some of the shock about cameras is regional.  It is very common here in NJ and current buyers know this.  Our agent had no problem with it and I will reiterate that our cameras were NOT hidden, they were VERY obvious.  

Like I said before, we were on the crappy end of selling with our previous two homes.  What a nightmare that was. Finally we were able to sell easily and get back what we put into this house.  Our goal was not to find the "right" people for our "amazing" house but to quickly find buyers who would most likely not back out or ask us to fix a million things after inspection or have financial issues that would hold up the process.  

It sucks to be a buyer right now, I get that too!  That is why we've been living with my parents since the fall and have another 6+ months to go.  

[KungFuPanda]

On 4/17/2021 at 1:47 PM, Kanin said:

Updated - We caved. We talked to someone we trust who convinced us that the appraised price (whatever it ends up being) is a solid decision-making tool. And that the market here is likely to continue to be strong in the future. All I hope is that if we ever decide to sell, we can at least break even. Thanks to all of you for your thoughts, I do appreciate all the input. 

 

 

Congratulations! You've scored a house in a hot market without loosing all of your hair.  It has to be a relief to not worry about packing, moving, or insane realtor commissions.

[Kanin]

Thanks all! I feel relieved. Not quite excited, but definitely relieved.