someone wants our house? lol WWYD?

2 years ago we bought a 2 bedroom/2 bathroom condo. We gutted it and updated it and love it here. Of course we bought it while real estate was still high - sigh - but we plan to be here another 2-3 years until we have a baby and then move on to a house.

That being said, there are only eight 2 bedroom units in the whole complex. Last week we got a note under our door from a resident in the complex who NEEDS a 2 bedroom, wanted one originally when they moved here last year, but took a 1 bedroom instead. "If you're interested in selling now or in the near future, let's make a deal without a realtor."

Now, we're really not in a hurry to leave here. We love our home. BUT, I am doing my research on what we COULD buy in this depressed market and I'm eating my heart out b/c for what we paid for this condo, we could have a 4 br house.

So, I wasn't going to call her, but I figured, what the heck? If she sought us out, we have the upper hand. If she likes our style, there's not a thing to be done here. We JUST put thousands in on some final improvements last week.

Oh, she also told me on the phone the town that they sold their home in, and it's a VERY $$$$ town, so I am sure they made good money when they sold the house and bought here last year.

So, I called her and told her to come over tonight and see if it suits her needs or style.

We JUST paid to refinance not even a month ago, , which is frustrating.

We know it appraised at 30k MORE than we paid for it 2 years ago, which in this market is great. Knowing that, what price do you start at if they like it? If we knew we were selling soon we wouldn't have spent $ to refinance, put in new A/C's this season, mouldings, faux finishes, gut the kitchen, granite, etc., so I feel like that needs to be taken into consideration and account. Considering supply (8 out of 100+units) and demand (they want one now and no one is selling), what do you start at? What it appraised at? 20k more than what it appraised at to try to cover our refi costs and recent improvements?

HELP!

Re: someone wants our house? lol WWYD?

I would sell..... You know you do not want to live there permamently.

Re: someone wants our house? lol WWYD?

Right, we will sell if they want it and the #s work out, but my question is --- what price do we start at????

Re: someone wants our house? lol WWYD?

Honestly, I would name your price above the appraised value. Just tell her, we didn't intend on leaving right now (tell her you just refinanced so that proves you were comfortable), but for THIS NUMBER we would seriously consider a move - and go from there.

Sounds like $50-60K above what you paid is a good jumping point. i would leave like $10K wiggle room so she feels like you're meeting her somewhere.

Good luck - sounds like this could be a great opportunity for you!

Message edited 8/12/2009 12:10:07 PM.

Re: someone wants our house? lol WWYD?

Re: someone wants our house? lol WWYD?

I'd probably start at the $20k above to try to breakeven and just say this is what it will take but we aren't negotiable. Don't forget by not going through a realtor you're saving yourself a heck of a lot if you want to sell in a few years anyway. If she balks, well then you're happy where you are. If she doesn't then I'd say you're making out like a bandit in this market! GL!

Re: someone wants our house? lol WWYD?

Re: someone wants our house? lol WWYD?

Thanks, girls!

This is sort of exciting if it works out. Who knows, it could totally not be their style OR be WAY more than they were willing to spend.

But seriously, if they look at comps, the last 2 br/2 bath that sold here was ours 2 years ago for a HIGH price. I wouldn't consider less than 10k above appraised considering all the recent expenses we put in and that we JUST refinanced literally weeks ago, etc..

What is the cheapest real estate fee out there? Trying to take that into consideration since when we go to sell it in a few years we'll likely go through an agent.

Re: someone wants our house? lol WWYD?

Re: someone wants our house? lol WWYD?

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Generally, a realtor's fee is 4%.


At least 4% but between 4-6%
Something to consider is if the are getting a mortgage they might not be able to pay more than appraised value. I would say if you can accept appraised value and get something you love then do it. Don't think about what you lost, etc.