I had forgotten how much house hunting sucks.

[JSJamboree]

Wife has been asking to move for awhile now, but with the current state of the market im not willing to get in there to look. No ability to think, you just have to throw offers out there and hope you get something, not the thing you really want. Not sure things are going to get any better around indianapolis as the tech market is starting to boom, more and more people are moving into the indianapolis area from out of state plus our own....

 

[phylodog]

Things have changed since your letter. Due to concerns related to fair housing such letters are discouraged and many list agents and sellers will not accept them. Many agents tell their buyers to ask their attorney before submitting and sellers to do the same before receiving.

But at the end of the day, you believe the seller accepted something lessor than a competing offer because they liked your letter?

Can Buyer “Love Letters” Actually be a Liability?

Some buyers choose to write personal letters to tug at a seller’s heartstrings and explain why their offer should be accepted.

www.lansingstatejournal.com

We were the first to get inside of the house when it hit the market, we made the first offer on the house almost immediately at $5k under asking hoping they'd counter with asking, which they did. We accepted the counter and had a deal before anyone else walked into the place (or darned near). The held an open house the following day and I'm told the place was packed.

I don't believe there were any competing offers when we submitted ours so I don't think the letter gave us an edge over anyone else at that time. I do think the sellers had grown attached to the place, put a lot of work into it and wanted someone who would appreciate it and take care of it and when they read the letter they knew they'd found someone who would do just that.

I believe the letter was a contributing factor but was not responsible for us getting the house. The way the whole thing went down (lots of drama with the inspection since it's a 110yr old house and I was getting a VA mortgage), how quickly our other house sold (basically the same way we purchased this one) and the fact that we closed on a VA mortgage in 28 days from application to closing in spite of things like the well water's turbidity being too high (it took me days to find anyone with the VA, mortgage company or real estate agency who had ever heard of the term).

Did the sellers know someone would come along and offer over asking? I don't think so. This place was far from underpriced. They took the first offer of asking price, I think it would be a hard sell to accuse them of discrimination of some sort based on the letter.

 

[gregkl]

We were the first to get inside of the house when it hit the market, we made the first offer on the house almost immediately at $5k under asking hoping they'd counter with asking, which they did. We accepted the counter and had a deal before anyone else walked into the place (or darned near). The held an open house the following day and I'm told the place was packed.

We were the first in ours and put a full price offer and decided we would negotiate after the inspection. Inventories were tight here in 2014 but it wasn't as crazy as now. After the inspection we came back we offered $20K less than original. They took it.

They had become fast friends with my wife. They wouldn't leave during the showing, inspection or when I had a half dozen contractors descend on the house after the inspection. They were moving into assisted care and were pretty freaked out about what was going on. My wife stayed with them during all the chaos and kept them calm.

I almost walked away from the house due to the poor condition but the homeowners really wanted us to buy the house and didn't want to go through this again. They actually refused to show it after we put the first offer on it.

Everyone was happy in the end. We even had them over several times to see the reno process. They were happy to see we revitalized their old home. I was hoping to be able to show them the finished product but they passed away before I got it finished.

 

[spec4]

Wonder how may people who walked away from their house a few years back because they were "underwater" now regret it.

 

[rockhopper46038]

How many square feet, how many bathrooms, how many bedrooms, HOA?

5299sqft (some of that as part of a finished basement), 1.86 acres mostly wooded, 4 bedrooms by code (1 currently in use as a library), I always get the bathrooms counted wrong but I think it’s 3 full, 1 1/2 bath, no HOA, UN-incorporated Fishers (which is huge, except you don’t get to vote on Fishers stuff, only township stuff). But the exterior needs work - it’s cedar and the woodpeckers have had their way with it. I’ve got a quote to go with Hardie plank but I’m kinda thinking that if I were the buyer I’d rather buy the house discounted and pick my own color and style, or mortgage right up to the appraisal and take a credit from the seller at close to have money to spend.

 

[Sigblaster]

5299sqft (some of that as part of a finished basement), 1.86 acres mostly wooded, 4 bedrooms by code (1 currently in use as a library), I always get the bathrooms counted wrong but I think it’s 3 full, 1 1/2 bath, no HOA, UN-incorporated Fishers (which is huge, except you don’t get to vote on Fishers stuff, only township stuff). But the exterior needs work - it’s cedar and the woodpeckers have had their way with it. I’ve got a quote to go with Hardie plank but I’m kinda thinking that if I were the buyer I’d rather buy the house discounted and pick my own color and style, or mortgage right up to the appraisal and take a credit from the seller at close to have money to spend.

5299 sf is a bit much for us. We're at 2650 now, and looking to stay the same or downsize a bit now that most of the kids have flown the coop.

 

[rockhopper46038]

5299 sf is a bit much for us. We're at 2650 now, and looking to stay the same or downsize a bit now that most of the kids have flown the coop.

Once I divested myself of some extra baggage and no longer needed the space to escape from it, it became too big for me, too.

 

[Sigblaster]

Wrong in practice and on the law. If Brokers didn't want to cooperate and just wanted to only sell their own listings why would they spend thousands to be part of a cooperative where they can show and sell each other's list? Because they can all do more business in a cooperative than individually. (Not to discount there are charletons in all industries.)

When you find a settlement statement that shows the buyer paying "both agents" please post it.

Got it, the plaintiffs attorneys are in on the take because the bigger settlement pays then more. If that is your experience maybe you are selecting bad agents...

There's the paper, and then there's the reality of the financial situation.

Sellers don't pay realtors, any more than corporations pay taxes.

On paper, it looks like the seller is paying the realtor. Really, the realtor's fee is rolled up in what the buyer pays. This simple math escapes many people, same as it does with the aforementioned corporate taxes.

It's so amusing.

 

[Sigblaster]

Once I divested myself of some extra baggage and no longer needed the space to escape from it, it became too big for me, too.

I know what you mean.

I know this couple who are empty nesters, who have a house around 6000 sf. When they retire, they want to get a house that is around 8000 sf. My first thought is "you know you have to clean, heat, and cool that empty space you aren't using, right?".

Apparently, it's worth it to them. That empty space between them, I mean.

 

[Ingomike]

There's the paper, and then there's the reality of the financial situation.

Sellers don't pay realtors, any more than corporations pay taxes.

On paper, it looks like the seller is paying the realtor. Really, the realtor's fee is rolled up in what the buyer pays. This simple math escapes many people, same as it does with the aforementioned corporate taxes.

It's so amusing.

What is amusing is the BS people believe about business they know nothing about because it makes them feel better.

So bottom line, legal docs be damned, it is what you decree it. I will forward your decree to the state and HUD so they can update the laws and regulations...

 

[Tactically Fat]

This market isn't just affecting Indiana, either. Just about the only areas that aren't heavily affected are those areas where one cannot get good cellular data/phone coverage or other means of high-speed Internet. And A) there aren't that many of those places left and B ) some times that doesn't matter.

The latest on-market closing close to our house went for $250k. $141 / sq ft. Just under 1800 sq ft total, .38 acre. 3 br, 2.5 baths - had undergone an almost total renovation 12 years ago (I know this because A) we knew the folks that lived there and B ) we tried to secure a showing for ourselves that didn't pan out)

By that metric, my almost completely renovated house (multiple projects) that has .34 acre, 2000 sq ft, 3 BR, 3 whole baths, plus a 3rd garage bay / work shop "should" realize $282k or thereabouts on the open market. We paid $160k almost exactly 12 years ago. I'm quite glad the Tax Man only believes that my house is worth $185k. We could make out like bandits - especially with the remaining mortgage balance.

And we could sell it tomorrow un-cleaned and probably sight un-seen. For at least the $280k and MAYBE more. Insane. Absolutely insane.

But then we'd have no place to live. There isn't anything in our current school system where we'd go. We'd literally have to send out private letters to owners of potential properties to see if we could buy their house - of which, I know of no fewer than 3 of these transactions that have happened in our 'hood.

I know what you mean.

I know this couple who are empty nesters, who have a house around 6000 sf. When they retire, they want to get a house that is around 8000 sf. My first thought is "you know you have to clean, heat, and cool that empty space you aren't using, right?".

Apparently, it's worth it to them. That empty space between them, I mean.

There are some cultures where this is common place. I work with an Indian fellow. He and his wife just bought a HUGE house in Decatur TWP (Marion Co). It's just he, his wife, his M-I-L and a college-aged daughter. Huge $500k house. Because, as he said, "We Indians never downsize."


So - those of you who are looking to buy homes: Secure a Realtor. Narrow down what areas you want to live in. Drive around them. Take notes on which houses you like the look of. Work with your Realtor and mail out actual hand-written interest letters to current home-owners. Utilize the county's GIS sites / Tax sites to find actual addresses and property owner names (because you can find out if the owner lives there or not ----meaning it's a rental. )

 

[El Conquistador]

I am currently in Salt Lake City Utah came out to watch our oldest grandson graduate high school. My son bought his house 4 years ago for $380k, his realtor buddy told him the other day if he wanted to sell he had multiple cash buyers that would pay 1mil. plus for his house. His buddy said he had clients coming in from California looking but no inventory. Crazy times right now.

 

[actaeon277]

F the people in California.
Fix their state.

 

[churchmouse]

F the people in California.
Fix their state.

This.

 

[dudley0]

This.

X 100

I deal with a lot of out of state buyers for rentals. It is almost always horrible. But if they were to move here it would be worse.

 

[Wolfhound]

X 100

I deal with a lot of out of state buyers for rentals. It is almost always horrible. But if they were to move here it would be worse.

My youngest sister had some “lost Californians” move in next to her in Delaware County. They sold their house in California for seven figures and moved here for some reason. Neither work and all they do is smoke weed and stay up all night making noise. Not exactly ideal neighbors.

 

[rockhopper46038]

F the people in California.
Fix their state.

And FFS, don’t come *^%# anyone else’s state up with the ideas you’re fleeing.

 

[actaeon277]

To be clear.
I'm okay with people moving to get away from a liberal (or a conservative) State.
But don't bring the policies with you, that ruined where you came from.

 

[churchmouse]

To be clear.
I'm okay with people moving to get away from a liberal (or a conservative) State.
But don't bring the policies with you, that ruined where you came from.

Washington state and Colorado. They are working on ****ing up Texas and Arizona now.

 

[texas123]

Agents are great at knowing the right inspectors, knowing neighborhoods, negotiating with sellers, knowing what documents need to be obtained, etc. We sold a house in 2019 and bought one in April 2020. Bought the 3rd house we looked at. Our broker (same one for selling/buying) was a life saver when it came to all of that. Sure you can find houses, and we did a lot of looking on Zillow. But where they really come in handy is once you have made an offer. Home buying is much different than it was 17 years ago.

Also consider that if you don't have an agent, you are relying on the sellers agent and title company to prepare everything. The sellers agent is contractually obligated to work for the sellers - not you. They do NOT have your best interests in mind.

You are 100 percent right. if you do not know all the legalities and the ins and outs it can become a mess. Good that you brought up the fact that a sellers agent works for the seller. I learned that the hard way many years ago.