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Message
re: Buying Real Estate from a Friend Sucks
Posted on 9/21/18 at 11:28 am to theantiquetiger
Posted on 9/21/18 at 11:28 am to theantiquetiger
quote:
You trying to screw your friend, but you get mad when she says no
Actually, it's the opposite. The closest comp, adjacent building, sold for $4000 less than I offered her, and I'm not taking a commission, not asking for closing costs and paying cash.
I only offered her more because when I was in a jam, she offered me a place to live at a reasonable rate.
1
Posted on 9/21/18 at 11:28 am to PurpleandGold Motown
Any recent comps sell around you? This is really all that matters here.
Well damn, posted right before me. Based on what you said, you should NOT pay anything more and could probably get a way with less. She's trying to take advantage of you here, not cool.
Well damn, posted right before me. Based on what you said, you should NOT pay anything more and could probably get a way with less. She's trying to take advantage of you here, not cool.
This post was edited on 9/21/18 at 11:30 am
Posted on 9/21/18 at 11:29 am to PurpleandGold Motown
If you offered her what the house is worth and she wants more then let her go get it.
Don't hold it against her, maybe she gets it and good for your friend.
Realize that if you make a big deal about it not being worth a certain price, and it ends up selling for that price, you will look like you were trying to screw her.
Don't hold it against her, maybe she gets it and good for your friend.
Realize that if you make a big deal about it not being worth a certain price, and it ends up selling for that price, you will look like you were trying to screw her.
Posted on 9/21/18 at 11:29 am to PurpleandGold Motown
did you PIIHB yet?
Posted on 9/21/18 at 11:30 am to PurpleandGold Motown
You act like this friend wasn’t collecting rent on you for years or bumping the price up above market. Offer what you want to pay and call it a day. Simple to me
Posted on 9/21/18 at 11:31 am to geaux88
quote:
Two options: Give her accurate research on market value for your area (she might not be aware) and stick to your offer
Walk
Neither option should jeopardize your friendship.
Sent her 11 comps from the last 6 months last night. I think her real estate friend is giving her "Colorado" advice, a market that is similar to the housing bubble of the early 2000s when everything was increasing by 10-25% per year.
Posted on 9/21/18 at 11:31 am to WinnPtiger
quote:
did you PIIHB yet?
In high school.
Posted on 9/21/18 at 11:32 am to PurpleandGold Motown
Just had a very similar situation. Buying from a friend. In Vestavia
Except he didn’t listen to outsiders, and sold us the house extremely under market value
In your case, if you value your friendship, I probably wouldn’t push too hard
Except he didn’t listen to outsiders, and sold us the house extremely under market value
In your case, if you value your friendship, I probably wouldn’t push too hard
This post was edited on 9/21/18 at 11:33 am
Posted on 9/21/18 at 11:33 am to PurpleandGold Motown
Walk away. You offered a quick and easy transaction and she sounds like she wants to max out her sale. There really isn't a way to avoid hard feelings at this point until she goes through the process of listing the property and learning what it's worth. Only then will she be able to appreciate what you tried to do the easy way. The reality is that she will probably end up netting less from the sale but there's nothing that you can do about it if the priority is keeping your friendship in tact.
Posted on 9/21/18 at 11:34 am to fillmoregandt
quote:and he put in in YOUR butt in HS
Except he didn’t listen to outsiders, and sold us the house extremely under market value
i see
very similar to the OP but not
Posted on 9/21/18 at 11:34 am to gatorhater08
quote:
So she inherited property and is trying to gouge you for something she is getting for free. She seems like she values your friendship...
You sound poor
Posted on 9/21/18 at 11:34 am to PurpleandGold Motown
quote:
Sent her 11 comps from the last 6 months last night. I think her real estate friend is giving her "Colorado" advice, a market that is similar to the housing bubble of the early 2000s when everything was increasing by 10-25% per year.
It sounds like you being right isn't going to help you. She needs to come to the realization on her own. The only way that is going to happen is if she actually lists it.
And because people are irrational and make poor decisions all the time, it's entirely possible that someone is willing to pay he what she wants. You would just have to hope it takes her too long to find that person.
Posted on 9/21/18 at 11:37 am to PurpleandGold Motown
Walk away from it. Forget you even made an offer.
#walkaway
#walkaway
This post was edited on 9/21/18 at 11:41 am
Posted on 9/21/18 at 11:41 am to PurpleandGold Motown
quote:
Well, last month she got the all clear to sell it.
Pics, motherfricker.
Posted on 9/21/18 at 11:42 am to gatorhater08
quote:
she is getting for free
What she paid or didn't pay has no bearing.
Posted on 9/21/18 at 11:43 am to PurpleandGold Motown
I am thinking there is more to the story. With real estate it is quite simple to spend a few hundred bucks and get an appraisal and be done with it.
It sounds like she may be able to sell it for more and put the same amount of $ in her pocket after paying commission/closing cost.. but you want her to deduct out the commission / closing cost and sell it to you for less (although it would be the same amount in her pocket), so you are the one looking for the "favor"
It sounds like she may be able to sell it for more and put the same amount of $ in her pocket after paying commission/closing cost.. but you want her to deduct out the commission / closing cost and sell it to you for less (although it would be the same amount in her pocket), so you are the one looking for the "favor"
Posted on 9/21/18 at 11:44 am to PurpleandGold Motown
Remind her she will save at least 6% most likely selling to you, so how much is that?
Then remind her that selling it to a 3rd party will be a PITA being out of state. Remind her that it will be very very easy to sell to you as far as time and effort.
Are you not honest with a friend?
Also, don't forget to add in how much the ease of the process is to you. I mean how much is not moving saving you both time and money? Factor that in for sure.
But overall don't mix the business and friendship. If the friend is going to make a poor financial decision don't let that mix with your friendship. Offer a price, if she doesn't accept, it is what it is and move on. No hard feelings IMO.
Then remind her that selling it to a 3rd party will be a PITA being out of state. Remind her that it will be very very easy to sell to you as far as time and effort.
Are you not honest with a friend?
Also, don't forget to add in how much the ease of the process is to you. I mean how much is not moving saving you both time and money? Factor that in for sure.
But overall don't mix the business and friendship. If the friend is going to make a poor financial decision don't let that mix with your friendship. Offer a price, if she doesn't accept, it is what it is and move on. No hard feelings IMO.
Posted on 9/21/18 at 11:47 am to PurpleandGold Motown
Whatever your decision may be, you better update this thread.
With pics of said female friend.
With pics of said female friend.
Posted on 9/21/18 at 11:49 am to PurpleandGold Motown
if its a friend you have known for 20 years, just be a man and talk to them about it
Posted on 9/21/18 at 12:10 pm to PurpleandGold Motown
She's been making free money off of you for however long she has owned the property. Tell her you'll pay her your first offer. If she doesn't like it, just say okay, and be done with it. Think about it this way...if you were real friends, she'd cut you a deal below market value. She's not gonna get above that value anyway. Maybe she's just an idiot, idk.
Don't start negotiating with her if you want to remain friends
Don't start negotiating with her if you want to remain friends
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