Agreeing with Gary, he could be potentially looking to purchase a property to build to his portfolio. Maybe a new investor, potentially a highly skilled investor. It could be that he owns numerous properties immediately surrounding your apartment and would like to purchase this apartment so he does not have to commute to and fro from one property to the next. It would make more sense to purchase around a certain area, than to purchase a property outside his scope. It would be within his circumference of investments. Also, he could be seeing something that you do not. Is you property prices accordingly and priced at the current market value? He might be looking to eliminate any negotiations and present this offer as a best of final offer. This will eliminate time and stress and would be a rather quickly close. I would consult with your attorney and discuss into detail your concerns.
All the Best,
If this is a "buy and hold" investor he could be for real.
Why would an Attorney help? They only offer opinions!
The best thing to do has already been discussed. Look at recent closings and base your sales price around that. Also, in this flat market be careful of having too high an expectation. Weekend news showed that new homes are commanding less than older homes ( per sq ft) as builders unload.
I don't know your personal situation Krishna but email me the details and I'll look into this for you.
At the end of the day we want a win-win sale.
Regardless of who the purchaser is, ( Investor or otherwise) if you are getting a price for your home that is in line with what other homes are selling for in the your area ( and your are satisfied with that offer) I would think you should consider the offer.
Timing is everything!
Good luck rick.
No-no...please don't get an attorney...
Actually, it could be an inexperienced investor, or a fair investor (Rick and Ines scenario), a scammer, or someone who knows something that you don't. (Does a thick black liquid bubble from the ground when you dig?)
Call an Attorney, in Florida I would recommend Hank Sorensen http://(www.HankSorensen.com) for all Real Estate contracting and have him review it. (unless Ian is an attorney, which I am thinking ...errr...Not so much)
Best of luck!!!
Gary De Pury
Bay Vista Realty & Investments, Inc.
Chairman, communications committee
Greater Tampa Association of REALTORSÂ®
Director, Florida Association of REALTORSÂ®
I don't know your market (disclaimer). However, remember that there is more to an offer than just price.
There are terms: he could ask for help with closing costs. After the physical inspection, wood destroying pest inspection, and other investigations he may come back to negotiate.
Most markets in the US are trending down or flat. If your's is typical, then it is not uncommon to see offers below list price. You don't mention how long your home has been on the market.
My research consistently shows that homes sell for closest to list price in the first 30 days on the market. Homes that sit on the market can expect to receive lower offers because everyone thinks "what's wrong with that listing...it's over priced"
Do you have an agent to help advise you? If not, get a real estate attorney. You need someone on your side to advise you of your best interest.
We appreciate your post, it started with another but spun off to this one. I can only say we need more info and if you have an agent or an attorney, then take their advise.
Investors do not usually offer you more money for your house than it is worth, so something is not right.
We have written about a couple of different scenarios that may help you out on our blogsite - take a look at them and I hope it helps.
It's not always bad - but it helps to have someone knowledgeable by your side.