I'm an investor who periodically contacts out-of-area owners to find out if they'd like to sell. And I know that some investors are now actually offering prices in their solicitations.

I don't offer a specific price in my solicitations because I don't know market conditions or prices in other areas. The investors who I know who do will use various formulas and criteria. For example, they'll look for properties where the current owner has owned for at last 5-7 years, so that there's some equity in the property. (I look for properties with the same owner for at least 10 years.) Then they'll apply some sort of multiplier to the price you paid. For instance, if the houses generally have gone up by 50% (in today's market, that could mean going up a lot, then down a lot), they may make an offer of 30% above the price you paid. They're assuming there's a lot of equity in the property. And it sounds like, from your situation, that there is. (Sometimes, if the owner has taken out a HELOC, there's no equity, so the offer is for far less than is owed.)

What you should do, first, is determine the real value of your home. Those two homes at $330,000 and $370,000 are listed, but they haven't sold...and probably won't sell for full asking price. So: Determine the true value of your home.

Then consider whether you want to sell. If it's a rental, are you experiencing a positive or negative cash flow? If positive, what's the return on equity? Could you get a better return somewhere else? What would you do with the money if you sold? (Check with an accountant to minimize the tax consequences.)

Your concern for your neighbors is commendable, but you first have to determine actual property values. Then you have to recognize that your finances must come before your neighbors'. If you desperately need the money, let's say for a critical operation for your spouse, you'd sell. Even if you're not facing something that dire, even if it's something like funding a 401k that you won't be tapping for 25 years, you've got to factor your financial welfare into the equation. Don't ignore your neighbors, of course, but make sure your priorities are OK.

Once you've gathered the facts and have identified your needs, then you'll be in a good position to make a decision.

Hope that helps.

Contact a local agent for the current pricing and market trends. If the price is fair negotiate with agent for a reduced commission for this buyer to handle the deal. Having someone there is going to make it easier for you.

It sounds like you have a buyer who is looking for a deal and if you go through with the sale you will be giving him one. Do you know how serious he is? Does he have the money or financing to really buy or is he just fishing? Why not counter the offer with what you think it is worth and ask for a good downpayment and proof of financing or if it is a cash offer, ask for a letter from his banker stating that he can afford to purchase your house, and then call the banker or lender to confirm.

BEST ANSWER
The market sucks! Do you want $280K or not?

Thanks for your input.
My house is 2550 sq/ft. 3bd / 2.5 ba with a full custom office. Hardwood floors. Large master bed and bath. 3 car garage. Located on Pointe Av off Lake Pointe. 12,750 sq/ft lot.

It sounds like I might have to wait in the slow market if I don't accept the offer.

I am reluctant to drag down the comps since I don't need to sell. I am in a position to wait out the slow market but you never know how things might change. I don't careto go through the rental process.

Right now there are 7 properties listed from 285-369, 3 are 4bedrooms, 3 are 3 bedrooms... the part of Lake Pointe I am thinking your home would fall into should sell in the 3's. You should at least be getting in the 120's per sq. ft... NOW THE MARKET IS SLOW!!! And that price range is tough in Zachary... If your 180-200k range your golden....... But without knowing your square footage and seeing your house and such limited information ...its hard to say. There is one part of the community where the houses should be selling for around 112 sq. ft.. maybe a little less in current market. If you are in the area I'm thinking you are and between 330 and 370k dollar homes... DO NOT GO BELOW 119.00 sq ft.... you will be cutting your throat... if you really want to sell it now, that price would do it without taking a complete hit.... so multiply your square footage by 119, and maybe consider that if you want to move it, avoid real estate comissions and it's a solid buyer.............HOPE THIS HELPS...Invitation to call is still there... If you would like speak further in the morning, I will be available.

Mr. JONES... you can call me on my cellular if you would like. I am a local realtor in Zachary, Louisiana. I work for Landry and Assoc. I'd be happy to e-mail you the active listings in Lake Pointe as well as the SOLDS in the last 6 mths. It would be much easier to e-mail it via the MLS directly to you. The market right now in Zachary is SLOW... however home values are still holding. Lots of buyers looking ,lots of inventory, but things really haven't been selling. In order to give you a good value for your home "quickly" without viewing it and you not being here, I would need to know number of bedrooms, square footage etc. Then I could give you a general idea of current market rate. You can reach my via my cellular at 225-302-1551. By the way?? Did you have it up For Sale By Owner or did someone know about your relocation and just send you an offer?