If that is as you say, it was pre arranged sold between two agents that work for the same company and they only listed it so as to meet the legal requirements.
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OT-Anyone got a nice home for sale in West Omaha?
- Thread starter litespeedhuskerfan
- Start date
If that is as you say, it was pre arranged sold between two agents that work for the same company and they only listed it so as to meet the legal requirements.
I'd like to know more about that arrangement. Maybe family members? Overall, pocket listings do not benefit sellers.
Not necessarily true, seller's can absolutely benefit in that scenario....but pocket listings are illegal technically, (there is an organization that if you belong to as a realtor you agree not to do them, or something like that) but we also know they still exist in some fashion from time to time, but they would never happen without the seller's approval or knowledge. You don't put "contract pending" on Zillow without the seller's approval/signature the house is sold and when they sign they know all the numbers so if they agree to them, I don't see the harm.
Again, I'd have to know the details. Could be a contract between family members where highest price doesn't matter obviously. Could be a rundown investor property that isn't eligible for traditional financing. But if it's a bread and butter home in good condition, I don't see a scenario whereby you don't want the market determine the price. A ridiculously high price.
8 hours after I started this thread weeks ago we bought our forever home. We were not the high bid.
I did my level best to steer my home I just sold, to the right person. I was willing to take a $5K hair cut on the price to do the right person a favor of obtaining an affordable house. I had hoped and prayed God (yes, I said God) would send us a person who would appreciate a sweet and affordable home and I was willing to pay forward what I've been blessed with and didn't care about the money. I told my realtor this as well, ahead of time. I ended up with what we felt was the right person and the people I initially wanted to sell it to were just to far apart with weird financing so my plan did not go as I had envisioned, but we did sell to the right person as the agents knew each other well and work on the same team and we were educated about who the buyer was and felt great about our decision.
Not every home that is bought and sold is done so with everyone wanting every last drop of blood out of that turnip. Perhaps the scenario that grayhairedfreak posted about was similar.
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A pre-arranged agreement between family members, or friends/neighbors/etc, don't require the house to hit the MLS. It's most likely as @litespeedhuskerfan stated. Very few legit options for a house to hit the market and have a "pending" within 11 minutes.
You're a damn good man. Reading this gave me chills.
Just had this happen for a VA client of mine. After multiple escalations were executed, we were the 3rd highest offer (all within $7,000 & writtens were all comparable) and the sellers wanted their house to "go to the right family", in their mind. I'm indifferent on love letters but after a couple of rejections, I had asked my clients to write a nice letter explaining who they are as a family & why they maximized their budget to offer on this house. KISS, no more than 8 sentences over 2 paragraphs. According to the listing agent, and luckily for us, it was the deciding factor.
Mostly for VA buyers, but I feel for anyone buying for the first time. It's a dog eat dog world, and hasn't shown any signs of slowing down.
I had several VA offers, and it made me feel bad for them.....I feel bad for VA buyers because a lot of them don't have much money and can't cover the gap between appraisal and their offer and it sucks because those people deserve affordable homes to. I don't see the home market getting any better for a lot of those people. The whole home experience, both buying my new one and selling my old one, really kind of bothered me. Housing costs are ridiculous and pricing many folks out of the home ownership dream.
...and thank you for the kind words.
Appraisal gap is important, which we had but you're right - the cash isn't there for a lot of VA buyers to offer a competitive gap amount. I'm 13 months in to the industry and can't believe how many agents are uneducated regarding VA loans. IMO, that's a big part of the problem.
Put my dad's house on the market Friday. Will be picking one of the "several" offers we have tonight. I took the unders in a bet with my wife. What do you think?
https://www.npdodge.com/property/509598142/5610-n-116-circle-omaha-ne-68164/
https://www.npdodge.com/property/509598142/5610-n-116-circle-omaha-ne-68164/
Not telling you anything you don't already know in terms of what it needs, but good luck finding a better deal on a house right now. That house is worth every penny and then some in this market. I'd be stunned if it didn't go for well north of that price. In short, I hope you didn't bet to much!! Hahaha. Let us know.
I hope for his sake that you're right but I feel sorry for whoever buys it (unless they're a flipper - then I'll laugh at them)
Next time we get family pictures taken I'm hiring a real estate photographer. These glamor shots are ridiculous. I imagine anyone that walked through there based on those pics was quite disappointed.
Up for 3 days on Zillow with 226 saves and a zestimate of 250k? That house will bring over 200k no doubt. I’m gonna go 220k. Let us know what it comes in at!
Still a whooooooole lot of house for $200,000. That really doesn't buy much anymore.If only you could take a tour
I guess I forgot to mention that we're not taking any FHA or VA loan offers. As much as we'd love for it to go to a young family or 1st time home buyer, we just don't have the option of accepting an offer only to have it rejected because of all the work that needs to be done.
I'll take the unders as well. From just a cursory look, I'm guessing 80K in DIY rehab costs (which includes new windows). If the roof and siding needs work, add on more.. for me, it's in the 150-175k range, and Ramble Ridge used to be a decent neighborhood back 40 years ago, but not sure about now. Many years ago, it changed from Burke to Northwest high schools, and that was an instant black eye to the property value. Those were my old stomping grounds as a kid, (grew up next door in Roanoke Estates).
200000 seems cheap for Omaha. Love the blue carpet and the multi colored
Had 20 plus offers. Accepted 213100 cash offer as is. I’m in shock. This market is pathetic.
Was the buyer named Black Rock? Were there higher offers that were not cash?
Ramble Ridge is fine, but yeah, hard pass if it means sending your kids to NW.
people are desperate. Your timing is good. The market may look a whole lot different in 6 months.
It's probably going to he even worse in 6 months. The inventory shortage will not be solved in that time. Ukraine situation is going to interrupt supply lines and fuel costs more, thereby raising home building material prices farther.
From the 30 days between our offer being accepted and closing, our agent, title company lady, and mortgage loan officer, all said we could sell our home for 25K more than we bought it for right now. It's a somewhat unique home admittedly with a corn field for a back yard (literally) that's next to Chalco lake/Tiburon, so not your typical home you see on Zillow... but nonetheless, this market isn't slowing down anytime soon I don't think.
And congrats on the sale WHCSC!! Crazy times right now where you can actually interview the potential buyers and cherry pick the best.
It’s hard to tell what the building industry will do, as a part time builder, the 2020 pandemic was supposed to slow the process but did the inverse which product suppliers didn’t account for hence the high demand for construction materials and low inventory. Lumber is starting to creep back up to the extremely outrageous prices again, it’s crazy to me that 10 years ago, 300k was the average new home 4 bed 3 bath 2 car garage. That number has been pushed up to minimum 400-450k. I know my dream of building my own new house on a small acreage I already purchased has been pushed back a few years. Quite possibly to never. I don’t see new home prices ever coming back down, it’s like farm ground, once a new benchmark is set, it rarely ever comes down. At 400k plus, I just don’t know how the average American can afford/justify that.
I don't know the buyer's name(s). My wife said it was a realtor wanting to flip it. The highest offer was 247 with all the inspection stuff that we wanted no part of.
We never decided what we were betting. I'm sure it will come up sometime. Now that I think of it, I did just sit through Howards End with her. That should cover it.
Don't know anything about that movie but if it's a chick flick you made up for a lot and are definitely even
And now the flippers are done with it.
https://www.npdodge.com/property/513556112/5610-n-116th-circle-omaha-ne-68164/
Looks good! Feel like they should have taken the cabinets up a notch, but that can get expensive. Would love to see how much money they put into the improvements.
If memory serves your wife is in real estate??
Agree on your cabinet remark but right now I think the market is so hot they almost could have sold it with no cabinets.
Curious where the market goes in the next few months with interest rates doing what they did?
Seems like you could put a rear deck on that house and make the open space behind it more of a selling point. But maybe that's complicated by the utilities.
Yep, she's been an agent for close to 20 years. She's actually been training all the new agents as well for her company here in Omaha.
Still think the market will stay hot for a little while. People will always have to move for family reasons, jobs, etc.
On a side note, I went to a house last week with my wife. In the kitchen cabinets, they turned all the doors around and added a 2 inch wood board around the outside. So they kept all original doors, they ended up looking like this (except with hardware) after painted. Pretty slick and easy way to add value:
I don't like it myself, but compared to what it was before, these flippers should be canonized as saints
