Hick went by the Beauty Shop half of the Double Hovel flip house on Friday to check on the frozen water line situation. THE WATER FLOWED! He said all the faucets worked again, normal pressure. There was no sign of any water leaking anywhere in the house. No sign of water leaking in the yard.
Hick says he will continue to go by and look, just in case there's a leak underground. He doesn't think so, because a leak in the city pipe underground would most likely result in less pressure when trying the faucets in the Beauty Shop. I guess Hick's efforts with the propane heater outside where the water line comes into the house had some effect on the thawing, because temps only reached the lower 30s on Friday.
Friday afternoon, Hick had a call from Realtor with an offer on the Double Hovel from the people who viewed it on Thursday. It was for 2/3 the listed price. NOPE! This offer was $10,000 less than the previous two offers we've had.
Realtor said, "I know your answer on this offer already, but I'm obligated to make it." She agreed with Hick that such a lowball offer was an insult. The Pony asked if Hick countered with our bottom-line selling price. No. That would give legitimacy to the offer, and the prospective buyer would try to play the "split the difference/split the difference" game with us, and walk away with a giant bargain.
Realtor did not mention the demographics of the prospective buyer. For example, didn't say if it was a family wanting the extra house for a relative, or a young couple wanting to rent one house to pay the mortgage on the one they'd live in, or an investor. Realtor DID say it was a cash offer, which leads us to think it was an investor wanting to rent both properties.
Let the record show that the pricing on the Double Hovel was suggested by Realtor herself, when Hick had wanted it to be a few thousand more. So it's perfectly reasonable according to neighborhood comps. Our bottom-line price allows some wiggle room for bargaining. We're not reducing the price just because of these lowball offers.
I can't blame investors for trying to get a good deal. That's why they're investors! I'm sure sometimes their tactics work, because some people might be paying a loan on the property, as well as their own mortgage, and run into cash flow problems, and just want to get out from under their obligations. That's how we got Pony House for $23,000. A guy had torn it down to the studs, and then didn't have funds to finish the renovation. He got his money, and we got a bargain.
Anyhoo... good news on the frozen water line, and okay news on the Double Hovel viewing. At least people WANT it. They just don't want to PAY for it, heh, heh!
I agree, stick to the price you want. The issue I have with investors (usually developers, here anyway) is when they buy an old house on a large block for a decent price but then tear it down, level the block and build a dozen two storey townhouses all packed in tight with little room for parking though each one has a garage and no room at all for gardens. Then they sell those houses, each one priced a bit more than the original old house, and make a huge profit. Actual investors who buy a property to rent out are a bit thin on the ground these days.
ReplyDeleteI haven't seen that happening around here. There is still plenty of land available for cheaper than a lot with a house. That's one benefit of small town living.
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