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Good Try Buyer Investor..But Um No..Not Gonna Happen

By Cindy Westfall

Real Estate Agent with Premiere Property Group,LLC Portland Metro & Suburbs Oregon

October 10, 2012 04:06 AM

Good Try Buyer Investor..But Um No..Not Gonna Happen

Woman saying REALLY??? The other day I recieved a random "Important fax" with a document titled "Letter of Intent to Purchase Real Estate". I'm sure some of you are probably familiar with this document, but it was a first for me to see one. So I check it out and it's like a pre-engagment ring with some basic terms spelled out..a pre-offer.

My listing is priced at $400K, a gorgeous home in a great close-in neighborhood. Yeah..I know they say cash is king...but honestly, $250,000??? I had to call just to clarify they meant TWO--hundred and fifty instead of THREE. I was a bit surprised when I got a recording on one number listed that I was being recorded by Trulia...hmmm..yep, I hung up. When I did reach you and realized that you offering on your own behalf, I thought...what would make a seller want to take $150,000 less with a person that wasn't represented??

Oh..yeah..it's CASH. HA! I know it's just a roll of the dice for investors, but honestly, do you even do your research before throwing this out there? Anything in the $250,000 range in this neighborhood is either a fixer..or if not will have multiple offers on it to go pending very quickly! You just might have better luck with one of those fixers! I do thank you however for not putting it on a regular sales agreement that would have required signatures. That would have been a true waste of everyones time.

I'll give you an A for the good try buyer invester...but um..no..not gonna happen. Gotta pull out my "really? girl" for this one!

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Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

Hello Cindy, It is like I receive these offers when a home is on the market more then 90 days. Weird, Cash deals also,

Oct 10, 2012 04:35 AM

Cindy Westfall

Premiere Property Group,LLC Portland Metro & Suburbs Oregon - Tualatin, OR

ABR,GRI Your Tualatin & Portland Metro Real Estate

Hi Will, I guess they can try right? It just makes you wonder if they've been successful and a seller will say "oh...sure I'll take $150K less even though I would be in a foreclosure situation at that point.. Cash you say? well..Ok"

Oct 10, 2012 04:45 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

cash, loan, it's all the same at the closing table. Cash and a fast close might make a difference in multiple offers, but it doesn't make sellers or listing agents stupid. Unbelievable how so many people think it does.

Oct 10, 2012 05:40 AM

Andrea Bedard

Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD

Fluent in Real Estate & German, M.A. ABR ASP CIPS

Hi Cindy, I got one of those a few years ago! My sellers were just insulted, I thought the guy was crazy. I can't believe they have any luck with this? Seriously?

I find that Trulia part rather interesting! I wonder what's up with it??

Oct 10, 2012 09:51 AM

Hi Tammy, the only difference with cash is that a seller doesn't have to worry about the sale falling through for lending issues, and and appraisal is not required. Is that worth $150K...nah..no way!

Oct 11, 2012 12:05 AM

Hi Andrea, Fortunately, my sellers understood that it was an investor throwing it out there. They did get a good laugh though. I thought the Trulia thing was quite odd actually as well. I had to go through three numbers that were on the document to get back to this person. She did thank me for actually calling her back..I guess with these Intent to offers being as they are..they are used to just being ignored.

Oct 11, 2012 12:08 AM

Good Try Buyer Investor..But Um No..Not Gonna Happen

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