Real Estate Marketing

$150 HOUSE SELLER EXPECTS TO REFUND 500 IDENTICAL OFFERS The real estate agent who’s been trying to sell his Heights bungalow for $150 tells reporter Paul Takahashi that — barring an “incredible surge” of new applications and fees before the June 13 deadline — he’ll be refunding the approximately 500 $150 offer fees he’s received so far for the property. For now, he says, he’s organizing his emails to filter out the more than 1,500 essays he received from would-be homebuyers who somehow got the idea that Wachs would sell them the 2-bedroom, 1-bath property even if they didn’t submit the required fee from the 500 or so who followed his instructions. All that sorting is “a time-consuming and boring” task, he tells Takahashi. Wachs had hoped the application fees would add up to the unspecified amount between $265K and $550 he figures his family’s home at 213 E. 23rd St. is worth. [Houston Business Journal; previously on Swamplot] Photo: $150 House

A FUNNY THING HAPPENED ON THE WAY TO SELLING THIS HEIGHTS BUNGALOW FOR $150 Three weeks since the announcement, and with a little more than a week remaining before the June 13 deadline, more than 2,000 essays have come in from would-be buyers requesting that Heights real estate agent Mark Wachs sell his Heights bungalow at 213 E. 23rd St. to them for one heartening reason or another. But writing in The Leader, Kim Hogstrom reveals a more curious development: The vast majority of the applicants either can’t or don’t want to follow Wachs’s instructions — or never bothered to look at them too closely. Only about 500 of the submitted 200-word essays came with the required $150 application fee. With enough fees coming in from also-rans, some fortunate buyer would be able to purchase the 2-bedroom, 1,056-sq.-ft., 2-bedroom, 1-bath bungalow for just $150 (plus title and closing costs) — and still allow Wachs to receive what he thinks the house is worth, which he hints is somewhere between $265K and $550K. On the website he set up for the offer, Wachs states that application fees will be refunded if he doesn’t end up with a buyer using this method; he also indicates he might extend the deadline. [The Leader; previously on Swamplot] Photo: Mark Wachs

HOW TO BUY A HOUSE IN THE HEIGHTS FOR $150 Or just pay $150 and don’t get a house at all! No, there are no missing zeros or Ks in that sale price, but there is a catch: Real estate agent and Houston Heights resident Michael Wachs says he’s accepting offers until June 13th, each accompanied by a nonrefundable offer fee of $150, for his family’s 2-bedroom, 1-bath bungalow at 213 E. 23rd St. The decision of which one to accept, he indicates, will be made by judging the best 200-word essay that accompanies it, not the offer amount. The required essay, he writes, should explain “why we should sell the house to you,” but include no names or identifying information: “The fee is nonrefundable if we find a buyer via this process. If we do not, we will refund the offer fee.” (He’s also discouraging his family and friends from applying: “It just would be fishy if our parents happened to have the best essay,” he notes.) Included on the website he set up to explain the sale — along with a handy form for collecting email addresses for his real-estate business and a bit of encouragement to support some hearing-aid legislation now under consideration in the Texas House — are a few photos of the property, a sellers disclosure, inspection report, and mold remediation certificate. Why’s his family selling? “We had longterm plans to fix-up our little place or build on the lot, but our baby is now going to school across the city and we don’t want to deal with traffic. (It’s a very Houston reason to move.)” HCAD values the 1,056-sq.-ft., 1920 home with 2-car garage on a 5,300-sq.-ft. lot at $394,129. [$150 House] Photo: Terrence Foster