“Beware the manipulative investment buyer,” warns a reader from Sunset Heights who has an interesting home-selling tale to share from the late-summer market: “Yes, I fell for it. The listing went up and 20 minutes later, a dream offer. Over list price. As is. Wants to add on, not tear down. Closing quickly, with two weeks free leaseback. I began looking for homes in my new area. Fell in love with one and put an offer on it.”
What could possibly go wrong?
The reader continues:
15 minutes before the 5 day option was finished, with no further inspection of the home other than the five minutes of original viewing, the email came. Something to the effect of after further investigation, it is not financially feasible.
The next morning, they made a low ball offer and since I was wrapped up in it all, I considered it. Thank goodness for experienced land men bosses who recognized it as a ploy to essentially get a steal. He laid it out for me. I remembered, after much angst, that I am not in a position of “having” to sell. So, I rejected the offer and am now back on the market.
This deal cost me. I let my painters go as it seemed an unnecessary cost and the “buyer” said to stop all work. In an attempt at fairness, I paid them for a day of work they did not do (no regrets, it was the right thing to do). My house was not on the market for 6 days. I am now 6 days behind on the improvements that would have been complete by now. Fortunately, I was able to catch the offer on the other home in time before it was accepted and made a contingency offer instead.
And what have we learned, beyond the obvious “seller beware”?
I can’t blame him for my losing my head. I knew from the beginning that it was too good to be true. I did not protect myself. Knowing what I know now, I would not have taken it off the market, I would have continued improvements, and most importantly, I would not make an offer or become emotionally invested in a move until the option period had ended.
Photo of Sunset Heights: Swamplot inbox