I was approached to sell

**chuckiek** · 02-11-2009, 05:22 PM

Hello,

I have a couple of real estate questions.

I was approached by a non profit county funded organization (org is here......alucp.org/living.html ) who is interested in purchasing my home for the purpose of expanding their facilities. They will tear down my home for the expansion.

We sat down and discussed the details. I paid $27k for my home in 1996. I have not done many updates other than new carpet and finished attic at a cost of 3k total for both. I asked for $35k.

They said that is doable and need to get it approved and so forth. Well that was in the begin of Dec and they still don't have an answer for me. They told me to start searching for a home which I have and I found one.

So here are my questions.

1. without researching or seeking professional advice I asked for $35k. Was that reasonable?

2. How long should I expect them to take to make a decision? I don't wanna bother them or sound excited to sell even though I am.

3. Can I submit a bid on a home with it being contingent on my home selling?

4. I expect the buyer to pay all closing costs associated with the sale. I owe 1500 on the mortgage so will I be getting the full $33.5k left? Are there any costs associated I need to be aware of.

Also if you know of anything I need to be doing to help get this ball rolling please let me know.

Thanks

**donrock** · 02-11-2009, 10:47 PM

It sounds like you're between a rock and a hard place. One thing you could do is tell them you have to have a non-refundable deposit to keep their offer open. Then I would put it on the market for your net amount plus costs. This might shake them loose.
You could make your purchase contingent on your sale but the seller won't be too excited about doing most likely.
I had a deal going where a guy was going to buy my house when he sold his to a large casino for a parking lot. After several months of promises they finally backed out because there was oil in the ground.
Bottom line don't wait on them just because you think there's no way they won't finally buy it. I say move them or move on.

Good luck,
donrock

**Mike Taylor** · 02-12-2009, 03:48 AM

You really need to utilize the services of a professional. Pay for an appraisal if you have no idea what your home is worth. It will worth the $300 in the long run.

**Codythebest** · 02-12-2009, 05:42 AM

Woaw...I wish someone or an organization will come to ask me if they can buy my place.
My first question won't be I'll take $35K for it but " How much are you willing to pay for it?" and then negociate up from there...
If they OK with $35K, that's mean they are OK to spend more.
I'm afraid you are losing money here.
Yes, you can sell contingent of selling to them but ask for commitment.
Hope this help...

**Greg** · 02-12-2009, 12:06 PM

Like the rest said, get some professional help. What you paid for your house in 1996 has no reflection on what it is worth today. Don't sign anything until you have a professional look it over.

**chuckiek** · 02-12-2009, 12:18 PM

[quote=Codythebest;50862]
If they OK with $35K, that's mean they are OK to spend more.
I'm afraid you are losing money here.
quote]

Here are things to consider.

1. I really want to move out of this house.

2. They are great neighbors who I have a great relationship with. They house mental and physically challenged people. They receive funds from the county and donations. So there are ethical issues involved with me taking them to the bank. I just want a reasonable price.

3. My land is only 68x40 in a falling market.