A question by : I have a good job, in the process of getting my degrees, and I save wisely…. Indeed, now that I am of age, I would really like to buy back my childhood house soon eventually. For years it has bothered me knowing someone else is living in it and has ownership of the house besides when my family did. Now the only thing is it is not on the market, someone owns it, and rents it out to others, along with the two apartments right next to it that my family use to work on and own also. What can I possibly do to make the owner consider selling it to me??
Answers
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Put together and offer and present it to current owner see what happens. Have your financing set up with a close date. Not sure if you would want to waive interior inspection or not that’s your choice. You can look up the owner through your county assessor’s website. Then simply contact them and make them a good offer after you have secured financing through a bank. You convince them by paying above market value for the property. Frankly I know at your age you tend to still have these attachments, but as you get older you will realize home is where you make it.
Vaor
“I bet you have heard the term “supply and demand”. That works very well when looking at a large number of properties for sale a and a large number of buyers that match up fairly well. But what you have here is one guy that owns one house and does not have any desire to sell- and one guy that desperately wants that house and nothing else will do. This lack of balance means that you would very likely have to pay way over market- maybe even double the market value. The best thing you could do is forget this house. If you simply cannot do that -the second-best thing you can do is wait- maybe a long time. Watch the internet real estate sites and drive by the house twice a week. If you cannot do that- the third best thing you can do is to spill the beans. Tell the owner you would “kind of enjoy owning your childhood home if it doesn’t get too expensive”. Give him your name and phone number and tell him to call you should he ever want to sell (and then walk away without looking at the house and drooling). The worst thing you could do is tell him you love the house and nothing else will allow you to sleep at night but to buy it from him.”
Glenn
“Around here, realtors are always asking people if they want to sell. They go door to door, some knock-on doors, some only leave flyers. You need to get your finances in order first, and it’s better if a professional ( ie realtor) approach the owner, without saying you want to “buy back YOUR” home at a high price. The realtor will do this only if he has proof of funding from you.
But I’d tell you, my home is worth about 600k, and right now I would not sell if someone offered me 5 million. However, when I am ready to move in a few years, I’ll sell at market value.”
Dann
“offer him a price he cannot refuse let me tell you this, you have probably some very good memories of that house and living there, it will NOT be anywhere near the same if you manage to buy it and move in
you would be wise to find something that fits your current life style and family rather than regress back to your childhood–keep those memories they are precious; it won’t be the same now.”
Anonymous
“Unlikely that you have enough funds to motivate them to sell if they don’t have plans to do so otherwise. You could of course ask them to notify you when and if they put the house on the marked, so you can buy it then.”
Anonymous
“If you have full market value, in CASH in your pocket, go to the owner and
inquire if it could be purchased. Then hire your lawyer to proceed with the offer to purchase.”
Anonymous