Proposing buying my childhood home

Reply

  #1  
Old 06-10-18, 08:12 PM
Member
Thread Starter
Join Date: Nov 2005
Location: Mid-Michigan
Posts: 114
Proposing buying my childhood home

Hello,
20 years ago my family sold my grandmother's home that I grew up in, after she passed. The current owner is a widowed 85 year old women [who bought the house with her husband]. My family has always expressed regret selling it, in hindsight of course.
I'd like to tell the current owner or her family, that I would love the opportunity to buy it before it hit's the market again.
I am looking for advice to tactfully and respectfully approach her, or her family with this request.

I would greatly appreciate any suggestions,
Thanks,
Carl
 
Sponsored Links
  #2  
Old 06-10-18, 08:51 PM
Gunguy45's Avatar
Super Moderator
Join Date: Dec 2007
Location: USA
Posts: 21,023
Just stop by and walk around the front a little, maybe knock on the door and ask if you can go in the side or back yard after explaining you grew up there. (DO NOT ask to come in the house. Family hears that and you'll be persona non grata to them)

If she's able she may walk with you and after a few minutes, just say something like I really loved this place, so many memories, etc...and if she ever considered selling you'd like to be the first to know. If you have cards...make a deal of digging for one or at least have a pen and some OTHER card you can write your name and phone number on. Don't just whip them out like it was planned.

Ideally, you'd do this when family is there.

This probably happens a lot more than you think... As people get older, they get nostalgic.
 
  #3  
Old 06-10-18, 09:34 PM
Member
Thread Starter
Join Date: Nov 2005
Location: Mid-Michigan
Posts: 114
Thanks Vic, this definitely gives me something to consider. I would have thought the personal connection to the house might have given me an advantage. I don't need to go in the house, it's more about the house and location itself, not what's inside. One slight problem is the house is kind of off the beaten path,and not really able to tell when family is present.
 
  #4  
Old 06-11-18, 04:12 AM
Member
Join Date: Jan 2010
Location: North East Kingdom of Vermont
Posts: 2,500
Originally Posted by CarlR
". . . I would love the opportunity to buy it before it hit's the market again . . ."
That usually means before the "market" has a chance to evaluate the property and establish a fair market price for it.

So, without the presence market forces, someone else has to establish a value . . . . either you or the prospective Seller; or maybe.

After spending nearly 30 years as a Real Estate Broker, I can say that "This business is like Poker . . . . the first one to show his cards usually loses !"
 
  #5  
Old 06-11-18, 08:55 AM
Member
Join Date: Nov 2002
Location: Northern Virginia
Posts: 667
I took "before it hits the market" to mean "before we find out too late that it was up for sale, and has now been sold again".

I understand the emotion behind owning the house again, but at the end of the day it has to be a business transaction. You can tell the current owner or her family that you want to pay fair market value for the house, which can be determined by a real estate assessor. That way everyone knows the value of the house, and there will be no question about paying too much or too little.
 
  #6  
Old 06-11-18, 04:21 PM
Member
Join Date: Oct 2008
Location: New England
Posts: 10,109
I take "before it hits the market" to mean before it gets signed with a real estate agent and the commission gets tacked onto (or subtracted) the selling price. Getting an appraisal is easy and not expensive and then can reference comparable homes in the area, same method an agent uses.

Absolutely not harm in letting them know you used to live there and might be interested in buying if it were headed to market. GG's approach works more often than people think, especially if no one in that family is interested.

Bud
 
  #7  
Old 06-11-18, 09:43 PM
Member
Thread Starter
Join Date: Nov 2005
Location: Mid-Michigan
Posts: 114
I took "before it hits the market" to mean "before we find out too late that it was up for sale, and has now been sold again".
Yes CycleZen has it.
The only reason this came about was one of the family members responsible for originally selling the house, happened to mention seeing the current owner's name in the obituaries, but it turned out to be someone else.
I have no problem giving a fair market price, or possibly a little above average, but I can't spend every day for many possible years looking and comparing obituary names, or researching MLS listings everyday, when it's possible even that the house still could be sold "off the market". It happens everyday with realtors who may already know prospective buyers.

So do ya guys think it wouldn't hurt to show my interest, and personal connection, or could I harm my prospects showing my cards?
 
Reply

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread
Display Modes