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I’m selling a few of my rental properties in Texas. The listing started today. I already have a full price offer on one of the houses but the buyer needs FHA financing. I’m thinking I will wait 24 hours to see what else comes in because it is a hot hot market in north dallas now. Darn, maybe I should have asked more. These are listed with a real estate agent because I’m 3000 miles away and my property manager moved away.
Last month I sold a house and took the first full price offer I got. I think if I had waited for awhile, I could have made a little more. I sold that one FSBO… with my daughter’s help.
A few years ago I sold a house in this same neighborhood and had 5 offers within 24 hours of listing the property. I went with the full price cash offer even though some offers were over my asking price but needed financing.
I think it’s too soon to accept an offer, even if it is full price.
What has been your experience when selling in a HOT market?
I live in Ann Arbor, the market here has been hot since 2010 and getting hotter. In Ann Arbor, the list price is just the opening bid. And the realtors do a great job perpetuating this by telling the buyers to “write a letter to the owner”. Yuk! If your area is hot like AA , wait a couple of days, you have nothing to lose. Especially if your buyer is using FHA financing.
Don’t you have concern that FHA will take forever – and may not ever close? I don’t know from first hand experience but i have heard horror stories about selling to FHA financing. Ar my concerns unfounded?
Good luck.
Keith , that’s a great idea, but since I’m 3000 miles away and no plans to move back, I really don’t want the right of first refusal. I can do much better investing in real estate in Panama — tax free and no property taxes & without paying an arm and a leg to a real estate agent to sell for me.
Kenneth, yes I was concerned about the FHA financing that it could take forever but since the buyer is the agents daughter, I have a feeling it will get pushed through (hopefully). They have a close date of 3 weeks away.
I sold a house last month and the buyer got FHA financing through Quicken Loans and it closed in 2 weeks with no hassles. They actually wanted to close earlier than the close date on the contract. Amazing!
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