Hey guys. Any Maryland investors out there? However, this topic is Open to whomever responds. I’ve been talking to this lady who really wants to sale her home so that she can close on this other one. She has made quite a few updates to the property, however is having a hard time selling it. Its been on the market for 40 days (which is a long time for Southern Maryland). She’s listing it for 322k (Comps revealed like houses selling low-298k high- 350k). I believe the reason its not selling is because its a two level rancher (which i believe was originally 3 bedroom). However, she turned the bottom level into 3 more bedrooms (this is taking away from living space). She said she owes 210k and wants to sale fast. I’m thinking of making an offer of 241k (after deductions for holding costs and 15k deduction for opening the bottom level up) What do you guys think? Do you think 15k is too little for opening up a 1150sq ft. basement?
dlmcgill
Hi Swirlaze. Not sure what you mean by ‘Term’?
Hi Swirlaze.
You’re a Maryland investor. Awesome but out of curiosity, is it expensive?
Not for the area. Most like properties are selling around 330K
You spoke to a lady who want to sell it so she can close on the other one? What does this home have to do with the other one??
The sale of the subject property is contingent on her buying the new one.
A two level rancher? What’s that? If those are the update you mean, that can be why, where do they live if they took away the 3 bedroom???
It’s more like a split-foyer. The house is in Southern Maryland (20 min. outside of DC). She turned a 3-bedroom house into an 8-bedroom house, which eats up living space. People in this area prefer living space when buying. Unless its a big family that plans on only sleeping at home 
15k deduction for opening up a 1150sqft? Why would you want to open it?
To create more living space. It will show better (in my opinion).
I spoke to her yesterday and verbally informed her that I could offer 245k tops. She didn’t sound enthused about that verbal offer. So, advised her to try leaving the property on the MLS a little longer and it may Go! I mailed her a follow-up letter this morning.
Thanks
dlmcgill
Hi Swirlaze. Sadly I agree with you. But I am curious to know how you determine that she’s not anxious from what I told you? I think that is really high-powered perception you have.
Oh, and I agree with you 100%.
Just wish I could sharpen my perception. Or maybe just trust it more ;D
Hi Swirlaze:
In your experience, have you noticed that sellers who use realtor’s are not as desparate?
I am getting a lot of calls from sellers who are also listing through a realtor. Not sure why they would do that??? ‘They’ being the Seller.
dlmcgill
Dlmcgill,
Hi there. I’m in Maryland (born and raised in Montgomery County) and I know how hot/crazy this market is. Not too familiar with southern MD/Eastern shore but can anticipate that it is fairly moving.
That being said, I too have been getting some calls lately with people listed with Realtors. I think one of the reasons they’re calling is that the market has turned somewhat; it is not as “hot” as it once was. 1) interest rates are slowly rising 2) winter is coming 3) people are not writing contracts on the hoods of their Realtors’ cars anymore. I believe that nationally, it usually takes about 90 days to sell a house; in this area for years people have been used to their houses selling in a week, tops. So I think they are starting to panic, for a lack of a better word, and starting to look outside their Realtors if things are not moving.
All of those who called me who were listed still want market value. And in that case, since renting is usually not an option here in my area with rents being as high as a mortgage payment in that situation, I tell them (as you did) to stick with their Realtor. . . and to call me when they want to move their property quickly (understanding that it would be at a discount, or when their listing has expired as they want to do the same.
Immy
Thanks Immy. It’s good to know that I am not alone Have you had any luck with the Seller calling you a second time after you advised them to keep trying with their realtor?
dlmcgill
Since most of these realtor -listed calls have been at the beginning of November (I don’t know, Xmas panic maybe??) I have not followed up with them. . .yet. What I’ve done is gotten the MLS number on the house from homesdatabase.com (good for MD,VA,DC,parts of PA only) and I “track” it. I also have an agent who I have somewhat of a professional relationship with and he gives me the 411 on the house that is not listed in the above website. Since it has been almost 3 weeks, after Thanksgiving my plan is to start calling back those whose houses are still listed.
Since they are not calling ME again, I know they are still not the truly motivated seller I need to be working with. One thing I have learned since starting this in August is that patience is the key and it’s somewhat of a dance that you end up doing with some of these people.