Offering on a home owned by a company (1 Viewer)

[Cliff Clavin]

I'm looking at putting in an offer on a house that is currently owned by a major corporation. The previous owner was relocated and part of his relocation agreement was that the company would buy his home from him if he couldn't sell it in X days. The house has been on the market for about 4-5 months. Initial ask was $480k and has since dropped to $410k. $410k is about the right price according to my agent and also IMO based on similar homes we've been looking at. Found out the information from a guy who knows the guy.

What's the play here? Would the company just take what it can get to get rid of the place?

 

[geewill]

This is the exact scenario we had when we bought our current home. Price had already been lowered a couple times and we went in with an offer even lower and below market. Relo company accepted immediately. Makes me think we should have gone in even lower. Was very easy process working with them (unlike bank owned).

 

[chet]

offer 370

 

[Cliff Clavin]

This is the exact scenario we had when we bought our current home. Price had already been lowered a couple times and we went in with an offer even lower and below market. Relo company accepted immediately. Makes me think we should have gone in even lower. Was very easy process working with them (unlike bank owned).

Did you work directly with the company or their agent?

 

[Baloney Sandwich]

offer 370

Sounds about right, I was going to say 375K

 

[johnnycakes]

Find out from public records how much the company paid for it before making any offer.

 

[geewill]

agent.

 

[Cliff Clavin]

offer 370

Sounds about right, I was going to say 375K

This was my initial thought when I first found out the owner had been transferred and needed to unload. Now that he has been 'relieved' of ownership, would the company care about an extra $20-25k if I came in at $350? I can't imagine them wanting to hold onto this.

 

[Cliff Clavin]

Find out from public records how much the company paid for it before making any offer.

I don't know if they'd do the paper work on it right away. That would be a lot of added cost.

 

[Baloney Sandwich]

offer 370

Sounds about right, I was going to say 375K

This was my initial thought when I first found out the owner had been transferred and needed to unload. Now that he has been 'relieved' of

ownership, would the company care about an extra $20-25k if I came in at $350? I can't imagine them wanting to hold onto this.

Who knows but other folks might be interested in the house as well. I guess it depends on how much you want the house, my attitude would be to put in an offer that would grease the skids to closing on it. If I felt the house was worth 410K and I could get it for 385-390k I would be pumped. Conversely, if I low balled an initially offer and lost the house to someone that paid 385-390k I would be pissed.