All Forum Posts by: Mary E. Taylor

I think you should raise rent without guilt, even if the persons family is not a millionaire. (BUT especially if they ARE a millionaire!!!!)  It almost sounds like it’s been forced upon you to rent for such a discount.  It’s not the first time a property owner has been manipulated. I will be honest, my prediction is you end up selling, I’ve worked with a lot of motivated sellers who often find that selling is the way they justify coming to an end of the relationship with a person paying rent for a long time….if you do sell, it’s not the worst thing and it often can be blamed on “hey, sorry, I need the money from the sale.”  It is YOUR choice but I do It…. anyone paying that little in rent will come out with the waterworks in tears to get you to not do it. At some point it has to become cut & dry, whatever you do.  One thing about America is there is always some new government program if people really do need help paying for a place to stay and I am sure between you, the renter, and the millionaire putting heads together this tenant can find a new roof over their head without you having to feel obligated to be so far under market value.  

So it is better to list and sale the property than increase the rent for new potential renters and make $1000 per month? 

Aloha,

You need to make a business decision, and leave the emotion out of it. Simply send a notice to the tenant and the family friend that while you appreciate their tenancy over the past years, you have decided to sell at market rate and will need the property vacated within 90 days (or as required by law for this scenario, but give them an abundance of time, particularly considering upcoming Holidays) in order to prep for sale and start marketing efforts. Advise them they don't need to worry about cleaning, but do need to ensure all personal property and rubbish has been removed before turning over the keys. Don't let them lowball you to buy it "as is" either! You will likely give up $10's of thousands of dollars by doing so.

Once it is vacant, make minor repairs to ensure everything is neat and functional, give it a fresh coat of interior paint, then polish everything including the windows!

@Mary E. Taylor - I don't remember exactly. The reserve price was never posted. It just read: reserve not met... until it did, then it will just say: reserve met.

Quote from @Mary E. Taylor:

Quote from @Que Tran:

Quote from @Mary E. Taylor:

Quote from @Que Tran:

Love Hubzu!  I've bought 3 through that auction site.  They don't play games like auction.com, which allows the seller to bid up the price, and the recycles the listing if the reserve is not met.

Did you always hit the reserve price or did you get counter offers back I ask because we currently offered the starting bid and it ends tomorrow so it's been on the mls for three months owner occupied here is the  Sale history

10/14/22 Price Changed

CHTMLS

Price Changed

$127,000

-14.8%

$149,000

9/16/22

474%

CHTMLS

-9.7%

8/18/22

Listed / Active

$165,000

CHTMLS

736.3%

Sold

7/21/22

Public Record

$19,730

 Hi Mary, This was pre-pandemic:  1 went over asking. 1 was at our 1st offer (but no other offers), and last one was multiple offer (but it didn't go as high was listed price).  They never did counter.  What ever price the auction ended at, was the sold price, plus a buyer's premium.

 Thank you so much for your reply I hope my situation is very similar!!! They have waived buyers' premiums and tech fees as well. I have put an earnest money deposit down and showed proof of funds.

 @Mary E. Taylor Good luck, please update us on how it goes.  I'm getting excited and anxious for you.  Ours always ended on a weird day, at 10 pm.  For every new bid placed, it added 15 additional minutes to the clock, so be prepared to watch it late at night.

Quote from @Mary E. Taylor:

Quote from @Que Tran:

Love Hubzu!  I've bought 3 through that auction site.  They don't play games like auction.com, which allows the seller to bid up the price, and the recycles the listing if the reserve is not met.

Did you always hit the reserve price or did you get counter offers back I ask because we currently offered the starting bid and it ends tomorrow so it's been on the mls for three months owner occupied here is the  Sale history

10/14/22 Price Changed

CHTMLS

Price Changed

$127,000

-14.8%

$149,000

9/16/22

474%

CHTMLS

-9.7%

8/18/22

Listed / Active

$165,000

CHTMLS

736.3%

Sold

7/21/22

Public Record

$19,730

 Hi Mary, This was pre-pandemic:  1 went over asking. 1 was at our 1st offer (but no other offers), and last one was multiple offer (but it didn't go as high was listed price).  They never did counter.  What ever price the auction ended at, was the sold price, plus a buyer's premium.