Real Estate Sale Without Agent Help

Discussion in 'Real Estate' started by SCNCY, Sep 4, 2019.

  1. SCNCY

    SCNCY Well-Known Member

    Sep 11, 2009
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    La Fox, IL
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    +1,736 / 102 / -1
    I got a surprise e-mail this morning from my property manager. I currently have a single-family (2 bed, 1 bath newly renovated) house in Kansas City, MO (Waldo neighborhood) that I am currently renting. My property manager, who is also a realtor, e-mailed me this morning interested in buying the house from me.

    I want to grow my rental business and I have been looking for ways to extract the equity I have built in this house. I have been having a problem with banks extending financial lending to me in order to grow my rental business in the form of a cash-out refinance or in a HELOC. The reason being is because I am using the property as a rental.

    I originally planned on selling the house when the current tenant's lease is up in April, so this would expedite that process. However, what I need help for in the Cyclone community are the following: Real Estate Attorney, Appraiser (I want to have the house appraised myself), a bank experienced in closing and a 1031 exchange. I want to try and sell the property without using a real esate agent to save on the fees since I already have a buyer. Please let me know of some people who you have used in Kansas City.
     
  2. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
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    Talk to your banks loan officers and they can provide you with a couple appraisers. Things are crazy now and you are probably looking at 4 weeks and up to 6 to get one completed at regular rates.
     
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  3. Pat

    Pat Active Member

    Oct 20, 2011
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    Granted, I’m a cynic, but if your realtor/property manager cold-emails to ask about buying, I’d want to be darn sure that you have all of the info that they have.
     
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  4. isufbcurt

    isufbcurt Well-Known Member

    Apr 21, 2006
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    Regarding the 1031 exchange just know the time limits for identifying and closing on the new property. I've had some clients who do the rental property thing do this and it's not that complicated if you meet the dates. The rules are pretty simple, but feel free to PM me if you need help.
     
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  5. kchacker

    kchacker Well-Known Member

    Mar 1, 2012
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    I know an independent appraiser who lives in Olathe. He's been doing this work for 10+ years. Shoot me a message if you'd like his contact info.
     
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  6. SCNCY

    SCNCY Well-Known Member

    Sep 11, 2009
    3,751
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    La Fox, IL
    Ratings:
    +1,736 / 102 / -1
    This crossed my mind as well. Her intended purpose is the same as mine, which is to rent it out. Knowing that, there are two things she could do. 1) I may be renting the property under market and she could raise the rent. I don't think she could raise rent that much based on other rents in the area. 2) maybe she will add a third bedroom and sell it for more money. I don't think number 2 is possible because I am not sure where you could add a third room.

    But to go anti-cynic, my property manager/realtor and I are in different places in our lives. I am 32 and looking to buy more properties and have more doors to collect rent from. Problem is that I don't have money to purchase additional properties because it is tied up in equity I cannot access. While my realtor is close to retirement age and probably wants a low maintenance (newly renovated) property with solid cash flow.

    My plan was to sell the property once my tenant lease was up anyways, this opportunity will allow me to do it quicker and move on to a duplex or possibly a triplex as opposed to a single-family.
     
  7. maureenowaters

    maureenowaters New Member

    Sep 3, 2019
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    Dubai
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    I agree with you.
     

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