Love Letters. Real Estate

[ultrarunner]

I think.abundant gravity water is high on the list of many relocating... at least from parched locals...

One thing often overlooked is fire insurance... Seen too many deals fall apart over insurance which traditionally was mostly an afterthought.

 

[goeduck]

One thing often overlooked is fire insurance... Seen too many deals fall apart over insurance which traditionally was mostly an afterthought.

In CA I bet that is a HUGE issue. Not an issue here... yet.

 

[ultrarunner]

Good to know future neighbor… just kidding.

With carriers leaving the State and premiums of three to four fold if available to new owner it is one more piece putting it all together.

Some mortgage free are going without Fire and only buying liability and then there is limited insurance of last resort through the State.

 

[California]

I think I've mentioned that my insuror departed California after disastrous losses in the mega-fires. Then the local Agency said they couldn't find coverage from the remaining companies they deal with for anything that is over 50 years old and never was made code-compliant.

A neighbor referred me to his State Farm agent. That guy refused, but referred me to another guy who sells State Farm among several brands.

This third guy offered coverage at 5 times what I was paying, from a company that seems to specialize in old shabby motorhome parks. I negotiated dropping several sub-categories (not much risk of theft here, and I can afford to self-insure the old farm equipment and welders etc). Also he upgraded my property description from non owner-occupied to owner occupied, on the basis that while this isn't our primary home, it also isn't rented out. Liability insurance is now the same coverage I had before, fire insurance similar but larger deductible, no theft insurance. Total cost 3 times what I had been paying before, and I'm dealing with a company that has no California presence. (So a claim would be a nightmare). Basically I bought representation to stand between me and a liability claim, and rebuild money in case of total fire loss. This policy would never meet a lender's requirements.

 

[goeduck]

I received one of these offers in the mail today for a 1/2 acre view parcel that I have. $76K Price was about what the county assessed value is. Interesting, but I am not going to bite.

EDIT. County has it at $59K. Offer was $17K more than the County has it.

Still not biting.

 

[two_bit_score]

Unless you would actually sell, be careful that could create a binding contract if they accept.

I appreciate the concerned reminder. In Texas the statute of fraud requires a written contract signed by both parties in the sale of RE so I was in no jeopardy. However, if they would have accepted my terms I would have been presently surprised and fulling willing to close. It was that favorable to me.

 

[dmccarty]

A family member got two letters this week.

One was from a guy in Texas who is really low balling the offers. We have received his "offers" as well.

The latest was from someone looking to buy land to "homestead" with his family which includes two kids. No mention of how much the guy wanted to pay. This letter might not be from a scum bag but the land is not for sale.

Later,
Dan

 

[2manyrocks]

They should save postage and also offer an extended car warranty, replacement windows, a medicare advantage plan, and burial insurance.

 

[thebmrust]

Just read that Oregon is passing a law to make these letters illegal. Apparently people include a picture of themselves, kids, pets etc, and that trigger the racism in the seller.

Oregon bans home buyer 'love letters'

The letters could reveal personal information about the buyers that could lead to discrimination, or even the perception of it.

www.kgw.com

Wish I could live in Oregon where the politicians try to control freedom of speech!

Per the topic of the thread, "love letters" are only sent when your house is on the market. "Love letters" are not general solicitation letters sent out to buy your propery not on the market.

Just found a letter this morning from Jacob Reed, per Dash Holdiongs LLC from Greenville SC this morning and he found my land while searching through public records at our county office.

He would like to buy 30 acres of my land for $62,000. With an offer like that, it's hard to say no.

1 acre in or near town is going for $150,000 around here. Out of town you can’t buy an acre.

 

[thebmrust]

As for the various comments about saving/wasting a stamp and the postmaster getting involved.

Well, dropping a letter in a mailbox w/o a stamp means the govt doesn’t get its cut. That’s why putting an in stamped letter in a box is “illegal”. The act is just communication, using YOUR mailbox without a tax… I mean “stamp” upsets the guvmnt.