17 Aug Parents were offered 25k over asking on a fixer. How worried should I be for them?
My parents were offered 385k on a house listed for 360k two weeks ago. Now, my parents have always had some unrealistic expectations regarding selling their house:
They asked 5k below comps on a house that needs at least 20k worth of work (flooring, cabinetry, plumbing, wall repair/repaint, major nicotine staining on literally every surface… it needs a lot of work) done.
They listed it two weeks ago, in a slow market (2-4 month average time on market, not uncommon to see houses sit for a year), and expected an immediate offer.
When they didnt get an offer in a week, they lowered the price by 5k and were utterly floored when they didn't see an offer that weekend.
Now they've had an offer that sounds… way too good to be true. These folks say they have a preapproval, but that paperwork evidently wasn't included with their offer. The bank they told my parent's agent they went through has a huge reputation for a preapproval being a long way away from an actual approval anyway. And they're offering 25k over asking, when the asking price was pretty unrealistic anyways.
I don't know a hell of a lot about real estate, as I'm only just in the process of buying my own first house, but I'm worried for my parents.
These are people that actually fell for the ever-famous "I'll paypal you the money and send my courier tomorrow, just pay him the overage" scheme after speaking with a paypal rep who insisted it was a scam. They're gullible as all hell. So I'm worried they're at least going to be majorly disappointed if/when escrow falls through, if not outright screwed.
Does anyone have advice or reassurance to give?