Cant Sell Traditionally
I am having trouble selling a rehab I did. Bought it for $55,000 13 months ago. We spent around $25,000 rehabbing it. We had some really solid Comps for around $100,000. Listed it with a local agent last august at $104,900. very very few showings the first 3 months. We then lowered it to $99,900. Got an offer around new years for $96k. They flaked out a few days later. We then got an offer in february for $94,500. They backed out due to inspection, without letting us rememdy anything. Then we had an offer at the end of April for $93,000. They requested we upgrade electrial so I stuck in another $2,000. The night before closing they lost financing. We then switched to our number #1 remax agent in the area. Started at $93,900, nothing.... Dropped to $89,900 in June, nothing..... Dropped to $85,900 in July, nothing.... Not one offer with our new agent. Talk about frustrating. With holding costs, if I sold it at $85,900 I would be losing big $$. My agent isnt offering much advise other than to "keep plugging away at it" even though we have been doing that for a year. Anyway we need to sell or refi soon because I owe a few people alot of money, not to mention credit cards that are killing me. I am thinking of pulling the listing and trying to sell it on a lease option but have never done that before. I cant lower the price anymore. Anyone have any suggestions on what to do?
Bill
I would refinance it, pay off my investors then lease option it.
raise the price to market value again
Sell value, SELL VALUE!!!!! Sale the features and benefits of the house, sale the lifestyle. A little of advertising it yourself may help as well.
you put 25k into it and it still had problems that needed to be fixed with the home inspection? I hear you with the flooded market, Oshkosh seems about the same way.
how many people can honestly owner finance after putting 25k of your money into the deal....thats what it sounds like the OP did.
Thanks everyone. I didnt think I would get any more replies on this. I ended up selling the house for $86,000 last week. In the end I lost about $6k not including my time. I was at the point that I was going to try selling it on my own again but an offer came in the next day. I was dreading having to do that though. I owed people money (including my parents) and I would have had to refinance to pay them back. I also just got so sick of having this house, I couldnt stand the thought of owning it another year or two. What a swing though. Had I sold it with my original offer almost a year ago I would have PROFITED about $15k and instead I lost $6k. Thats a big difference for me. I learned alot about rehabbing and can see the mistakes I made but needless to say I am nervous to try this again. Thanks again to you all.
To get over your fear you need to "TRY A LITTLE HAIR OF THE DOG THAT BIT YOU."
Quote:
On 2005-11-11 22:20, getitqwik wrote:
To get over your fear you need to "TRY A LITTLE HAIR OF THE DOG THAT BIT YOU."
What does this mean?
You know the old "Fall off the horse" scares you , get back on. Have a fear of dogs, play with them, own one. Had a bad hangover, have a drink of what set you off. That kinda thing. Just a country saying. Afraid of clowns. Touch one talk to one get close to one.
Sounds very similar to deals here in Florida.
Question: What are your goals for the property?
Do you want to be a landlord and get the cash flow? Granted there are hidden expenses you should expect such as maintenance other other charges from the management company.
Do you want to flip it? Will the builder allow this, here in FL they are getting wise and require you own the property for a set period of time before selling.
At a high level it can be a good cash flow property.
Rav
I would talk with Chicago Title. They are the best title company around (in Illinois anyways).
Please help...We are trying to do exactly the same thing.
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