Struggling On How To Sell Property
Hey all pros. As every "pro" will say, "You have to have a complete strategy when doing CREI, which includes how to purchase a property at a good price and then exit the property." I've bought one property through a short sale (conventional) and am working on another (FHA and lender has agreed to go 82% of pending appraised value. This property also has a second that has agreed to short.
I'm struggling on how to sell either or both of them. Do I use the same strategy on both? Different strategies? What? No, I don't feel I'm being greedy and no I don't want to just give the property away for $5K profit. With the first property I've spent considerable time and $$$$ getting it into shape so I need to get something within reason for it. So I've considered:
1. Auction
2. No Discount
3. Contract for Deed----I'd rather not have to wait to get cashed out.
4. Realtor--rather not wait longer than I have to and have to TRUST that the realtor is being aggressive on selling the property.
With that being said, I'd like to develop a common exit strategy to use on current and future properties to get a "GOOD FAIR" price for them-----not retail. In fact, aside from my FOR SALE sign just placed, I also bought "MUST SELL - MAKE OFFER" signs so I'm more than willing to sell below retail.
What do you think? Any feedback at all will be truely appreciated.
Jim
I don't like auctions unless you absolutely, positively have to have the money ASAP. Instead of giving it to a realtor, why not consider selling your own property yourself.
Depending on your area and local economy, you could put up a web page listing the property, with lots of pictures and detailed descriptions, then run a classified ad in your local newspaper pointing to your web site plus your phone number.
Be sure to list all negatives, I think this leads to an air of confidence in the buyer feeling he's dealing with an honest seller.
You will maintain control of your deal, and can pass on some of that RE percentage to the buyer in the way of more flexible terms.
Speaking of Flexiterms, look into selling to someone with very little down --- say 5%, for full price, and having them do a refi within three years to get you your money.
Good luck
[addsig]