need a life preserver part II The details - Posted by Alex S. FL

Posted by Jim IL on December 22, 2000 at 17:13:09:

Not sure why this home is not selling.
But, I’m sure that it will eventually.
Maybe you need to buy some time to hold it.
Refi it.
At the numbers you gave, you should be able to do so.
And with that, stave off one payment for 30-45 days.
Then when that takes place, go nuts marketing the home.
and sell it however you want.
You will be leaving some of your equity in the home, to appreciate.

Just my $.02,
Jim IL

need a life preserver part II The details - Posted by Alex S. FL

Posted by Alex S. FL on December 22, 2000 at 12:40:14:

Here’s the deal,

1)hard money: 49,500
2)rehab costs: 11,000
3)labor: 2,500 My time and a helper
4)no balloons except for hard money
5)sales range from 70 to 86K for similar sized homes with in the same
neighborhood. Ours was priced at 86,900 at the start since reduced to
79,900. Sales are from the last six months within a square mile via tax roll
info and have also been speaking with two area realtors both of which
confirmed my findings.
6)Approx. 9,000 in the house right now including: electric, water, interest
on credit cards, inspections, insurance, tenting etc.
7)payment’s: 562.00 month ( house ), 100.00 month ( home depot and Lowe’s ),
credit cards used for rehab money 160.00 month. 820.00 month total not
including water and electric.
8)Local rents I’m not sure?
9)It is listed through a heavy hitter broker that I used to work for that
specializes in that neighborhood at a reduced comm.
10) I have been running ads in the local paper since it was ready to show.
Just recently offered L/O terms and pay for some Closing/Costs( have done
that since the inception ).
11)have been marketing since the beginning of October. January 8th was the 6
month scenario deadline. It did take 3 months to rehab which is part of the
12) I originally thought maybe the election had some effect along with
price. I was probably to greedy hoping to get top dollar.
13) There has not been many phone calls or showings and holidays are tougher
to sell from my experience in real estates sales. No offers, really no
substantial activity at all.

I have become educated by trial and error that I did not buy it at the right
price and also going over budget does not help either. At this point I would
like to cut my losses and move on to more deals I’m trying to realize a
dream of mine and just want out to try again. I will repost this info and
see what happens. Thanks for your help