Posted by Gene on January 10, 2008 at 14:14:21:
>>>>>>>>>>.My realtor said that because it is occupied, buyers are bypassing it. >>>>>>>>>>
Buyers are passing it buy because its priced too high.
You need to do homework on your own. It seems to me you have put too much faith in your realtor.
Gene
NEED Help in Selling Second Home in FL - Posted by Jeannie
Posted by Jeannie on January 10, 2008 at 12:41:39:
Our tenant will be leaving this Feb. and we are in desperate need to sell the property. It is currently listed with a realtor since November, but we would end up defaulting on the mortgage if it doesn’t get sold soon. Any ideas as to what else we could do? The listing price is $279900, we owe $230000; we purchased this in 2006 for $250000, we thougth we will move to flordia that’s why we bought it, but we changed our mind because of our kids school, etc. I know, it was a dumb decision, mostly on my part. Now, I am desperate to find a buyer; we are even open to Lease to Own. Thanks for any help you could give me!
Re: NEED Help in Selling Second Home in FL - Posted by Broker in Florida
Posted by Broker in Florida on January 14, 2008 at 08:12:36:
Jeannie,
You are not alone in your problems. This is happening all over. I would suggest that you just lower your listing price as low as you could possibly go. At $279,900.00, you are probably in that price range where there aren’t many buyers right now.
Try dropping substantially to around $245,000.00 Also, you may want to advertise the possible lease option, owner financing, etc…Getting a renter in there to offset some of the costs could probably help you out also.
Johnny Davis
Platinum Professional Realty PLLC
Broker/Owner
Sound the Alarm… - Posted by JT-IN
Posted by JT-IN on January 11, 2008 at 04:08:26:
“we would end up defaulting on the mortgage if it doesn’t get sold soon”
“we purchased this in 2006 for $250000”
“we owe $230000”
I will cut to the chase for you… Any new home purchase in FL in 06 for 250K, is worth less than 200K now. What you need to do is face the hard and cold facts, price the property accordingly; 179.9K, or thereabouts. Yes, that is less than you owe, but if your other option involves defaulting on the mtg, then you need to explore a short NOW.
You need to eliminate the delusion of the property selling for 240K, with or w/o the tenant. The tenant in place is only prolonging the inevitable, which is default or selling for less than you owe.
List the property at 179-189K, subject to lenders approval of a short sale. Contact the lender and request aa short sale pkg… Get the party started because a short sale is going to be way better for you than an outright default. Yes, neither will be all that pleasant, but trust me, if you can avoid the default, do so…
JT-IN
Re: NEED Help in Selling Second Home in FL - Posted by camgere
Posted by camgere on January 10, 2008 at 15:42:03:
Based on your comments there is nearly a $40,000 gap between your asking price and your “I’d settle for” price. Your asking price could easily drop $10,000 to $20,000. Most buyers don’t want to deal with delutionary sellers.
Selling a house with a renter in it is hardly optimum. When the renter leaves clean the house really well. There is a big difference between wiping a damp sponge over a counter or floor and declaring it clean and cleaning it until it actually is clean. Guess what most “cleaning ladies” do?
Most women buyers simply will not buy a house with a dirty kitchen or bathroom.
I guarantee the garage will look better empty even if it is only given a quick once over and aired out.
Most rooms look much better with the blinds up, the drapes open and the sunshine pouring in. How many renters will leave the drapes open so you can sell your house?
Do some light staging. Pictures, glass tables, vases. You don’t need Ethan Allen living room and bedroom furniture. Whenever you walk in a room there should be something to look at. Otherwise your eye starts looking for imperfections (and usually finds them). You might find someone who will do “very light” staging for $1,000 or so for the first month. If your realtor can’t help your with this be afraid.
Watch a couple episodes of “Sell This House”. They stage houses for under $1,000. Empty, clean and a little gee-whiz.
You haven’t really exhausted the possibilities. Get the price right and the house looking right for your best shot. This is a job interview. Look your best.
Re: NEED Help in Selling Second Home in FL - Posted by Jeannie
Posted by Jeannie on January 10, 2008 at 15:37:28:
Jeannie,
Unfortunately,
You are in a market in Deltona that was extremely overbuilt and there are several foreclosures and short sales happening every where. I would fire the realtor if they don’t do what you want and immediately hold a fire sale. List it for $220,000 and the buyer pays all closing costs. If you have to hold on to it for another year with monthly costs and the market still heading down you will lose $20,000 easily. Good luck to you.
Best Regards,
Eric
Re: NEED Help in Selling Second Home in FL - Posted by Gene
Posted by Gene on January 10, 2008 at 14:16:47:
Lower the price. Price is the #1 factor for buyers.
If it hasn’t sold its because it is priced to high.
Re: NEED Help in Selling Second Home in FL - Posted by michaela-CA
Posted by michaela-CA on January 10, 2008 at 12:58:58:
Jeannie,
you have almost 50k between your mortgage and asking price. agent commission is what - 5%? You have room to lower the price
Michaela
Re: NEED Help in Selling Second Home in FL - Posted by Lynn (FL)
Posted by Lynn (FL) on January 10, 2008 at 12:52:48:
Jeannie,
Where in FL is the property located? I’m in the NW panhandle.
Lynn
Re: Sound the Alarm… - Posted by Eric in FL
Posted by Eric in FL on January 12, 2008 at 09:16:35:
JT,
Unfortunately, it’s worth more like 150k. Deltona is one of the worst markets in the Orlando MSA and it’s going down like the Titanic. I don’t know if it would sell at 150k at this point either. Wait, because the ride has just begun.
Best Regards,
Eric
Re: NEED Help in Selling Second Home in FL - Posted by Rich-CA
Posted by Rich-CA on January 10, 2008 at 18:52:08:
Excellent advice. Saves me from having to post.
Re: NEED Help in Selling Second Home in FL - Posted by Jeannie
Posted by Jeannie on January 10, 2008 at 13:46:49:
I am open to selling it to $240000, but have the buyer pay for all closing. My realtor is aware of this as well, but I guess he wants to sell it to a higher price so he could get a decent commission (6%). I am against signing it over as “subject to”. I’ve heard a lot of horror stories.
Thanks.
Re: NEED Help in Selling Second Home in FL - Posted by Jeannie
Posted by Jeannie on January 10, 2008 at 13:02:58:
The property is in Deltona, FL. Twinlakes Subd. It is in the only gated community. A really nice property and location. My realtor said that because it is occupied, buyers are bypassing it.
Re: NEED Help in Selling Second Home in FL - Posted by michaela-CA
Posted by michaela-CA on January 10, 2008 at 13:50:42:
Jeannie,
I’ve sold a house before by lowering my price to rock-bottom with the comment that this is firm and buyer would ahve to pay for any other closing cost or closing cost could be added on and then paid by seller.
You shouldn’t worry about what your agent wants. If the house doesn’t sell he gets nothing. You need to take care of yourself and your agent should be serving you and not the other way around.
Michaela