Posted by Corine on November 29, 2007 at 14:52:54:
Can’t wait to hear who persuaded you into this Idaho deal…was is Suzanne Goulet from the REIA group in San Diego.
Need help selling bad investment - Posted by Debbie
Posted by Debbie on November 28, 2007 at 17:51:18:
I am a part-time real estate investor. I typically buy single family homes in San Diego to rent out, and currently own several homes that are carrying themselves. Unfortunately, in 2005 I was talked into buying a pre-construction home in Boise, Idaho. Long story short, I now own a brand new, beautiful semi-custom home in a new home development with a mortage of $2400 that only rents for $1200 a month and is bleeding me dry. I have had it listed with an agent since February and have dropped the price but there is NO activity. I am willing to walk away from this house and chalk it up as a bad investment but I don’t know where/how to find potential buyers or investors. Here are the numbers: original sales price $299,900. Appraised at $337K in 2006. Now listed at $309,900. Current mortgage balance is $293,000. Any help or advice would be much appreciated.
Re: Need help selling bad investment - Posted by Rich-CA
Posted by Rich-CA on November 28, 2007 at 18:25:45:
If you want to sell, you have to go where the market is. That means lower the price more. BUT FIRST:
Check the comparables for sold/pending properties. Actives have too many unrealistic prices to be useful. Also find out what the foot traffic (number of calls, number of showings) is on the listing.
If the foot traffic is good, look at what may be keeping people away from making a decision. I am a big fan of staging a property. A good staging company can make it look like a model home. You WANT your house to be the one people remember.
Oh, and if the house is occupied, it will NOT show well.