Posted by eric-fl on July 19, 2001 at 23:33:10:
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Need ways to get expensive home sold fast? - Posted by Earl
Posted by Earl on July 19, 2001 at 07:03:09:
I just got a home under contract on a subject to deal for $158K, payments are about $1672 piti and home is worth about $210K. The sellers have been trying to sell home for about 9 mos. before they contacte me about their home. The home need some repairs, paint, holes in walls upstairs, about $3-5K in repairs. I would like to get home sold as-is witin 60 days. I have do not make any payments until find a suitable buyer or the seller can void the agreement. What would be a good ad to run to sell this home quickly, and what kind of terms, should I use to structure the sale of home. Since the home has a lot of equity, I would like to cash out within a year. I think I should sell it owner financed, since it is priced over $200K.
Thanks for your advice,
Earl
Re: Need ways to get expensive home sold fast? - Posted by eric-fl
Posted by eric-fl on July 19, 2001 at 09:01:46:
IMO, the fastest way to sell this home would be to fix the things that are wrong, since they are minor, and then sell it. People in this price range are not stupid - they expect a house to be “finished” when they buy it. And if it is not - look out. You’re going to be coming WAY down on price. People in this price range are the kind who send the custom drapes back if they are a quarter inch off - I know, I’m one of them. For instance, my wife just beat up the builder on our house because apparently the carpet was from two different dye lots - (it was really bothering me, boy! - NOT) and so now they are replacing the entire carpet. These are the kind of people you are dealing with in this price range - people like my wife. If you finish this house, and then sell it offering owner financing, I should think you will be able to sell it quickly.
As an alternative, you could employ a “fixer upper lease/option” technique. There are a lot of little things to look out for in this, because when you do them, you’re having the tenant do the work, and make draws for materials from the local home center. You really have to have your ducks in a row when doing this. I don’t know how the offer would play in that price range, but it’s something you could try if you are adamant against doing the repairs first. Vicky Cox (past president of NAREIA) has a whole course on this.