If you’re going to sell a house at retail, using only cash buyers via the MLS, then it’s really a waiting game. I’m not sure what any REALTOR would be able to do to speed up the process, given the fact that it’s the buyer’s agent that actually does 95% of the work. If you’re not going to attract buyers from any other angle (Lease to Own, Seller 2nd, etc.) then you’re doing the most possible.
My approach is to sell house via the MLS, using broker who works on a discounted basis. I know all he’s going to do is put it on the MLS, and change the price if I want it to, and sometimes take calls from folks who call him instead of me. I pay him 1% if a cash buyer WITHOUT an agent buys, .75% to him + 3% to another agent in a co-broke transaction, and $500 if I lease it out, knowing that if my tenant leaves I’ll relist with him and do it all over again.
Posted by Devaki on December 18, 2002 at 14:48:24:
Hi! In July my partner and I purchased and rehabbed 2 sfh putting in close to 200K of our own money. The homes turned out great and went on the market Oct 6. However, due to some bad advice and a rather lethargic realtor, we lost a month and a half with the house just sitting, no showings, no ads, no adv with winter close at our heels.
Since then I broke off the contract with the old realtor and am now working with a realtor who has been an investor himself for 20 years (so I feel I am in good hands).
We got a contract for one of the homes Nov and after the closing was postponed twice, I’ve just learnt that the deal has fallen through since buyer’s dad backed out. So now both homes are back on the market.
I have begun working with a mortgage broker to get our cash out from one of the properties in a hope that the other one will sell soon enough.
What I’d like to hear from those of you who’ve survived the rainy days is:
Q) The homes have been on the market 60 days. With winter here and the slow market, how much more time should I give it?
Q) After that, what are my options? What would you do with these properties? (Each of these have 3BR, 1 1/2B)
(PS: One of my earlier emails evoked an opinion that people would want to answer a question that required some thought and creativity…hope this fits the bill. After all, small beginnings have small dilemmas! PLEASE HELP!)
Posted by IB (NJ) on December 18, 2002 at 17:05:27:
I too have a house that’s sitting a little too long for me. Someone on one of the cre boards suggested I offer seller financing, create my own note, and sell the note at closing for (hopefully) 92-95% of its value. I’ve already talked to sunvest (note buyer) and looking at some others. I’ll be advertising ‘owner will finance’ this weekend. What really makes the whole thing attractive is that I don’t have to deal with mortgage brokers and buyers suddenyly ‘falling through’. I’m told the whole thing can take only two weeks. Has anyone else tried this?