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Any ideas for selling my house?


crzy2
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My husband and I have a house that we bought in June of 2006. We fixed it up and put it on the market in September 2006. After changing realtors, first realtor for a year, the second realtor for six months, and back to the first one again for the last 9 months, the house is still unsold!

We orginally had the house listed at $124,900, reduced it twice and is now priced at $96,350.00. The current assessed value is approximately $100,000.

Not much in the way of current comps since there have not been many houses like it sold in several (3-4) years. FYI property taxes ar $440.00 per year!

Does anybody have any suggestions on what to do next? The realtor advertises locally (not much help here; housing sales are habitually slow...even before this latest financial mess). Also the house is on the internet on the realtor's website.

Does anyone ever have luck with online selling of real estate? We have not looked into that possibility.

Looking for any creative ideas to move this albatross around our necks!! :(

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I think it's a little of both. For awhile it was being shown on a regular basis.

Comments on the property were all positive.

Early on we had two offers which of course never went anywhere...

Another point I need to make is that the house is vacant so there is no staging going on. Can't afford that anyway. The property is like new.

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Did your listing agents give you any suggestions or explanations? Have any pictures of the place that we can comment on? I'm not a real estate pro, but I just bought my first house a couple of months ago and we looked at *a lot* of houses. I might be able to give you a buyer's prospective.

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crzy- I just had a similar conversation with my neighbor. He listed his home for sale on my block and then the two neighbors next to him did the same within two weeks. There have now been three homes for sale next to each other for the past 6 months. All three are using different national realtors, set up open houses, and have reduced their prices to best one another. And no "reasonable" offers have come in (if any). Its now a real disaster for all three. Here is the problem...there is no appetite out there for home ownership at the moment. What's going on in my neighborhood is a classic race to the bottom in that buyer expectations are now flipped on their head. The attitude is now, "Why buy today when waiting a year could save me $20,000?" My neighbors could slash the price of the home 25% (which is a steal and way above local rent multiples that indicate true value), and still not sell the place. There is no winner here by selling into this market. I strongly urge that unless you're in a "bubble" market that could see further price deterioration, that you rent it out and take advantage of the tax incentives to do so. Then reevaluate the situation in two years. In the meantime, you get to write off a laundry list of items, depreciate the cost basis (straight-line over 27.5 years), and then take an above the line deduction against ordinary income. Take advantage of it and then reenter the market when the market is better balanced.

If you NEED to sell, then you need to set your place apart from all others. If you are competing solely on price, you're gonna get bruised up in this bear market.

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As an alternative, but in line with jq26, you could offer a contract for deed if you have a mortgage on the property. You will need to have an attorney draft the Contract for Deed. You want to collect a downpayment on the Contract for Deed, just like a traditional sale. The amount is up to you, but typically is not less than 10%. This sales terms are custom to the specific buyer/seller -but you want to craft acceptable terms before you market the property this way. The advantage to this kind of sale - the burden of maintenance, taxes etc become those of the 'buyer' and should the buyer default, you have the asset to sell again - possibly in a better market. You still want to vet your buyer.

Of course, if you own the property free and clear, you can hold the note and mortgage youself to achieve the same thing.

There is an increasing demand for these type of sales. Years ago, these kind of sales were much more popular and I see them becoming popular again in this credit market. This is not a contract that can be drafted by a realtor - it must be drafted by a real estate attorney familiar with the process. An agent can market the property (get an experienced one) - but, of course, can not use the 'standard' forms.

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Thanks to everyone for your responses.

Just FYI, we are actively trying to get the house rented (no luck yet after 3 months). And we are offering it with option to buy although the realtor's web page (see ShortBus's reply thread) does not state that. I just e-mailed my realtor to have her add that in.

We thought about e-bay but don't think we will get any bids near what we want. Does anybody know if you have to pay to put your house up for sale on e-bay? I don't know much about it.

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Well now I am going to tell you the real deal. Your photos su*k and if your agent doesn't know that, then fire your agent. In fact you should fire the agent anyway. (I am an agent, so I know what I am talking about).

The number one thing when you are marketing a property is the PHOTOS!!! Every property has good features and poor features. When you take the photos it is important to feature the very best about the home right up front. There are ways to take the photo to enhance the property - to showcase the property. Obviously your agent did not do that in these photos. Looks like they did a "drive by shooting!" How do you expect people to call/inquire if the photos do not reflect the house and the neighborhood? I did not see a virtual tour on the site you profiled - you can have 50 photos in a virtual tour to show the entire house and the neighborhood features.

The agent did not provide any benefits in the description. You never, never say one bath. It is the cardinal rule in marketing. You don't lie - but if you only have one bath, you fail to mention it. The marketing of the property is critical in today's market. I don't even have an idea of your pricing because I don't know your neighborhood, but with the failure of these elementary items it shows your agent either does not care or does not know better. So, get one that knows their stuff. This is no market to fool around with amateurs!:shock:

Sorry - off soap box now.

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I have to agree about the photos. even enlarged they are still too small...they do nor show amy room details, like the floors...just the windows...I hate too many windows.

I just think it would look better with an actual front view, it lacks curb appeal from here....

And some pictures of the back yard would be good too...8-)

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I actually like the sunroom and kitchen photos. I agree you need a different view of the front of your house. From the smaller view of the front of the house, it looks like it is in awful shape. when I clicked on the larger view of the front shot, I could see it was actually in good shape and nicely landscaped. But how many people are gong to enlarge it? And I agree with Whocares, I totally would like to see the backyard. When I was househunting, photos totally made the difference.

Good luck! I think you did a nice job!

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