jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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What would you do if you couldn't sell your house
So, my condo has been for sale since May. We have to move- my husband starts a new job 350 miles away on August 26th. We've had two offer fall though due to finance issues on the buyers part. It's a mess, I'm so upset and stressed. I am not in NY.
We've dropped the price over 10%. We are priced appropriately, and all the feedback is that people are looking for something bigger- I can't change that.
So I need ideas on what to do- eat my mortgage every month and keep it for sale and hope it sells soon? Rent if to a graduate student ( I live near 2 major universities). Call one of those we buy houses places?.
Help!
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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What would you do if you couldn't sell your house
I would rent it, but if you can't cover your mortgage, you'd have to be able to subsidize the rest. That sounds like the best option to me.
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YourMama
LIF Adult
Member since 4/11 913 total posts
Name:
YourMama
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Re: What would you do if you couldn't sell your house
If there are no other options I'd rent it. Even if you're losing a bit each month you're still having your tenant pay towards your mortgage and one day you'll be mortgage free and own the condo outright. Hopefully in the near future you'll be able to make a profit off it
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Re: What would you do if you couldn't sell your house
Can you afford to reduce the price? I hate to say it, but I think if it were priced right, it would sell. If people are complaining that they want something bigger, than there are probably larger units available in the same price range. And when there is a perceived "negative" about a property that can't be changed (e.g., it's small, it's on a main road, there's no parking), the only way to address it is really through price.
Another way to try to make it more attractive is to offer some type of buyer incentive (pay the first 6 months' common charges, for example). Offering such an incentive can make a unit seem more desirable/valuable to a buyer --- esp. if there is a lot of competition on the market (such as several units available in your development) -- and will usually cost you less than a price reduction would.
Can you do some cheap, inexpensive staging? By that I mean, clear out some items (to make it look bigger), maybe put a fresh coat of paint? And then take some new photos to freshen up the marketing. I find with condos and co-ops, some really superficial cosmetic work can make all of the difference in the world in selling it. I once had a co-op listing that was on the market for almost a year. I finally convinced the owner to have it painted, and it sold within a couple of weeks of having the paint job done and adding new photos on MLS.
If you really can't afford to drop the price (meaning, you'd have to bring $ to the closing table that you don't have), then renting would be an option, assuming it's allowed. But keep in mind that it may be difficult for you to be an out of state landlord, and being a landlord, even when you are local, brings a lot of headaches. If you eventually want to sell it, renting usually = a lot of wear and tear on the unit, so you may have to invest some money to get it back to selling condition.
Personally, if you could afford to sell it, even for less than what you'd hoped to get, that is what I would do (versus being a landlord).
Were the offers you previously got on the unit (the ones that fell through) in the range of what you hoped for in terms of value? How long ago were they? If it was just bad luck that the buyers couldn't get financing but you got offers pretty quickly, I might just give it a little more time on the market to see if you draw another offer in the same range. Just make sure you (or your agent) really does the due diligence on the financing piece (verify income and credit, call the mortgage loan officer who issued the preapproval, etc.).
Good luck! I know it's very frustrating to have a property that doesn't sell.
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