Sherry, your post … - Posted by Vic
Posted by Vic on January 11, 2001 at 23:36:26:
…could have easily been written by me, almost word for word. So I really can feel where you’re coming from.
I have 2 houses that I bought in Nov. (within) 2 wks of each other. Neither has sold yet. Tons of inquiries,& lots of people wanting them, but have been having a real hard time getting buyers qualified. It seems they’ve all got some kind of a problem. It’s almost like it’s some kind of rut or something. I’m a real estate broker too & I have never experienced anything like this before. That’s why I say it must be some kind of a rut that I just have to wait out.
Usually when I’ve had this many inquiries, I’ve had the house sold by now, but for some reason these 2 haven’t sold. Naturally, these 2 houses would be mine & not client’s. lol.
Like you, I have one under contract & am waiting to see if the lender can get the loan through. The lender seems to think he can, but as he digs deeper, I’m starting to get a lil more worried. It seems that there’s more collection accounts than what first showed up on credit report. To complicate the situation, the buyers have no money & I mean no money. They’re going VA & have asked me to pay for the appraisal (so that could be another $370 out of my pocket & at risk if loan doesn’t close). Of course, I won’t do this until I know the buyers are approved credit wise. But still, it’s a risk & it’s money out my pocket.
Like you I’ve been sitting on these 2 houses, although for less time, but those payments are coming around every month & they are starting to really have an effect.
On the second house I was originally trying to sell it cheaper in it’s “as is” condition, but since I haven’t been able to, I’ve decided to go ahead & do the things it needs (mainly paint, carpet, etc) so that’s about another $3500 or so, out my pocket that I don’t have.
It seems like there’s no end to the money I keep putting out. So between the payments & everything else, it is really starting to have it’s effect.
I don’t want to sell either of these 2 on terms. I want outright sales on both, cuz I want the cash from them to give me some reserve for future deals. Plus I’ve got too much of my own cash tied up in them. I know they’re both going to sell, & I know that my price is right, so it’s just a matter of time.
My deals seem similar to yours in numbers too. On my first house I should net about $12,000 & on the second about $20,000 or so. I just hope I can hang on long enough to sell them for what they’re worth.
Although I can’t offer you any advice, other than if you want to sell owner financed, I can offer you emotional support & let you know there are others in the same kind of boat as you. Just try to hang in there & maybe next time you’ll have the cash from these deals to carry you through.
Keep me posted & let me know how you’re doing. BTW, are you sure you have your houses priced right?