Help! Our house won't sell - Posted by Linda

Posted by PBoone on May 26, 1999 at 15:07:06:

And you can write up a “Non-exclusive” listing. Where if you sell the property the agent gets nothing.

Help! Our house won’t sell - Posted by Linda

Posted by Linda on May 26, 1999 at 11:47:49:

We’ve had a rehab on the market for 5 months now. It’s beautiful, in move in condition. Four bedrooms and two full baths. New EVERYTHING. Yes, in the beginning we were priced a little too high ($167,000). The high and low for the street is $180,000 - $139,000. We are desperate to sell and are now at $144,900.
We need to sell for cash.(people have been calling to see if we’d L/O.)
We have had lots of interest(6-10 couples per weekend openhouses), and even a few offers which we accepted. But something always happens to make the deal fall through.(Buyer unable to get a loan because of a federal tax lien, buyer trying to commit fraud when applying for a loan, buyer saying he’s going the bank the next day – after signing the contract – and never calling us again and refusing our phone calls, buyers house he’s selling deal falls through because he’s now in a flood plain which he was never informed, the list goes on and on!)
We are selling it by owner, yet with a company that got us on the MLS. Every realtor that we’ve talked to says the market is hot and they can’t hold a listing (and of course they’d LOVE to list ours).
What are we doing wrong?
What can we do to sell this place already?
(We’ve already tried St. Joe…)
Thanks for any advice!

Re: Help! Our house won’t sell - Posted by FJW

Posted by FJW on May 26, 1999 at 19:32:27:

Have you had it appraised? Can you qualify for an 80% to 90% refi?

If so, before you go through with it, find one of those L/O buyers with enough money up front and the ability to make the payments to make you happy. Then call Mr. Gatten and set up a PACTrust(after the refi, find buyer before refi). This way you get your money and they make the payments. If you want you can set it up for a long enough period of time where if it appreciates any more, you can retain half of it.


Re: Help! Our house won’t sell - Posted by JohnBoy

Posted by JohnBoy on May 26, 1999 at 17:20:30:

As long as your willing to drop in price like that then offer seller financing. If you sell at the higher price and take back a second mortgage you could find someone that would qualify for an 80% LTV loan and you carry back the difference. If they have good credit they could qualify with 0 down and seller carrying a 20% second. Otherwise they could qualify with 5% down and seller carry back of 15%. You would get 85% in cash up front. 85% would be $141,950 of $167k.

Run an ad that says:

NICE! 4 bed/2 ba House.
Call xxx-xxxx

Screen your calls by asking how much they have to put down and how their credit is. A lot of people THINK they can’t qualify for a loan because of some minor credit problems they had. You hook up with a GOOD mortgage broker telling him/her what your willing to do as far as help someone get a loan by you taking back a second. Whenever you get someone interested that has some money to put down, have the mortgage broker run their credit and see if he could get them financed.

They get a new 80% LTV loan plus what ever amount they can put down and you carry back a second for the difference. At this point the amount of the second would be gravy since it’s above your current asking price. If they default on the second you’ve lost nothing or you can foreclose and take the property back if you choose to.

Re: Help! Our house won’t sell - Posted by David (TN)

Posted by David (TN) on May 26, 1999 at 14:09:30:

If you are willing to go down so much on the price, why aren’t you willing to list with an agent and pay a commission? You could list the home at a higher price, negotiate the amount of the commission and possibly still walk away with the same amount as what you have dropped down to.

I understand that you would rather SBO, but desperate times call for desperate measures ! Realtors usually try to find out if a prospective buyer is prequalified before they show them a house ( that would have saved you some time and aggravation ) !

Good luck !

Re: Help! Our house won’t sell - Posted by Dan_MA

Posted by Dan_MA on May 26, 1999 at 18:00:33:

Speaking from my extremely limited experience. Here are my thoughts take them for what they are worth.
Recently I was seeking a loan on a property that I didn’t think I could get. I called every mortgage broker in the paper and phone book. Finally I found someone who took my application and got 3 pre-approvals in under an hour. The deal was I had to do one of 2 things come up with a %5 downpayment of my own money. Or have the seller take back a 2nd for %20 either way he could get it done. My fico scores are all below 600 closer to 500 actually. I guess my point is very similiar to JohnBoys. Don’t give up on an iterested buyer. You can probably help them purchase the home if you are willing to work with them and find a good broker like I was lucky enough to come across.
As an aside I am admittedly new to this so take my comments for what they are worth and always check with some of the pros. This is something I just recently ran into myself so if I can help or if you need the name of my mortgage broker just drop me an email.