Need serious advice house in MD hasn’t sold yet - Posted by Chenel Moore
Posted by Chenel Moore on March 09, 2001 at 09:14:04:
OK, I don’t know if anyone remembers but I put my MD house on the market back in July.
Here are the numbers:
From the comps in the area, FMV of the house is 119,900
I had the price at !119,900 but wanted a quick sale (LOL) so I reduced the price to $109,900.
After being on the market for 30 days, I had 3 multiple offers on the house.
The first offer was for $109,900.
The second offer was for $111,900.
The third offer was for $118,900.
Needless to say I went with the 3rd offer. 2 weeks later they have a home inspection. The home inspector ripped the house. Well needless to say, I agreed to fix everything on the buyers list. Well that didn’t help, the buyer was frightened and walked away.
The following week, I had another offer for 111,900. The buyer was pre-approved. However, the buyer couldn’t come up with the money needed to close the deal. I offered to pay his half of the closing, but the lender wouldn’t go for that.
Then we received yet another contract. This one will make you laugh. The buyer had his loan approved. He provided documentation which showed that he had the cash to close (money was coming from his 401K) and my agent spoke with his lender who provided us with documentation that the loan was approved. Well we came into town to close the transaction on a Monday. The closing was supposed to be on Tuesday. The lender said that the loan was not out of underwriting but assured both myself and my agent that everything was o.k. On Thursday, the underwriters flat out rejected his loan. The buyer had a VA foreclosure that had not been discharged.
So there I was in town, having incurred all of the expenses to move my furniture, and to stay in town for 1 week. Plus, my husband had used his vacation to move our stuff.
That was December. We received 1 more offer in January but since we have to disclose everything we have from the home inspections the buyer withdrew her offer.
At the end of January I lowered the price to $99,000. This is basically as far low as I can go and still pay a commission to the agent.
Now we are in March, and my listing agreement with my agent has expired. The agent had a licensed contractor look over the work and the figure comes to $7,000. This includes installing a sump pump in the basement to cure a wet basement and repatching loose roof shingles, installing joist hangers on the back of the house. The contractor is willing to complete his fix up work and take his money out of the closing proceeds when the house sells.
Here is my situation, I want to just dump the house for what I owe and get out of it. I have talked to all of my investor contracts in MD and but they all do major rehabs or flips. Does anyone have any advice?