I've been trying to sell my old house for 6 months now

Discussion in 'The Powder Keg' started by BunnyWabbit, May 2, 2008.

  1. BunnyWabbit

    BunnyWabbit G&G Evangelist

    I'm so bummed.:yell:

    What is left to do after you've done everything the realtor suggests and dropped the price 3 times?

    I have a contingency offer from a woman who has less house than me and is asking $3,000 more. What are the odds of it selling over mine?

    Two house payments suck.
     
  2. It seems like a bad time to sell houses.
     

  3. BunnyWabbit

    BunnyWabbit G&G Evangelist

    Heck, I'm just trying to break even at this point.
     
  4. CrazyIvan

    CrazyIvan G&G Enthusiast

    Something coming up in the Housing Market during this slump is a new trend: House Swap.

    Usually people trade one house that they live in for another house owned by someone else; they transfer the titles, sell to eachother for like $10 and trade houses. It's good for people who live in Denver, for example, and want to move to San Francisco. They find someone in San Fran that wants to move to Denver and then they trade houses...pretty cool idea.

    Since you have 2 homes, it might be a bit difficult. But, perhaps you can find a homeowner in a city/state with a better housing market that wants to move to the area where your old house is located...then trade the house you have for theirs, and sell the house you end up with in the trade.

    Craigslist is a good place to start, there are also a lot of online sites popping up that cater to this new market of house-trading.
     
  5. lefty o

    lefty o G&G Evangelist

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    so many houses are currently in foreclosure, and everyone wanting to buy one is waiting for the prices to bottom out. unless you find someone who "just has to have" your house, you are not going to move it fast.
     
  6. Even people with steady income like military and such are having it rough with all our budgets getting cut and inflation hitting the grocery market and everything else buying a house is not plausible at the time. Sorry to hear you cant get your house sold i have one i own with my brother and we lost 60 grand off it in the last year.
     
  7. You probably have already thought about this, but can you rent one of them and cover most, if not all, of the monthly payment?
     
  8. Have your listing agent increase the amount of money or percentage of commission available to the buyer's agent. Use their greed to sell your home. Times are tough for Realtors too.

    Imagine that Ashley and Chad are looking for a new-to-them home. Their agent types their wish list into the MLS. 100 house come back on the list. Will the agent really take them to each house or even actually look at all 100 listings? Probably not. The agent might pick 10 and narrow it down based upon their own review. So, how do you make sure that agent brings Ashley and Chad to your home? Pay them more $$$$, of course. It might cost you an extra grand or two, but you will be on everyone's must-see list. Not only that, but every buyer's agent will suddenly love your house when they get there.

    Or, you could Section 8 the property out and let all of us pay the rent.
     
  9. As a former homebuilder I will tell you a first and big

    mistake is listening to your realtor. Real estate for a very few is actually a profession. For most it is a job at which they will fail. The turnover rate is phenominal. Lowering the price is just the final
    recognition of defeat due to ideas that do not work.

    You might want to watch "Sell this House" on one of the learning channels. Basically, they do have the right idea. They set up cameras, hold and open house, and record the comments of prospective buyers. Then they address the negative comments. This actually does work.

    Fire your realtor and his or her firm. Take the lower price off the table. Follow the "Sell this House" concept.

    In general you want to show your house so people can see not how you live but how they might live in the home. One major rule: the 70% rule states you want 70% of the wall space and 70% of the floor space open.
    Second important rule: Paint the outside trim of your home in a
    bright white if possible. This is a visual magnet for curb appeal.
    Third important rule: It is human nature to have a lot of family pictures on the walls and perhaps in frames on the furniture. Remove all of this as it is a psychological distraction to people wanting to visualize how their stuff will look in the home. Fourth important rule: Do not lower your price. State the assets of the home and property that make it valuable.
    Let them make an offer. Lowering your price is you making an offer to them. It empowers them and that is not what you want to do. Fifth important rule: Frontal entraces need to be bright and light. If yours is dark then paint with a lighter, but not necessarily white, paint. Lighter and brighter entrance areas generate positive emotions and anticipation to see the rest of the home.


    If you are going to use a realtor (most people do), they must earn your respect and business. Let some firms know you are interviewing to choose a firm. They must come to you and they must present to you
    some facts and figures as to how many homes they have sold in the last year, how many times they hit the asking price, and references you can check to verify this. Going to a realtor and asking them to sell your home is empowering them to do or not do whatever they want then blame you and/or your price for the home not selling.

    And yes, I admit my life experiences have taught me to feel disgust and disrespect for just about every realtor I have ever encountered. I challenge anyone to build two or three homes then come out feeling otherwise.
     
  10. Dickie d

    Dickie d G&G Newbie

    I sold mine 5 years ago using FOR SALE BY OWNER (FSBO) after a bad expierence with an agent in Tx. FSBO has an "agents protected" clause you can use which pays a selling agent a commission but there is no listing commission. In otherwords you reward the person who does the work. Too many agents just run around listing places and don't try to sell. It allowed me the opportunity of lowering the price. The down side is that it works in the city but not so well in small areas. Where I live now the agents (retired housewives, car salesmen and hairdressers) will not show a FSBO.
     
  11. BunnyWabbit

    BunnyWabbit G&G Evangelist

    Okay, this thread is a year old from May last year. I ended up selling the house in July last year for exactly what I paid for it when I bought it. Once the realtor took her chunk I broke even. The very first weekend I had had an offer from some people who wanted me to pay their closing costs and their down payment, I would have made $13,000 doing this and the realtor told me it was a bad idea. Then 9 months later, after I made the realtor cry several times, I finally settled for break even. It sucked.
     
  12. TGF

    TGF G&G Newbie

    My house goes for sale July 1, we expect it to sell with in a week. We are including every appliance under the sun and it qualifies for the obama 8000 dollar give away for first time home buyers. We are also under cutting the comparables in my neighborhood by 10k or more. You just got to know how to sell. Being a DIY warrior this house has tons of features that make it stand out. All the lighting in the house is remote control, wired for surround downstairs (including a polk audio system with the house), full house is wired for Gigabit Ethernet and Cable TV. Comes with all appliances and a home gym (treadmill will be extra). The bathrooms are painted with a semi-gloss mold and mildew resistaint paint, cultured marble vanities and shower. New roof last year, all major apps are less that 6 years old. I will update you guys when it does sell. I am very optimistic.
     
  13. jerry

    jerry Since 03-15- 2002 Forum Contributor

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    I just sold and bought. I do believe it added some gray hairs.
     
  14. dhermesc

    dhermesc G&G Evangelist

    Hate to say it but breaking even might even be a bit optimistic. if you can get out with a small loss I'd take my lumps and move on. Home mortgage interest rates have gone up 20% in the last couple weeks - I fully expect them to be in the 8% range by the end of the summer or mid fall - almost a 100% increase from just a month or two ago. You think housing prices are "under pressure" now - imagine the decreases you'll see with higher interest rates.

    Think about it. A 193,000 mortage at 5% for 30 years is $1317 per month. If interest rates go up to 8% a $150,000 mortgage will have the same payment. Essentually an increase of 3 percentage points has lowered the price you can ask for you home by $43,000. And 8% mortages will soon be the norm.