So my house isn't selling. Shocking I know. :) I am SO desperate to get out of the area and I am just trying to check around to see if I am missing a solution that could get me out of this house and allow me to move on. Here is my story:

- My house is currently on the market and the only house in the subdivision that is listed less than mine is a foreclosure that is about $30k below what mine is listed for. (There are 3 more listed higher than mine.) My list price is at what I currently owe.
- I am looking to buy a house that is about $240k and put 5% down.
- I have $30k in savings currently.
- I have already been preapproved for another mortgage. (Approved for both mortgages.)
- I could rent out my current house but REALLY want to just be done with it and move on.

I am just wondering if anyone else has had this problem and if they came up with a solution??

Is this a for sale by owner of is it listed with a real estate agency?

With a realtor.

If you really want out and don't want to deal with the hassles of two homes, drop your price a little (and go with an FHA loan at 3.5% down), offer a bonus to selling agent, make SURE your home looks like a model home. If you have to take crappy furniture and stuff to a friend's house or rental space, do it.

But next home you buy, be CERTAIN it's the right one, the right neighborhood and located in a decent spot IN the neighborhood.

That is one thing I had not thought of - thanks. If I can sell my current house I will only need 3.5% - if I don't sell I would have to go with a conventional mortgage with 5% down. So that gives me a little more wiggle room.

[quote=VABroker]If you really want out and don't want to deal with the hassles of two homes, drop your price a little (and go with an FHA loan at 3.5% down), offer a bonus to selling agent, make SURE your home looks like a model home. If you have to take crappy furniture and stuff to a friend's house or rental space, do it.

But next home you buy, be CERTAIN it's the right one, the right neighborhood and located in a decent spot IN the neighborhood. [/quote]


Also, I honestly think the house looks as good as it can I believe. Unfortunately I am not getting a warning of buyers coming to view the house - they are just showing up in the driveway and calling my realtor to come in. So I am not able to make the house look its absolute best. I am already paying 6% commission (and not getting much support) so I can't imagine paying extra. It would be like I am paying her to not be a slacker.

Have to change your mindset as a seller.

I bet right now if I went into your house I could tell you many things wrong with it that you could do.

Tell your REALTOR that you don't want them telling you what they want to hear but NEED to hear.Tell them not to sugar coat it and let you have it.

Has your agent held a broker open house and had other brokers write down what they would sell the house for and if they had to pick up to 3 things that would help the house to sell to write them down.

Then at the end of the day you and the agent look at the responses and get a price average and also get a running theme of problems with the property (no granite counter tops,have white appliances instead of stainless,bad paint color,bad staging,too many knick knacks etc.

The foreclosure might be 30k less but if it is rough shape and they have to put 30k in it is not a deal.What you want to avoid is a price drop of the foreclosure and then it sells creating a new bottom for the marketplace.

You want to make your property shine and price aggressively to close out before the foreclosure does.

[quote=super realtor]Have to change your mindset as a seller.

I bet right now if I went into your house I could tell you many things wrong with it that you could do.

Tell your REALTOR that you don't want them telling you what they want to hear but NEED to hear.Tell them not to sugar coat it and let you have it.

Has your agent held a broker open house and had other brokers write down what they would sell the house for and if they had to pick up to 3 things that would help the house to sell to write them down.

Then at the end of the day you and the agent look at the responses and get a price average and also get a running theme of problems with the property (no granite counter tops,have white appliances instead of stainless,bad paint color,bad staging,too many knick knacks etc.

The foreclosure might be 30k less but if it is rough shape and they have to put 30k in it is not a deal.What you want to avoid is a price drop of the foreclosure and then it sells creating a new bottom for the marketplace.

You want to make your property shine and price aggressively to close out before the foreclosure does. [/quote]

Before putting it on the market I had it professionally painted in neutral colors. I have no knick knacks (can't stand them) and had new flooring done. There is no granite in the kitchen but this price point is so low I was told it would be a waste of money.
You're right the foreclosure may be in rough shape. There are no pictures listed so I'm not sure.

Wondering also if it's possible to get an unsecured loan for enough to be able to drop my list price down to a point where I KNOW it will sell. Anyone tried this?

See if your bank will allow a promissory note for the difference at closing.

Example mortgage is 120,000 and you sell for 110,000.After all costs you need the bank to give you a unsecured promissory note for 15,000.

You never know until you ask.