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#410149 - 07/15/12 03:14 AM Need Selling advice
bobtex1 Offline
Junior Member

Registered: 07/15/12
Posts: 1
Loc: Indiana
Trying to sell my parents house.. been on the market for 800 days. No bites. Marked price way down.

QUESTION: I know the house needs updates.. but rather than spend 40K for updates we like... how much RENOVATION MONEY can I give to the buyer? ie... will the mortgage company allow the buyer to buy a home with renovation 'cash' rather than just discount the price??

Tnx,
Bob

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#410155 - 07/15/12 12:05 PM Re: Need Selling advice [Re: bobtex1]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7603
Loc: Vermont's North-East Kingdom
You don't want to solve a problem unless it really exists.

Have any of your "non-biting" or "non-offering" prospects given you feed-back to indicate that their major objection has been that the place could use "updating" ?

You need constructive "objective" feedback; and sometimes Buyers hesitate to give it because when face-to-face they don't want to hurt your feelings. Right now feelings don't matter, you need to know why the place isn't selling. To encourage offers of any amount, I sometimes put a topper on the Sign saying "Make an Offer" to eliminate the natural hesitancy of Buyers to tender an embarrassingly low bid.

Everything isn't readily apparent. I was recently involved with an M.D. who moved up here from Philly and bought an updated Georgian Colonial Home that had been on the market for quite some time (years); and he bought it after just one week-end visit, thinking he had made a real discovery and making a steal.

After moving in, he discovered that there was a karaoke bar that could be heard throughout the neighborhood late nights and located around the corner; freight trains passed nearby a couple times every night; Vermont Castings had a manufacturing plant about a half a mile away that generated a substantial amount of truck traffic past the house on week-days; and another big old historic house a couple doors away had been converted to a half-way house for mentally challenged people who wandered the neighborhood on week-day afternoons.

All of these facts were known to the local community and local prospective Buyers; but not to an outside observer or potential Buyer, and none of them can be changed. This caused the Doctor great angst . . . . and marital dis-harmony because his Wife kept reminding him of how miserable she was with "his" decision to buy the place.

The Doctor said he didn't know about any of these conditions; but he hadn't really performed his own due diligence. For you, is there something that you and your Parents may have come to accept; somuchso that you don't even realize that these same items may now be the reason the house isn't selling ?

Remember, there's a Buyer for everything. Sometimes, "if" you know what the objection is, you can turn a negative into a positive.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#410157 - 07/15/12 12:53 PM Re: Need Selling advice [Re: bobtex1]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2211
Loc: Outer Banks
These days the lenders do not what to see or hear anything about repairs or renovations. Our lenders are telling us to NOT put credit for repairs on the contract and to call it closing costs.

So, I would say your idea would not work. Plus there is a very tight limit on how much closing cost credit a buyer can receive.

800 days and no offers means you are over priced. There are no tricks to get around being over priced. Lower your price.


Edited by Bigtoe (07/15/12 12:54 PM)
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#410217 - 07/16/12 07:42 PM Re: Need Selling advice [Re: bobtex1]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
In my opinion it would be more attractive with a lower price. To offer with "renovation money" would probably just serve to further complicate your situation.

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#410236 - 07/17/12 02:20 PM Re: Need Selling advice [Re: bobtex1]
Kjmendy Offline
Veteran Member

Registered: 05/17/10
Posts: 935
Loc: London, Ontario
800 days on the market maybe part of the problem. Buyers are going to wonder what the problem with the house is and just pass on it for that reason.

It maybe best to pull it off the market for awhile and see what you can do to make it more sellable.

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#410358 - 07/19/12 07:30 PM Re: Need Selling advice [Re: bobtex1]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
It is only worth what someone is willing to pay, price it accordingly.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#413439 - 09/26/12 06:22 PM Re: Need Selling advice [Re: bobtex1]
Rocky4554 Offline
Junior Member

Registered: 09/26/12
Posts: 8
Loc: usa
Yes!it would be more attractive with a lower price.

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#421268 - 03/08/13 04:24 AM Re: Need Selling advice [Re: bobtex1]
namish Offline
Member

Registered: 01/23/13
Posts: 20
Loc: Manharashtra, India
Instead of paying the buyer for the renovation, it is good if you sell the house at a low price. Don't keep your house vacant for many days, people will think there is some problem with the house so the landlord is not even renting the house.

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#428192 - 09/11/13 02:53 AM Re: Need Selling advice [Re: Rocky4554]
Mary Warner Offline
Member

Registered: 08/14/13
Posts: 35
Loc: IA, USA
Low price will surely attract more buyers.

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#428313 - 09/14/13 01:16 AM Re: Need Selling advice [Re: bobtex1]
milesmaxx Offline
Member

Registered: 08/30/13
Posts: 11
Loc: CA
Yes I think the low price of your property will attract the buyer to buy your property.Another thing is, doing any repairs or decorating if this would make it easier to sell the house.

___________________________________________

[url=http://www.loopnet.com/lid/14331064]Miami Beach Real Estate[/url]

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#434871 - 04/02/14 03:51 AM Re: Need Selling advice [Re: bobtex1]
reyjohnson Offline
Member

Registered: 03/05/14
Posts: 22
Loc: USA
Low price would be best option as it will definately attract more buyers.

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#447045 - 08/07/15 08:40 AM Re: Need Selling advice [Re: bobtex1]
sakshidhawan Offline
Junior Member

Registered: 07/14/15
Posts: 4
Loc: Hyderabad, India
Lowest package price that will surely attract a lot of buyers

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#453805 - 08/08/16 04:53 AM Re: Need Selling advice [Re: bobtex1]
StagersChoice Offline
Junior Member

Registered: 08/08/16
Posts: 2
Loc: Ontario, Canada
I think you need to discount the price. No need to give any renovation money to the buyers and yes by washing your home doors and windows and white washing your home may increase your home selling price.

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#453806 - 08/08/16 05:28 AM Re: Need Selling advice [Re: bobtex1]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7603
Loc: Vermont's North-East Kingdom
Since Bob asked this question over 4 years ago, I do hope he's done with this project; I'd imagine that by now, he probably already did whatever he finally chose to do !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#454945 - 10/13/16 09:19 AM Re: Need Selling advice [Re: bobtex1]
goasya Offline
Member

Registered: 07/16/16
Posts: 59
Loc: Karnataka,India
Maybe lowering the price would be helpful

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#455774 - 12/07/16 10:59 AM Re: Need Selling advice [Re: Kjmendy]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3019
Loc: LAND OF THE FREE!
Originally Posted By: Kjmendy
800 days on the market maybe part of the problem. Buyers are going to wonder what the problem with the house is and just pass on it for that reason.

It maybe best to pull it off the market for awhile and see what you can do to make it more sellable.


It makes me.wonder nothing. It should be easy to diagnose. The price is higher than anyone has been willing to pay for 800 days. Its really quite simple

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#455775 - 12/07/16 10:59 AM Re: Need Selling advice [Re: bobtex1]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3019
Loc: LAND OF THE FREE!
What did your agent advise?

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#456568 - 02/07/17 08:34 AM Re: Need Selling advice [Re: bobtex1]
Braylen Armando Offline
Junior Member

Registered: 09/13/16
Posts: 4
Loc: Accra,Ghana
I think low price will be more attractive to the buyer.

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#456602 - 02/11/17 06:58 PM Re: Need Selling advice [Re: Vermont]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1036
Loc: Virginia
Originally Posted By: Vermont
Since Bob asked this question over 4 years ago, I do hope he's done with this project; I'd imagine that by now, he probably already did whatever he finally chose to do !


Do you think maybe Bob's dead?

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#457479 - 04/25/17 11:35 PM Re: Need Selling advice [Re: bobtex1]
lincoln boland Offline
Junior Member

Registered: 04/23/17
Posts: 5
Loc: Grey, New Zealand
What ways you are using to sell house. Contact a local real estate agent along with some personal contacts because sometimes you can find buyer in your relatives.

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