Residential Real Estate Broker · Dallas, GA · Member since 2008 · 30 posts · 1 vote
I have a home that would cost 1.3 million to rebuild. I can short sale for around $650 any ideas. I need to move fast. I had a contract on the home that just fell apart. I posted this request in the make a deal forum. We will see what comes of that. Any other ideas would be great.
Chris, what is the retail market like around there? What would your market value be? That might drive your decision. At that high a cost, you would want to make sure you could unload it at least to a wholesaler. At 50% that's a good start! Depending on the rehab costs and the market, it sounds like the beginnings of a deal. Good luck,
I'm just below you in Florida where its really hard to sell and I don't know how fast you're wanting to move it but what I typically do is list on MLS and keep dropping 3% every 2 weeks until it gets to a price where I start getting bites. Alternatively, you can auction it.
Auctioning it is a great way as well... either through a personalized auction or otherwise, more advanced by using an auction company. There are a few good ones that are more geared towards higher end properties. It is all about buying it at a significant enough discount so that you can then sell it at a discount as well.