I CANT SELL MY PROPERTY 😩

9 Replies

Nice home in Lago Vista TX

Owner financing available

1554 sqft 2017 build

Upgrades throughout

Attached garage / washer dryer hookup

$260k 7% minimum $20k DP

Market over saturated with new builds for cheaper prices but they don't offer owner financing and my home has upgraded floors, cabinets, countertops etc. where do I post besides Craigslist, Facebook & zillow

It is over priced being that I’m offering owner financing, no documentation needed, including the upgrades. The homes in the area are going for $250s brand new. I don’t have a specific realtor but am willing to pay if one brings me a buyer. Maybe hiring one will be better 

HI @Elle Oliver ! the MLS auto-feeds to Realtor.com, so no need to put it on there manually.

The main issue here is this:   you need to think through WHO is going to buy this house.  Since you are priced above the competition and relying on owner finance to substantiate that, it is simpler to know who is going to be your tenant/buyer:  someone who wants/needs owner financing.  

Think through this and then think through where those people might be found.  

I would think you could gain some traction here by contacting lenders, realtors, and even the builders in your area and letting them know that anyone that they just can't make fit into their financing paradigms, you've got a house for and you'll give them $X as a "finders fee."  This could be a winning strategy.

Another possible outlet would be an investor looking to get started that you could partner with by owner financing this home for, provided it will rent for a workable number. In that case your local REIA meetings, facebook investment groups, or BP forum would be a great place to look.

Good luck with the deal!

I really think you already have your own answer.  "Market over saturated with new builds for cheaper prices but they don’t offer owner financing and my home has upgraded floors, cabinets, countertops etc."  Ultimately what something sells for is what someone is willing to pay for it.  Sounds like your market has cheaper options available.  So you can either discount the home and lick your wounds, place a renter/lease option or continue down your current path.  

Is the 7% the rate you are expecting? If so you are above market price and above market rate.

This would limit your market to only people who cannot get traditional financing and are willing to pay a premium due to that issue.

Are you prepared for the type of buyer that is likely to be tempted by this type of purchase? No doc equates to higher risk. Not able to get traditional financing equates to higher risk. Are you prepared to foreclose and get the RE back, likely not in as pristine state as it currently is in?

I think you are taking on some significant risk.

Good luck