Back on the market after borrower failed. Strategies?

9 Replies

I bought a note on a house in Wisconsin some time ago and took the house back in foreclosure with an inherited tenant. When the tenant left, I posted it on Facebook marketplace in June for cheap and got a lot of action, eventually settling on a guy who had a construction company who was going to fix and flip. Alas, it fell out of escrow when he couldn't get qualified (I was owner financing). 

Any suggestions on where to post this deal? Facebook buyers, while there's plenty of them, don't seem to understand the part in my marketplace ad where I say it's a "fixer." I've left plenty of room for a rehabber. This isn't going to be a retail deal, so an agent is probably not my best option. By the way, I'm in Phoenix, so I'm working on this from afar.

@Nancy Conrad

An agent can list a fixer upper just as easily as they can list a turnkey property. That would put it in the MLS and syndicate it to all the public facing website to get you the most eyes possible on it. They can very clearly state in the public comments that this is cash only deal if that is the case. We have these types of properties go through our MLS all the time and they usually sell quickly.

Where in Wisconsin is this property located might I ask? I am a realtor and investor from the South Eastern Wisconsin area, and have had luck with facebook specifically in the investor groups (there are a few to post in depending on which area you are in). This way you are in front of the market looking for this type of property directly. Otherwise as Dustin mentioned above a realtor might not be a bad idea either to get in front of the most eyes possible and get a deal done in the most time efficient way. If you need any help or have any questions feel free to shoot me a PM! 

I agree list on mls  "as-is ", cash only , allow maybe 1 week to submit best and final offers ( access to property would be need )

If not metromls :  post on Biggerpockets marketplace without the address 

Simply provide county , zip code, description of property , pics ( if possible ) , and etc

Disclosure : I'm a local realtor 

List it on the MLS with this in the description, "Property to be sold as-is. Inspections are for buyer's information only, no repairs or reports to seller.". That will get you off the hook for inspection reports and having a buyer stick you with a bunch of repairs that you didn't know about.

No reason to not list it in this market.  We do this with all of our wholetail/as-is deals.  If priced correctly, you should still get multiple offers.  Every investor in the market is looking for deals right now.

Originally posted by @Jason Runkel :

Where in Wisconsin is this property located might I ask? I am a realtor and investor from the South Eastern Wisconsin area, and have had luck with facebook specifically in the investor groups (there are a few to post in depending on which area you are in). This way you are in front of the market looking for this type of property directly. Otherwise as Dustin mentioned above a realtor might not be a bad idea either to get in front of the most eyes possible and get a deal done in the most time efficient way. If you need any help or have any questions feel free to shoot me a PM! 

All good points. This property is in Juneau County. If it doesn't get picked up direct through one of our FB groups for investors, I'll probably list it as an as-is fixer.