Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on . Most recent reply

User Stats

3
Posts
3
Votes
Jake Loughrey
3
Votes |
3
Posts

Flip wont sell. Need refi with subpar credit.

Jake Loughrey
Posted

I have my flip for sale but it's not selling. The process has gone on for 1 year and has been for sale for 3 months. My agent over valued and listed high. After a few price drops, we had it under contract. The would be buyer made ridiculous demands and essentially used a few minor issues on inspection report to terminate. Since then I've continued to drop price but no luck on a sale. With the high listing price and sale fall through, I believe people think something is wrong with it. Its an older house but i did everything in house(I'm a contractor) and did an excellent job. Within this journey my credit dropped alot. From 700 to 575. I'm out of time on my hard money loan and I need to refinance, but credit is now damaged. Richer values put the house at 299k ARV and comps support this. Only 187500 on the note. Home is in desirable Oakmont, PA. Does anyone see any options for me here? Any lenders who may assist?

Most Popular Reply

User Stats

3
Posts
3
Votes
Jake Loughrey
3
Votes |
3
Posts
Jake Loughrey
Replied
Quote from @Bill B.:

Lower asking price to $209k or less and hope you get a bidding war or at least 1 offer? 
Move in to it as your new primary and sell your current primary?

Ask your hard money for an extension, higher rates, more downpayment?

Get an ibuyer offer from Opendoor/offer pad anyone like that.

Anything else you can think of that’s better than walking away. At least with hard money they shouldn’t come after you for any shortages if you do walk away. 


 Thank you for the advice. I dropped to 219k and have multiple offers coming in now. My first post here and my first flip. Thank you Bill

Loading replies...