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Eric P.
  • Rental Property Investor
  • Michigan
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What to do when you can't sell a property? Very desperate...

Eric P.
  • Rental Property Investor
  • Michigan
Posted Aug 3 2008, 11:02

I've got 2 vacant lots for sale in Ocala, FL (see here http://forums.biggerpockets.com/viewtopic.php?t=2892) that I cannot sell. I have had them since december of 2005 and have listed them on every free classified site I could find on the internet, have put an ad in the newspaper, have it listed with a realtor (not an exclusive right of sale, if I sell it he gets nothing), signs on the property, I even tried to go to my local real estate investors club, which apparently doesnt exist... I showed up at the time/date/address listed on the website and nobody at the building knew anything about it.

I have a loan out on the lots, and approx. 25% of my income goes to the loan every month, and I basically cannot proceed with anything in my life right now because of this. I can't save any money to do anything, and I don't know what else i can do to get rid of these lots.

I will sell them for what i have into the lots, I don't care if I make a dime, I just need to get rid of the monthly payment. I am broke, so I can't afford to sell them for a loss, I don't have any money to bring to the closing table.

Can anyone give me some good advice or suggestions?

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