Loan maturing on a flip, awaiting sale!!!

5 Replies

@Randy Rampersad you would need to speak with your lender on this scenario specifically.  Some lenders will grant an extension...but it will cost.  And some lenders won't grant an extension at all and just foreclose on you.  I have felt that the ones with a good reputation will grant extensions...but certainly ask whatever lender you are working with to find out what their policy is.

Originally posted by @Wayne Brooks :

You’re priced too high for the house/condition/neighborhood....assuming you have it in the mls. 

I do have it on the mls, market is around 480k ARV appraisal came in at 487.5k just lowered the price to 469k

Originally posted by @Andrew Postell :

@Randy Rampersad you would need to speak with your lender on this scenario specifically.  Some lenders will grant an extension...but it will cost.  And some lenders won't grant an extension at all and just foreclose on you.  I have felt that the ones with a good reputation will grant extensions...but certainly ask whatever lender you are working with to find out what their policy is.

That is an option but I just want to sell it asap.

Do some guerilla marketing tactics. Don't just throw a property on the MLS and wait

Try going door to door in the neighborhood letting people know about the house for sale. They may have friends or family that want to move close by.

Try upping the commission % for the buyer agent by 0.5% or 1% to motivate buying agents to show it more

Go to all the real estate brokerages in the area and pitch your home to all the agents in each office