Market Turned - Need to Refi this FIX/FLIP - HELP!
We bought a house in Sept of 2024, for 295k with an Full Market ARV of 420k. Due to the massive supply that finished well ahead of what we anticipated, that same house now completely renovated and redone is no better than any of the new construction in the area and is only worth 325k (current market pricing, appraised at 354k only 4 months ago during a pending sale). Which has completely sucked our profit out of the deal 1 year later. We're trying to gather up all the refinance options we can, but given the equity to value ratio, we're being forced to come out of pocket with another 40-50k which we'd prefer not to do. The house is getting a ton of visitation but no buyers. Any guidance from those stuck in similiar situations on financing that might lead to less out of pocket, or thoughts on how to attract a buyer creatively - as we believe we've tried it all but are open to suggestions! Most importantly, we need to come out of this construction loan.
https://www.zillow.com/homedetails/6511-Diego-Ln-San-Antonio...
Most Popular Reply
From the refinance part there's not much you can do since they look at the ARV and base it purely on numbers. Your listing does look solid. All the photos are well done. When I looked at what's available there is a ton on the market. I don't think dropping the price will add much value since people have options. Your best bet to sell is getting more eyeballs on it. That can be open houses, social media ads, door knocking neighbors, etc. The market is tough so it's part of it. Buyers have options which means longer DOM