Brooklyn, NY · Member since 2014 · 32 posts · 2 votes
hello, what should one do if his newly renovated house was on the market for over a year, had at least 3 price drops and went through 3 different brokers?
Real Estate Consultant · Alpharetta, GA · Member since 2014 · 661 posts · 400 votes
12y
@Account Closed
Hey, here are some of my thoughts...
When I list flips (over 100 this year) I am watching a few things:
1. If I list a flip and do not get several showings within 2 weeks then I can assume that the house is over priced. Buyers do NOT show up for houses that are over priced no matter whats inside them.
2. If I list a house and get several showings but no offers then I can assume that it is something at or about the house. So I will begin to make changes. If people are showing up to the house it is priced right but there is something at the house that is saying don't buy this house.
Also keep in mind when flipping there are three things that sale houses:
1. PRICE
2. PRODUCT
3. PRESENTATION
You must focus on those three things when you are working on your outcome or sales.
If you have any questions please let me know I am more than happy to help you in any way. Again flipping is my game I have done literally 100's of them. I bought over 1 million dollars this week alone in new flips.
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
11y
Ok, if the house wont sell the conventional way, they its time to take a differnat approach.
How about you make the property easier to buy. You can generally sell 20% over market price if you owner finance it. All you need is an attornet to create a note for you. Keep the property in your name until the note is paid off. This will secure your position.
When I use this technique, I am almost always selling a house that is upside down or a house that has something else wrong with it. In this case busy street, but it also works on structurally odd houses, less than appealing neighborhoods, etc.
You will need at least 10% down and to do a full credit check on the buyer. The traditional bank financing market only services about 19% of the population at this moment in time. My suggestion will open you up to the other 81% of the market. You will be looking for someone with a high income and semi-bad credit. That bad credit will need to be explainable ie job loss, divorce, or medical. Steer clear of anyone who cant explain their credit problems. I also force my buyers into credit repair as part of the deal. My credit repair guy will tell me how long it will take to make the financable. Then I set an interest rate that is high enough to encourage my buyer to clean up theri credit and cash me out as fast as they can. I hope this helps.