So my partner and I have a house worth 330k and we have not been able to sale it on the market. We bought it Subject to for 100K but have not been able to sale even after dropping the price to 315K. There is about 180k left on the mortgage and we have not been able to get anyone to bite, even with owner financing. What options do I have left to sell the property?
With real estate, there are three factors that impact your ability to sell: Location, Condition and Price.
You can't control the location, so the only two levers you have are condition and price. You can improve the condition and hope to increase the sale price or you can just lower the sale price.
Those are your options. Pretty simple.
@Patrick Gray Yes, a house is worth what someone is willing to pay for it, so the "value" changes everyday. I can sell any house in any area in any condition in 24 hours. It is always price! If you can't sell it, or you are not getting any offers, you are priced too high for the current market and current buyers looking. Your only options are to either lower the price, make your terms more attractive, or allow for more time to try and find the buyer who will pay a little more.
It sounds like you have offered some better terms with owner financing, so I can almost guarantee you are just priced too high. I sell most of my flips in less than 7 days. I do this because I price them all under market and get multiple bidders to pay more. I have sold my last 4 flips a combined $200K over list price, and for more than I could have sold if I had listed at that price. People love a deal, but once they fall in love, they will pay much more. Good luck!!
That is a risky skinny deal You are in $280,000 ($100,000 plus $180,000 mortgage) on a home that you valued at $330,000. Did you do any upgrades or repairs to add value to the home? What are similar homes selling for? Does a realtor have the listing?----- there is too many unknowns , but as mentioned price,condition and value is the primary factors for a non-sale
@Account Closed We added some granite to the kitchen. Comparable comps had it as high as $350 so we started at $339 and have been dropping the price gradually. We do have a realtor that is pushing it. I do believe at this price point people need to LOVE the home. I do think we made the wrong assumption and thought the house would fly.
Originally posted by @Patrick Gray :
We do have a realtor that is pushing it.
How many showings have you had? Do you have feedback from every one of those showings? What is the feedback saying is wrong with the property?
If you don't have feedback from the showings indicating the problem, then you need to find a new realtor.