Rehabbing & House Flipping

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Charlie M.
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Can’t Give House Away

Charlie M.
Posted Sep 3 2019, 06:14

Hello! I put my house on the market back in June and got a full price (341,900) offer with me paying 3 percent closing. Made all repairs requested from inspection and then 3 days before closing buyer finances were disqualified due to debt/income ratio. House appraised at 350,000 for FHA loan.

I had already purchased my new home and moved so I am anxious to get it sold.  I asked my realtor to drop 10k hoping it would move quicker.  It’s hasn't.  Today makes 1 month since relisted/price drop.  We’ve had about 10 showings.  The only offer we’ve had is 310,000 with us also paying closing costs.  We’ve had two others say we were at the top of their list but not ready to buy yet.  The last person to say that we offered closing and 3000.00 for carpet allowance as they did not like our light blue carpet but still no offer.

My relator who is my son-in-law and does this part time has sold about 5 other houses.  He says comps are hard to pull for my house because of age/size etc.  It’s a 3300 sq ft home with 3finished levels/walk out basement,  4bd 3.5 bath and 5th BD (NTC) or office in basement.  I  have always felt my house is overpriced.  Comps I have seen are newer houses with “open floor plans” and bigger masters/closets/master bath. His experience is limited and I worry my house will just sit but on the other hand if he’s right then I loose money or get super inspections cause people are concerned why I’m priced so low :(

 My house is in good condition but 30 years old.  I’ve made major exterior updates over past 4 years (roof,siding, garage doors, porch, front door) have all been replaced and all with high end materials.  Interior has been updated over the years and completed full master update down to studs.  Master bath Beautiful but still small for modern bathrooms.  

Most feedback has been positive, negative comments was light blue carpet upstairs and original wood windows which are in good working condition (still heavy windows)  but some fading of wood and some discoloration.

This would be my second price drop since June and I really don't know if price is the issue. I just want it sold. There is a house directly across from mine that was bought by an investor and that house is in the process of being refurbished so not sure if that impacts anything (lots of construction) I live in nice (older) neighborhood in a desired school district with no HOA yet it's still not sold in what's listed as a sellers market.

I thank you for reading this long post and would appreciate ANY thoughts you have.



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