Property won’t sell!!!

Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes

I have a property that's a 4 bedroom 3 1/2 bathroom sitting on 4100 sqft. We got the property under market value and the ARV is $355,000 and is a class A property with 3000-5000 dollars worth of repairs and have it listed for $260,000. I have buyers but they wasn't interested is something I'm missing?

3 Reply

83 views

Most Popular Reply

Account Closed

Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes

Originally posted by @Thaddeus Goodgame:

@Mike M. Okay I really appreciate this so much I was all off

Here's a clue that will help. When you have a property you want to get an ARV for, go to Redfin.com and put in the zip code. Them zoom in to the neighborhood. Then click on "More Filters" then change the "For Sale" to off, "Sold" to on and set the time for the "Last 6 Months" click on "Apply Filters" - and change from "Photos" to "Table" this will give you all sort of Sold properties to compare to get your ARV. Try to pick properties that are within half a mile and don't cross a major street, river, or other barrier.

19 Reply

See this reply in the discussion

44 Replies

Jump to latestLatest

Sort by

Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y
Post the address or link and we can critique the listing.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group546 Reviews
Website View Page
4 Reply
Jason D.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Thaddeus Goodgame how did you arrive at your rehab estimate and ARV?
Do you have an appraisal and bids from contractors?
1 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Russell Brazil 4406 Alpine ct SNELLVILLE ga
0 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y
Originally posted by @Thaddeus Goodgame:
@Russell Brazil 4406 Alpine ct SNELLVILLE ga

Well the property has been off the market since July 9th, so that might be a good indication.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group546 Reviews
Website View Page
3 Reply
Brent Paul
Rental Property Investor · Shakopee, MN · Member since 2015 · 985 posts · 374 votes
7y
Really tough to say without knowing more details For that that little of repairs it seems strange to me.

It's possible houses in that area don't sell very fast, maybe the buyer didn't have the cash or feel the investment was worth it. Or maybe they saw something in the property that changed their mind about owning it.
It looks like it has been on and off the market a few times in the last year. Perhaps the ARV is way too high?
0 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Brent Paul that’s what I was thinking I had everything in place and just went quiet after that from buyer
0 Reply
Nik S.
OH · Member since 2014 · 454 posts · 227 votes
7y
Correct me if I am wrong but if there's only up to 5k worth of repairs....why wouldn't you do it? Capture the full ARV. After commissions and closing costs (given your PP/Repairs/ARV), you could potentially net 60k. Something doesn't add up. Check your numbers again.
6 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Jason D. We ran comps with an realtor and he pulled a full analysis on the home and looked into the area for price per sqft in that area for things that needed repairs and came up with a great analysis for the buyers and they just went quiet
0 Reply
Account Closed
Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
7y
Originally posted by @Thaddeus Goodgame:
I have a property that's a 4 bedroom 3 1/2 bathroom sitting on 4100 sqft. We got the property under market value and the ARV is $355,000 and is a class A property with 3000-5000 dollars worth of repairs and have it listed for $260,000. I have buyers but they wasn't interested is something I'm missing?

How did you arrive at your ARV of $355,000?

2 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Nik S. Okay I will, I mean it wouldn’t hurt
0 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Mike M. I was working with an realtor and he pulled houses that sold from his property analysis now someone else asked me to look on Zillow or Redfin is that what people go off of? Because I was told it could be off.
0 Reply
Jason D.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Thaddeus Goodgame where are these comps? I dont see a single house sold in that area over $300k. There is one house listed now for $355k, and it would he a miracle to see at that price in that neighborhood.
2 Reply
Account Closed
Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
7y
Originally posted by @Thaddeus Goodgame:
@Mike M. I was working with an realtor and he pulled houses that sold from his property analysis now someone else asked me to look on Zillow or Redfin is that what people go off of? Because I was told it could be off.

Redfin and especially Zillow can be off but everybody looks online before they go out to the property. If they see a value of $279,900 and you are saying the ARV is $355,000 they get confused as to which is closer to reality. Then they see that it was listed in the MLS since January so it obviously isn't worth whatever it was listed at. Your job is to figure out how to convey to investors why the property is worth your ARV before they get a chance to get confused by looking at other sources. If it truly is worth $355,000 give hard copy examples and paint a picture for them so they can see what you see.

By the way, ARV is based on "Sold" properties that are similar, not based on "active" listings.
6 Reply
Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
7y
Sounds like your realtor was off.
Irish Jones Realty4.947 Reviews
View Page
3 Reply
John P.
Investor · Vacaville, CA · Member since 2016 · 433 posts · 249 votes
7y
It's always about the price.
2 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Jason D. I just looked myself and see the same thing I don’t know what he sent me.
0 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Mike M. Okay I really appreciate this so much I was all off
0 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Matthew Irish-Jones yes it does I really don’t know what happened and I’m just trying to get it together I need to go back to square 1 and learn this
0 Reply
Account Closed
Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
7y
Originally posted by @Thaddeus Goodgame:
@Mike M. Okay I really appreciate this so much I was all off

Here's a clue that will help. When you have a property you want to get an ARV for, go to Redfin.com and put in the zip code. Them zoom in to the neighborhood. Then click on "More Filters" then change the "For Sale" to off, "Sold" to on and set the time for the "Last 6 Months" click on "Apply Filters" - and change from "Photos" to "Table" this will give you all sort of Sold properties to compare to get your ARV. Try to pick properties that are within half a mile and don't cross a major street, river, or other barrier.
19 Reply
Thaddeus Goodgame
OP
Flipper/Rehabber · Covington, GA · Member since 2018 · 21 posts · 6 votes
7y
@Mike M. Perfect that’s what I’m thinking
1 Reply
Drew McCluskeyPro Member
Rental Property Investor · Rolla, MO · Member since 2019 · 19 posts · 13 votes
7y
@Thaddeus Goodgame make sure you get your listing on market. On Zillow it says it isn’t for sale, same with Redfin, Homes.com, and Realtor.com. That kills your visibility. Also you should get some more photos up. I can’t tell how nice the house is by just seeing the outside. Your descriptions are great, but change it to a for sale status and add some pictures.
4 Reply
Noreen Duong
Rental Property Investor · Pearl City, HI · Member since 2019 · 5 posts · 6 votes
7y
Just gonna add my 2cents here but I personally believe pictures are very important when selling a home. When you list a home, you want to make a good impression to the buyer. No one wants to waste their time (and money) making an appointment to see a home without having some idea of what they are walking into.
I recently put my apartment up for sale and made sure I followed the listing; double checked what the agent put for the description. All he put was 'Great for first time homebuyer or investment'. Didnt mention about how close it was to the freeway, shopping center or schools.
As someone who is investing out of state, these things are even more important.
6 Reply
Natalie Schanne
Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Ash Leigh - what criteria did you use when hiring your agent? What’s up with posting a bare bones description like that? Even with my non flip properties I’m always trying to highlight the best like NEW Neutral Gray Paint! Spacious Kitchen with Bright White Refrigerator, Dishwasher, ....
2 Reply
Noreen Duong
Rental Property Investor · Pearl City, HI · Member since 2019 · 5 posts · 6 votes
7y
Originally posted by @Natalie Schanne:
@Ash Leigh - what criteria did you use when hiring your agent? What’s up with posting a bare bones description like that? Even with my non flip properties I’m always trying to highlight the best like NEW Neutral Gray Paint! Spacious Kitchen with Bright White Refrigerator, Dishwasher, ....

Good question. He was actually the realtor I used when purchasing my primary residence. Finding a good realtor is difficult (in my opinion) and I needed to get the property on the market asap at the time. I didn't what to spend the time meeting with other realtors and he was someone I already knew and had kept in touch with.

Not exactly sure what he was trying to accomplish when the made my listing but he was open to my suggestions and could have put a little bit more effort there - thinking back on it, he was probably lazy. He did get some good pictures of my apartment, so that helped.

Unfortunately, I see many listings with one or two short sentences. Some with no description at all. It drives me NUTS!

0 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
7y
Price and condition have to match demand. Likely you are priced too high and the ARV is wrong.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.