My flip/rehab is taking too long to sell! Help!!
Hi all! My house at 11847 Burning Bend in San Antonio TX is taking a bit longer than expected to sell! We are getting close to 6 months since acquisition. Bought with a hard money lender.
Our exit strategies are as follows:
1. Refi-rent out for a year then sell
2. We have a handful of investors who might be interested, as a rental property, but none have shown serious interest.
3. Sell at a much lower price, though we’ve cut it by 16k already. Bought it following the .70 rule minus repairs and other factors.
4. Not sure...any more suggestions?
Any insights as to what you do to sell a flip that’s been taking a while would be much appreciated.
Thanks!
Most Popular Reply
A few thoughts...
1. It's overpriced.
2. Garden homes in that are seem to be more in the 170-180 range. I fear that it may have been comped and priced based on single family homes which would explain why it's off.
3. 70 percent deals don't really exist in San Antonio on the mls (and are hard to come by even if you are doing direct to seller marketing)
4. Anything priced well in San Antonio is selling right now, and I know several people selling flips right now that are getting several offers over ask.