All Forum Posts by: Tyler M

Thank you for your replies. I was a bit hesitant about buying now because prices have come up a bit and there may be a new wave of foreclosures put on the market. I heard some people say this may happen in Spring sometime how likely is that? I guess the good thing about buying now is you could start renting it out sooner and also you could put the research time in now and get it over with. Even if they put more foreclosures on the market it seems like prices probably will not go down that much as I think we are at the bottom.

Hi, I know you could do this quite easily in some places like Phoenix two years ago but now that there is so little inventory and prices seem to be rising. Where in the country can you buy a 3 bdrm/ 2 bath sfr in good condition that was built 2000 or later for 60k to 75k? I bought one at the auction, built in 2006 for 58.9k nice 1700 sq ft. It seems like prices have come up. Less houses at auction and prices getting bid up. What is the best way to get a good deal now? All cash at auction, short sales, reos?

Thanks in advance.

Thanks Dave and J Scott for your excellent advice.

Yes I probably am in a little bit over my head. It is kind of different with a property in the 500k range- not doing a few updates or handling things correctly can cost you 50 to 100k.

right now my phone mailbox is full twice a day it is just not practical to respond to everyone. I have been sending blanket text responses from my computer saying the home is being remodelled and to stay tuned for new pictures, ad description of upgrades and new price.
Is this the best way to handle this situation?

My main question is what do I do with all the people driving by the home who are interested but still think the price is 440k? I am getting 20 calls a day at the current price and 1 or 2 emailed offers daily. I believe there is a good chance that after all the major updates are completed and the new price is revealed I will lose these people who may have been interested if they knew the new price before hand- closer to 500k. So how do I keep interest high while the remodelling is taking place. Should I raise the price on the old MLS listing with old pictures and say new pictures coming soon and list all the features which are being added in my ad description? Or say major remodelling underway?
Or should I just take down the sign and take the property off the market for a few days while renovatons are being completed?

Thank you for any insights.

As I said the house is dated, we are working on updating it. The comps suggest that after the property is finished it should sell for about 480k- again a conservative estimate after remodelling.

Keep in mind that the numbers I am using are a little off because this is a public forum. The crux of the issue is that there is that there is about a 40k margin between our property and similar homes. We believe that the reason is that our home is VERY dated. These other homes are completely updated which would not cost much for us to do.

Also if I accept an offer now and the deal does not go through, my listing will be taken down in a couple weeks which means people won't see it and I may miss out on some back up offers.

Hi J Scot. Our highest offers are about 440k. The low end is 480k it could possibly sale for 490k or 500k as Jake mentioned in the post above. The home is in great condition but is really dated and needs cosmetic work, the buyers in this area want a home that is turn key and completely updated. It would not cost that much to do this. The goal of relisting would be to add new photos of the upgrades. These flat fee listing companies charge the same amount to change the photos as to buy a new listing. Also we have only showed the property for a few days when the DOM says almost a year (we had a tenant and could not show the home). Which is kind of unfair as realtors in our area are constantly delisting, relisting and resetting the DOM.
They list the square footage higher than it actually is etc etc. Im not saying all do this but I am competing against a lot who do.