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You don't know the problems with this particular home. I like to remain optimistic too - but this one needs to be off the market for a while in my opinion.
After posting, I find others have posted and more info has been added, and I am not so sure my advice is that pertinent since I have a better picture of the current situation w/ neighbors.
After posting, I find others have posted and more info has been added, and I am not so sure my advice is that pertinent since I have a better picture of the current situation w/ neighbors.
I am thinking Loves has a good point here.
Awww... thanks Ani But I thought your post was really good - and very accurate for many people trying to sell a home
Been putting a lot of thought into this, thanks all for your suggestions!
Here is one more bit of info (don't think this is too private to post, but if I am wrong, someone let me know and I will take it down):
We currently owe $374k on this house and our mortgage is awful but cannot be refinanced for another 2 years without a huge penalty. The house is on the market for less than what we owe and about $10k less than we paid.
I have about $30k on hand that I can put towards selling the home. We could probably come up with another $10k without much effort. Would it be possible in a situation like this to sell the home flat out to an investor for around $340k, or would they need to buy it for substantially less than that in order to be interested in it?
I have no experience in this area at all, so don't even know if it is possible to sell straight to an investor and bypass third parties altogether. Anyone with experience in this area, please let me know what you think.
Been putting a lot of thought into this, thanks all for your suggestions!
Here is one more bit of info (don't think this is too private to post, but if I am wrong, someone let me know and I will take it down):
We currently owe $374k on this house and our mortgage is awful but cannot be refinanced for another 2 years without a huge penalty. The house is on the market for less than what we owe and about $10k less than we paid.
I have about $30k on hand that I can put towards selling the home. We could probably come up with another $10k without much effort. Would it be possible in a situation like this to sell the home flat out to an investor for around $340k, or would they need to buy it for substantially less than that in order to be interested in it?
I have no experience in this area at all, so don't even know if it is possible to sell straight to an investor and bypass third parties altogether. Anyone with experience in this area, please let me know what you think.
Thanks again guys!
LAMF,
I am not an investor, but I have had some expierence with a few. I doubt you will be able to get the price you want/need out of an investor. I had a few offers on our house in the past from investors and they were really low compared to what you could get selling to the general public. The old saying goes "you never know untill you ask". I suppose it does not hurt to look into this. What about sub-dividing your lot? Is that a possibility for you?
I vote for getting as much rent as you can and holding on to it for as long as you can. The market will come back and that area will appreciate (I think it will appreciate tremendously some day) As long as your neighbors are there nothing is going to sell around them. Are they renters or owners? Good Luck, Lord LAMF. I feel for you.
I vote for getting as much rent as you can and holding on to it for as long as you can. The market will come back and that area will appreciate (I think it will appreciate tremendously some day) As long as your neighbors are there nothing is going to sell around them. Are they renters or owners? Good Luck, Lord LAMF. I feel for you.
Here is the worst part - they own the house free and clear. They ain't going anywhere anytime soon.
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But I thought your post was really good - and very accurate for many people trying to sell a home 
