Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Originally priced in the low $120s (nearly eight months ago) for a three-story quality 1940s Colonial with charming features, original oak hardwood floors, and an extra building lot thrown in for free (1/4 acre). About to dip under $100 now. In another part of town, would go for at least $200 easy. Most recent sale on the street -- safely away from my neighbors -- was $104; they paid $120. At least two for sale on every street in the subdivision; surrounded by "riff-raff," basically.
Well...nothing is so bad that it couldn't be worse. Just be thankful that you're not in Detroit. You might expect to get around $20,000 for such a house--if you were lucky (it would depend on the neighborhood).
Well...nothing is so bad that it couldn't be worse. Just be thankful that you're not in Detroit. You might expect to get around $20,000 for such a house--if you were lucky (it would depend on the neighborhood).
As I say, it might as well be Detroit. It doesn't get much worse than men peeing in the front yard (police have to actually catch them in the act to prosecute) on a narrow shared driveway... Maybe if there was gunfire...
Last edited by otterhere; 06-05-2015 at 08:23 AM..
Originally priced in the low $120s (nearly eight months ago) for a three-story quality 1940s Colonial with charming features, original oak hardwood floors, and an extra building lot thrown in for free (1/4 acre). About to dip under $100 now. In another part of town, would go for at least $200 easy. Most recent sale on the street -- safely away from my neighbors -- was $104; they paid $120. At least two for sale on every street in the subdivision; surrounded by "riff-raff," basically.
I have to comment on the above. I live in a neighborhood where my house would go for $X. I can walk 5 minutes to a neighborhood where houses of similar vintage, size, etc., go for $X+50%; if I get in my car and drive 10 minutes, houses sell for double what mine would go for. That is the nature of location, the nature of value. In other words, what your house would fetch in another part of town is irrelevant; what your house would have sold for in 2006 is irrelevant. The only thing that matters is what should your house sell for TODAY and where should you price it to attract buyers.
Clearly your house has been priced too high for your sub-market and your specific location, and only now are you getting it in the right ballpark (under $100k) - you have lost a TON of valuable exposure to the market at a realistic price and have scared off lots of potential buyers. You should entertain any offers above, say $70k. If your town is like every town in the country, this is the time of year to sell a house. If you keep your price too high, or run off bonafide offers, you will find yourself in November kicking yourself.
I am stunned that you had this house on the market for 8 months at too high pricing - you should have ratcheted your price down to under $100K many months ago. What the hell were you and your sibling thinking? Get real on the list price, and get the house SOLD. Don't refuse any reasonable offers - to me, reasonable would be around $80k, maybe a little lower for an all cash, no drama buyer.
You have been poorly served by your real estate agent. Personally I would fire him/her, get out of the contract. I sure as hell would not sign a new contract with them when this one runs out.
I have to comment on the above. I live in a neighborhood where my house would go for $X. I can walk 5 minutes to a neighborhood where houses of similar vintage, size, etc., go for $X+50%; if I get in my car and drive 10 minutes, houses sell for double what mine would go for. That is the nature of location, the nature of value. In other words, what your house would fetch in another part of town is irrelevant; what your house would have sold for in 2006 is irrelevant. The only thing that matters is what should your house sell for TODAY and where should you price it to attract buyers.
Clearly your house has been priced too high for your sub-market and your specific location, and only now are you getting it in the right ballpark (under $100k) - you have lost a TON of valuable exposure to the market at a realistic price and have scared off lots of potential buyers. You should entertain any offers above, say $70k. If your town is like every town in the country, this is the time of year to sell a house. If you keep your price too high, or run off bonafide offers, you will find yourself in November kicking yourself.
I am stunned that you had this house on the market for 8 months at too high pricing - you should have ratcheted your price down to under $100K many months ago. What the hell were you and your sibling thinking? Get real on the list price, and get the house SOLD. Don't refuse any reasonable offers - to me, reasonable would be around $80k, maybe a little lower for an all cash, no drama buyer.
Brother won't go below $99k "yet"... He'd rather rent it out "unil the right person comes along." Whereas I'm with you. As someone suggested, we may end up in court...
I realize that a previous or relocated value is irrelevant, but it still bites. I feel our asset has been stolen by these trashy neighbors.
Brother won't go below $99k "yet"... He'd rather rent it out "unil the right person comes along." Whereas I'm with you. As someone suggested, we may end up in court...
I realize that a previous or relocated value is irrelevant, but it still bites. I feel our asset has been stolen by these trashy neighbors.
The "right person" will only come along when you price it right. Whatever buyers may be out there at $100k, there will be many more at $80k.
I bet your house won't sell for a penny more in 3 years from now than you can get for it today. There is no upside appreciation in your property - NONE. Renting only delays the inevitable, and in the meantime, you have to put up with all the BS involved in being a landlord. Plus you are on the hook for maintenance.
On a house that age, you can expect to need to budget 2 to 4 percent of the value of the improvements PER YEAR to cover ongoing maintenance and repairs. So do some quick and dirty math: say the house is "worth" $90k - of that, maybe the lot is worth $20k - so say your imps are worth $70k. So you can expect, on average, to need to spend upwards of $2800 a year to simply maintain the house in its current state. If you get hit with one of the major repair issues in the next year or so - say a roof replacement - how bad a taste will that leave in your mouth when you sell it in 3 years for no more than you can sell it now.
And you face having a house get trashed and left in total disrepair if you get a bad tenant. At the price point you have described, you are probably going to get some lowlife in there...be prepared to have to spend $10k repairing what your tenant ruins in order to sell the house in a few years. In the best case, you will not break even on your cash flow on the house - you will end up LOSING even more money by holding onto the house as a rental when all is said and done.
Can one of you realtors address the insurance question? MOST houses sitting on the market (and most sit there for more than a month, I would wager) are unoccupied or "vacant." Are you telling me that no claims would be paid on them in the event of a fire or theft? Do the owners generally know this? That is, do the realtors make them aware of this fact? Thanks.
Can one of you realtors address the insurance question? MOST houses sitting on the market (and most sit there for more than a month, I would wager) are unoccupied or "vacant." Are you telling me that no claims would be paid on them in the event of a fire or theft? Do the owners generally know this? That is, do the realtors make them aware of this fact? Thanks.
Lots of stupid people out there. They learn the hard way.
I think you need to get on your sib. You can do it gently by telling him you want him to pay for half of the 8 months (4 months worth) property taxes and insurance and half the monthly utility bills as well. And from here on forward, since you want to drop the price to sell and he wont - he will be responsible for all the property taxes and insurance.
You have a week to tell me what you want to do.
I'm assuming he'll squawk and you can counter by ok, pay the insurance and property taxes till it sells and I'll let you off the hook on the 4 months back pay. If he still complains - tell him to talk to a laywer cuz you are selling anyway (assuming if you are the executor). If you are not the sole executor tell him you are taking him to court for option one AND court ordered selling the house post haste.
Its been 8 months, you know you got to do it, quit stalling (sorry).
Meanwhile I agree, get a different realtor. Can't hurt, the one you have has had his shot.
Again, he has no income. He works only sporadically, and his wife doles out the money (which is, in fact, her mother's money). So I really can't "make" him do anything, financially speaking.
If he had any money, I'd make him buy me out.
Our signed (I assume legal) contract runs through this month; can you fire a realtor before then? Also, he's the only decent property manager in town, and I may need him to rent out my own house when I retire and travel, so would rather not tick him off.
July 1, though, something needs to change.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
