House Selling Question (agent, contract, closing, listing)

[charz]

My background: Our house is currently on the market. We currently live in Kentucky and are trying to move to another state. Our original listing was $124,900 even though our last appraisal 3 years ago valued our house at $129,000. Now we've had to drop the price to $119,900 and the real estate agent told us to replace our carpet. I'm afraid if we ever do go to closing that we'll be told to replace one of the bathroom sinks and the vinyl in that same bathroom. We owe $118,000 on the house and after closing costs, we'll be losing money. Because I'm a teacher, if we don't sell the house by July, we need to wait a year before we move to another state. The new school year starts at the beginning of August, and I need to decide if I'm keeping my current job or accepting a new one in a different state.

Here are my questions: 1) Should we continue trying to sell knowing we're losing money, or should we pull it off the market and try again next year? (2) Our contract with our real estate agent goes to the end of August even though we told him that if it doesn't sell by July we can't move. If we decide to NOT sell, can we pull out of a contract before it's over or do we have to bide our time until its over?
(3) If someone makes a bid on our house and I've already started a new school year here, what do we do then? It would be too late to change states.

Thanks for your help.

[CAugust]

I dont know why your agent didnt write the contract to end when you told him to. I would speak with him or her now and see if you can get that changed, its not about their service, its just about timing.

also, how is he or her marketing the home? make sure it has a lot of internet exposure - thats how ppl find their homes period - at least most of the time.

The listing should say, homeowner to do no repairs that result from home inspection, that way, you specified that prior

good luck!!!

[Silverfall]

Can you rent your house for a year and move to your new state and rent there?

In Oregon, seller's can put their listing on withdrawn status on the MLS, which means it gets pulled from IDX sites. You are still technically "active" but you won't be on public sites anywhere.

I also find it weird that your listing doesn't expire in July since that is your stay or go time frame.

No guarantees the market will be better next year.

[chet everett]

Not much need to withdraw the listing. I mean your contract with the agent is so that they are paid should you accept on offer. Even if they bring you some offer that exceeds your financial requirement in terms of selling price you are under NO obligation to sell your house if the timing won't work...

If you owe $118K on the house and you can afford to remain in the house I don't think I would be in any hurry to sell at a loss. If you were to list at $119K but got an offer at $109 (or less...) would you have the cash to cover the shortfall? Have you had any discussions with your lender over whether they would allow the short sale?

Unless I am missing something the length of contract/ listing is nothing to worry about. If you have a job offer in another state that is so much better all around
then THAT should be your only concern. And in evaluating such an offer you would have any increase in pay against the possibility you would not have the ability to buy a house...

[TampaKaren]

The carpet thing bothers me so much I can't answer the important questions. What if you replace the carpet and the prospective buyers are alergic to wool/nylon, etc.? Now you've wasted money on something neither of you are going to use and the new owner has to tear up perfectly good carpeting. If necessary, offer a flooring allowance as an incentive. Geez!

[veuvegirl]

Originally Posted by TampaKaren

The carpet thing bothers me so much I can't answer the important questions. What if you replace the carpet and the prospective buyers are alergic to wool/nylon, etc.? Now you've wasted money on something neither of you are going to use and the new owner has to tear up perfectly good carpeting. If necessary, offer a flooring allowance as an incentive. Geez!

Sometimes makes sense if the carpet is an awful color or really dirty....

[charz]

Thanks for all your replies. Today two different people came to look at the house and BOTH made offers. One at $119, 100 and the other at $118,000. Both insisted on us replacing the carpet (it's horribly stained) and keeping all our appliances. The lower offer seemed to be more stable as far as financing goes, so we countered at $119, 500. After dropping $5000 already, we just can't go much lower. I'm a teacher, for crying out loud. I don't have a lot of money. We haven't heard if it's been accepted, but it's as close as we've come to selling.

[palmcoasting]

wow! two offers! Good for you! I hope one of them works out... YAY!

[middle-aged mom]

What fabulous news.

I am just curious as to WHY you want to move and WHY now?

[charz]

Originally Posted by middle-aged mom

What fabulous news.

I am just curious as to WHY you want to move and WHY now?

The why we want to move is that my family is over 7 bours away and I'm sick of the drive. I make the trip about 6 times a year so my kids can see their grandparents.

The why now is because my daughter begins first grade this year and we wanted to start in her new school instead of moving when she's older and has more friends.

The good news is that we sold our house and for only $300 less than our list price.