Need advice/ideas on how to get my house SOLD this year (contingencies, incentive)
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The price is way below cost to build. There are no comps at all and that is one problem. The other is that New Mexico is so different. I'm sorry but there's a serious lack of work ethic here. Folks here are lazy. In the Seattle area, agents were practically fighting for our house listing(s) and when they got it, they worked hard to sell.
We made the mistake of building in a remote community of 200 or so where the most locals live in single or double wides and then there are a few vacation homes which are nicer. Thought this area would grow and the property values rise--unfortunately, this didn't happen in the 4 years we've been here.
Though it is below what it cost to build you still may be asking too much.
Maybe the OP needs to consider some type of fee arrangement instead of a pure commission.
I agree that would be ideal. Trying to find a fee-for-service in the middle of nowhere is hard though. Even I have a certain radius I cover and then I don't. Although I would consider doing it if the seller did their own showings.
Looking for a cash buyer for a likely unfinanceable property will cut back on the marketing success.
I agree that they could potentially have financing issues. I'm thinking of the unfinished homes that sold out here during the first part of the bust went for 50% off market. I think the OP is looking for an investor to finish the house and flip it.
Think about the 'Buyer' you are looking for -- market to them!
Quote:
Originally Posted by Silverfall
Egads...so you have an unfinished house out in the middle of nowhere?
Ok, you have an unfinished house, on 100 ACRES, in the middle of New Mexico, 1-2 hours away from civilization (what about utilities, shopping, roads, etc) ... that you are trying to sell for less than the cost of building the house? What about the 100 acres ... or did I mis-understand?
The trick to 'selling' anything is to give the buyer (once located) an opportunity to buy. The problem for now is that you (and probably the realtors you've contacted) are looking for what YOU want ... and are not really focused on the BUYER for such an unusual offering.
Sounds like you need to find a rancher, hermit, pilot?, maybe a 'dude ranch' operator, (Do you have any natural resources?; could you develop/sub-develop the property); Are you willing to offer a lease-option, owner-financing or other inducements? --- How about 'sell the land and give the house away' ... or maybe a "One-of-a-kind Ranch auction" ... advertized in the WSJ, USA Today and other media likely to reach a wider audience than folks living in a NM city 1.5 hours away (There is a reason they live in the city and not out there with you!) ---Of course, you may also have to spend some money to make money, but, that is probably why the realtors in your area are NOT interested. (As you've probably noticed or surmised, there is no shortage of listings out there ... without your problems!)
The 'trick' to successful marketing (beyond thinking about the BUYER FIRST), is to 'think outside the box' ... instead of only considering traditional methods and techniques. Beyond the isolated, unfinished nature of your property, you may also have noticed that we are in the midst of a VERY tight housing market! -- Get some friends (... or cows?) together and brainstorm all of the wild and crazy ideas you can come-up with to locate a buyer and/or sell your property. Then, "sell the sizzle, not the steak" (Wild idea example: Contact a casino and work out a deal for them to offer your '100 acre ranch' as some kind of prize, for which you would, of course, first get the price o the property).
While this might sound harsh, your home will appeal to a one off (maybe strange) buyer like you might/probably were when you bought/built it so the questions are:
1. How do you reach this type buyer?
2. How do you explain the sale/change of life style, whatever?
I do not think your typical real estate agent is particulary suited to help you. What you have is unique and any agent you choose best have experience and a track record of selling one offs.
Now that said one, of them my land is my kingdom and do not come on it or I will shoot your a$$, isolationist, world ends tomotrrow so stock up on guns and food, might just be your buyer so search for publications that appeal to them.....LOL
I cannot believe someone would not want to be your agent! Would you be willing to show it yourself if an agt would take less % but still do internet/print marketing? Maybe that would give you more exposure.... [/quote]
As another poster said, maybe it is "high risk" as there are no comps and all--but it is a beautiful 3600 sq. ft. house on 120 fenced acres. Trying to get it completely finished but money's hard to come by. I like the suggestion that maybe an agent would take less % but still do internet/print marketing. Maybe it's time to revisit the couple of realtors who turned us down last year.
You may want to even contact some of the agents in Santa fe. It may be a great distance from where you are but they will have more clients that may be looking for a get a away place.
1.5 hours to nearest city, yikes, that eliminates families with children and retirement age folks and a great many others, 2 minuses, schools/hospitals/amenities are not readily accessible,. . . unfinished home, another minus, difficult to finance/appraise/inspect as potential buyers may be required to get a construction loan. Less than favorable situations.
If you need to sell, only marketing strategy for FSBO is MLS, pay the flat fee to a discount broker, offer 4%plus commission to buyers agent, price accordingly, if you live in the home, be ready to show your home and cut your losses, otoh, if you don’t have to sell and have substantial equity , stay put, finish your home and make the best out of a bad situation because you will lose lotsa $$$$$$$$$$$.
HOWEVER, if you have little equity, no equity and/or underwater, put a sign on it, that spells ‘eff it’ and walk away.
Sounds like the house need to get finished first. If that's not possible, then make the house attractive enough by reducing the price to reflect the current condition. Maybe I didn't read it correctly, but why would anyone think to buy four years ago because house values would rise when the economy was in deep six mode?
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Think about the 'Buyer' you are looking for -- market to them!
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