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Old 02-15-2008, 01:51 PM
 
1,832 posts, read 4,433,732 times
Reputation: 1105

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Hi all--we're selling our house in Tampa b/c we are relocating out of state. As we all know, the market here is not good. I'm trying to decide if we should:
1. gut the price and just get out;
2. hold onto the house, lease it for a year (but we'd have to rent for probably $2400/mo to break even) and then try again to sell from a distance or
3. auction the house--I know RE auctions on non-distressed properties is getting more and more popular, and I was thinking of looking into it, but didn't know if this was a viable option....

thoughts? Anyone been through any of these 3 options? PM me if you have info/wisdom you can't/don't want to post here.
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Old 02-15-2008, 02:08 PM
 
3,913 posts, read 10,020,954 times
Reputation: 5197
The Tampa market has experienced an uptick in the past few weeks and we're working again. Yippee!

Is your house on the retail market now (listed with a broker)? If yes, are you getting any showings? If you're not, you need to look at the recent sales (within the past 60 days, no further back) and look at the area competition to see how your property fits in.

The three auctions I've attended since November all had overpriced junk. Very few properties were sold at absolute, so they were left holding more than they sold. They were well attended though, but you'll pay up front for advertising costs. Though I'm not positively sure, I was told that auction costs are about 18% of the sales price. WoW!

I've got to go and can't write any more at the moment. I hope this helps you a little bit.
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Old 02-15-2008, 06:41 PM
 
1,832 posts, read 4,433,732 times
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Thanks--it is listed. We're thinking of dropping the price. We have gotten lots of showings--1 to 2 per week--in the last month--but no offers yet. We are just getting antsy to find something up in NC. I was thinking we'd ask to have it dropped to be below the competition out there and maybe it will move faster.

I'm not hearing great things about auctions--your feedback helped. Here's hoping things are picking up in Tampa!!
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Old 02-16-2008, 11:02 AM
 
Location: Tampa, FL
133 posts, read 484,458 times
Reputation: 39
I agree Karen... Seems like business has increased the last few weeks. I have noticed some of the builders do not have any inventory homes available which should increase sales in resale homes.
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Old 02-17-2008, 07:25 AM
 
Location: South Tampa
99 posts, read 326,729 times
Reputation: 52
We have definitely seen a move up in sales buiness recently.

In the rental market there are tons of choices so that can be somewhat of a challenge. If the home is going to put you in a challenging financial position that can be documented, you may consider a short sale.

I am about to work on one property that is going to auction. As soon as I see the results here, I will pass along the feedback.
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