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"Well, the first one backed out because his lender wouldn't lend the full amount because the appraisal came in lower than the contract price. We told the buyer upfront that this would happen, but I guess he wasn't paying attention."
I live in a highrise in downtown Chicago. We have the same problem selling in my building. The prices are going up but the properties won't appraise out. It doesn't mean the house isn't worth the price, the appraiser's work for the lender so they are very conservative. You need a all cash sale or the buyer will have to come up with the difference in cash. It's just a waiting game to find the right buyer. I know I'm not telling you something you don't already know. I will be selling myself next year and moving to Asheville. I anticipate having the same problem. Many in my building end up with cash buyers.
Good luck.
I had to get it zoned specifically for a B & B by the local P & Z board. I don't think that's considered business or commercial zoning, but I could be wrong.
I've had two realtors (friends of friends) tell me I should raise the price by 15%, which tells me they have no clue. I think I'll take my chances selling it on my own for now, thank you. I'm confident the price is right.
Why didn't you give accurate information in your first post then? We cannot give you an honest opinion or even remotely accurate advice if the OP doesn't present the scenario.
Again, best wishes in getting to the closing table with a good buyer.
"Well, the first one backed out because his lender wouldn't lend the full amount because the appraisal came in lower than the contract price. We told the buyer upfront that this would happen, but I guess he wasn't paying attention."
I live in a highrise in downtown Chicago. We have the same problem selling in my building. The prices are going up but the properties won't appraise out. It doesn't mean the house isn't worth the price, the appraiser's work for the lender so they are very conservative. You need a all cash sale or the buyer will have to come up with the difference in cash. It's just a waiting game to find the right buyer. I know I'm not telling you something you don't already know. I will be selling myself next year and moving to Asheville. I anticipate having the same problem. Many in my building end up with cash buyers.
Good luck.
Thanks, and good luck to you next year, OG. Yeah, we're thinking the buyer will have to bring cash. We had one cash buyer look at our property three times recently. They may still make an offer, but it's one of those cases where the woman is in love with the house and wants it, but the man doesn't. We're hoping he old phrase "if momma ain't happy, nobody's happy" will apply.
Why didn't you give accurate information in your first post then? We cannot give you an honest opinion or even remotely accurate advice if the OP doesn't present the scenario.
Again, best wishes in getting to the closing table with a good buyer.
I didn't start the thread to discuss how I could sell my house, I started it so all of us home sellers could commiserate with each other.
we did not even try to sell the house in Delaware where we moved from, since the market was very slow. we found great tenants though, who just renewed the lease agreement for another year. would renting/rent to own be an option for you ?
I assume you would be renting in Asheville as well, at least for the first months to get an idea and to be ready for the right property ?
we did not even try to sell the house in Delaware where we moved from, since the market was very slow. we found great tenants though, who just renewed the lease agreement for another year. would renting/rent to own be an option for you ?
I assume you would be renting in Asheville as well, at least for the first months to get an idea and to be ready for the right property ?
Hi Queen,
The market is not too bad here and is expected to get much better over the next couple of years due to oil in the area. We do not want to rent or rent to own, as we want to pay cash for our house in Asheville. All we want is a small 2/1 within 15 minutes from downtown.
Yes, we will be renting in Asheville for the first month or two, but we want to buy quickly. I think we have a pretty good idea of what we can afford and where to look. I check Zillow daily and have perused the last 150 pages of this forum.
Glad you found some good tenants. One more thing you don't have to worry about.
I've bought and sold six properties over the course of my life so far, sometimes with realtors on both sides of the transaction, sometimes seller to buyer with an attorney/title company facilitating, somes with a realtor bringing a buyer to me as a seller. If selling by owner, I always leave it open to letting a realtor bring a buyer and I'm more than willing to pay the commish for their side of the transaction. It's worked out well for me in the past. One thing I've found, if you have an experienced realtor, they're very good at taking the emotion out of the transaction, which is often a reason that seller to buyer transactions fail.
I've bought and sold six properties over the course of my life so far, sometimes with realtors on both sides of the transaction, sometimes seller to buyer with an attorney/title company facilitating, somes with a realtor bringing a buyer to me as a seller. If selling by owner, I always leave it open to letting a realtor bring a buyer and I'm more than willing to pay the commish for their side of the transaction. It's worked out well for me in the past. One thing I've found, if you have an experienced realtor, they're very good at taking the emotion out of the transaction, which is often a reason that seller to buyer transactions fail.
Hi kmarc,
Yep, everywhere we've got the house listed we've welcomed realtors, meaning we'll pay their commission. Good point about realtors taking the emotion out of the transaction. We could really use some of that about now. If the appraisals weren't so far off, we'd seriously consider listing.
I have had my home in Swannanoa on the market for 3 years with no luck. I have it listed 30 grand less than appraised and 55 grand less than i paid.
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