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Spoke to a friend today. We spoke after 10 yrs. He called up because he was stressed that he has not been able to sell his house for the last 2.5 years. He wants to move out because of job but the house wont sell. It seems like house is near a shooting range and there once (just once) many years ago that a stay bullet hit a house 2 blocks away from him. People think its a risk to buy his house. The only one offer he has got is like 50% below asking price.
He is wondering if his house will ever sell and so am I
The market is what a buyer is willing to buy for and what a seller is willing to sell for. In your friend's case, his asking price isn't close to what a willing buyer is willing to pay. It might seem like 50% to you/him, but that's 100% to the buyer.
He should not need to drop the price by 50%, but maybe dropping by $10,000 will make the house attractive to a buyer. Some times you have to cut your losses and move on.
I wouldn't buy it because of the constant noise, but there is someone who will buy it if the price is right.
If he hasn't sold the house in 2 1/2 years, his price is too high for the market.
Plenty of houses near shooting ranges. Sounds like he is way overpriced for the area or he is unreasonable with any offer. 50% off asking price is ridiculous. Unless the house is ready to be leveled complete tear down
He should not need to drop the price by 50%, but maybe dropping by $10,000 will make the house attractive to a buyer. Some times you have to cut your losses and move on.
I wouldn't buy it because of the constant noise, but there is someone who will buy it if the price is right.
If he hasn't sold the house in 2 1/2 years, his price is too high for the market.
As per him there is barely any noise, it was just the stray bullet rumor. I dont know how sound cannot travel but the bullet can, but I trust him. I have spent 4 years in college with this guy and he was very helpful than and I am sorry I cant help him.
This is a 600K+ house. He has already reduced price 10% than what he bought for in 2008. The houses a few blocks away are selling for higher prices.
He is thinking. But he thinks if the house is never going to sell than whats the point carrying it around. He thinks he will let it go in foreclosure. He is a non recourse state.
He is thinking. But he thinks if the house is never going to sell than whats the point carrying it around. He thinks he will let it go in foreclosure. He is a non recourse state.
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If he does, he will ruin his credit. Before letting it be foreclosed on, price it so it will cover the mortgage,
Realtor commission, and closing costs, unless the home is underwater mortgage wise.
Speaking as a Real Estate broker from 1971 till retirement, I can give you an educated guess as to the problem.......Any home for sale 2 1/2 years and not sold, is way overpriced regardless of what he paid for it. Overpriced to the point, that no one is making offers on the house. If within reasonably priced, someone not willing to pay his price will make an offer. If he is not getting any offers, then it is way overpriced.
The shooting range, may or may not be a determining factor on setting the price the home will sell for.
Location: East of Seattle since 1992, originally from SF Bay Area
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Quote:
Originally Posted by IDontKnowWhyIDidIt
As per him there is barely any noise, it was just the stray bullet rumor. I dont know how sound cannot travel but the bullet can, but I trust him. I have spent 4 years in college with this guy and he was very helpful than and I am sorry I cant help him.
This is a 600K+ house. He has already reduced price 10% than what he bought for in 2008. The houses a few blocks away are selling for higher prices.
I would consider the proximity to the shooting range and stray bullet rumor to be fatal flaws, that would eliminate nearly all buyers that know about it. He should probably rent it out or accept the 50% offer.
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