Relocating Need Help Fast!!!! (1%, agent, commission, mortgage)
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My husand is relocating to another job out of state next week.
Our house is in near perfect condition (only 5 years old) we've recently painted, updated flooring, put in an above ground pool and deck, landscaped, etc. Our home has been on the market for about 3 weeks as a FSBO (I'm a former realtor). I have advertised in papers, on the internet (including agencies web sites) and on the MLS. I'm offering an above average commission to the buyer's agent as well as a 1% bonus if we close by the first week of July. We have had 1 open house with a mild turnout and another open house tomorrow (Memorial Day Weekend!?). We are priced at the LOW end of the market for our home.
My kids will be starting at there new school in 2 months and we haven't even had ONE showing.
I have many friends in real estate and they think I am doing everything right and insist I am not being boycotted as a FSBO, especially since I'm offering a commission. They also feel our area has a lot of inventory in our price range. New builders are still putting up new construction at a fast rate and selling at rock bottom prices which of course is hurting re-sells.
I'm seriously considering calling one of those "We Buy Homes" places. Should I? Does anyone have experience with any of them or know which ones are reputable? Any suggestions or advice would be so helpful!
I think you're just suffering from a slowing market.
We're in the same boat here in NJ. Up until last fall, any house in our subdivision that got a "For Sale" sign put on the lawn on Friday had an "Under Contract" sign by the following Tuesday. We've had our house listed for two months now, have had two open houses, dozens of showings, and even two low-ball offers. Our realtor says he's finding that buyers are being far more selective, and are looking at more listings than they have in the past. They're all "looking for a deal" because of all the news coverage saying it's such a buyer's market.
We're not in quite the dire straits that you sound to be in, so we're not freaking out about it. We're moving to Atlanta at the end of July whether the house is sold or not, and we'll just have to deal with making the payments until it sells. I'm not going to drop my pants quite yet.
I'd also suggest taking a better look at the actual sales prices of comparable homes instead of the listing prices. We've found that while list prices haven't dropped too much, the delta between sales price and listing price is getting larger. It might be time to just drop the price to the bottom number you're willing to take and just blow the house out, rather than waiting for the "right buyer" to come along and give you what you'd really love to get for the house.
I totally agree with everything you have stated in your post. I am actually looking at the sales price (not listing prices). I'm also paying close attention to how much over the assessment value these homes are getting. Our town conducted assessments just last year so I figured this was a pretty good indiciator as well. (Our town uses the 70% of market value to find the assessment). I'm watching the closings on a weekly basis so as to use the best comps possible.
Anyway, I know we are priced really well and we will be willing to drop the price again if need be.
My frustration lies with the fact that we aren't even getting the calls to set up showings!
You brought up a very interesting point. You had mentioned that you will be willing to carry the 2 mortgages for awhile if need be. I had just asked my husband this question today. He doesn't believe that we would get the mortgage on the new home without selling this one first. I'm going to call our mortgage broker first thing on Monday to find out if this is possible. We would have the minimum down payment required and our credit is excellent. I wonder if we could still get the second home and if that would put our interest rate up pretty high.
Since you are considering the same possibility do you have any thoughts on the matter?
Since you are considering the same possibility do you have any thoughts on the matter?
Well, it's all going to come down to your debt/income ratios. The only reason we can do it is because we're our existing mortgage is pretty low, so the payment is small relative to my salary. Even with both mortgages, we still are below the debt ratios the mortgage company uses.
The new house is actually being shown as a "second home" to the mortgage co, so I don't have to show proof of employment in Georgia- they're basing everything off my NJ salary.
We live in MA and our house has been on the market since October of last year. We had more showings last year when we did FSBO, we are now with a realtor and have had none so far. We our currently having a house built in SC it won't be ready until Sept. so we have some more time. But I too would like to have my children start the school year there. My husband has thought about renting it out, but I want nothing to do with that. Especially being so far away, to many horror stories also.
Just yesterday I was looking at IBUYHOMES.COM. If it comes down to the wire I would be curious to see what they have to offer. If you look further into it, please let me know.
Ducky55, I have emailed a few of those sites but noone has gotten back to me as of yet. I'm wondering if they are mostly interested in homes that need repairs? I will check out the site you mention and if I do end up going forward with something like that I will be sure to let you know.
Thanks for your input!
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