I am trying to sell a house in Phoenix near downtown it’s a duplex. It was a fixer upper I had put lots of work and money and I am trying to sell it. I have a realtor so I am not trying to sell by myself. The only people who want to buy it are not qualified or have bad credit. I had a buyer who wanted me to pay all his closing fees and $15, 000.00 carryback for 3 years- I thought it was a bad deal for me. Please give me you feedback about carryback and if the prices will go up or stay the same. I had tried to rent it out but tenants want to have a long term and I want to have from month to month. Please give me your feedback.
2006-09-09 11:59:01 · 7 answers · asked by Isabella789 4 in Business & Finance ➔ Renting & Real Estate
Stay with your Realtor and let him look for a qualified buyer. There are too many people out there brainwashed by these "no money down" schemes.
I do not see anything wrong in renting with longer term leases. If an investor wants the property, he would be more interested if he knows he has ready income. If you have signed leases let the buyer worry about what to do with tenants, if he wants them out for any reason.
In the short term it is hard to guess where real estate values are going. In the long term the value of your property will go up, if it is maintained and the neighborhood is maintained.
2006-09-09 12:08:35 · answer #1 · answered by regerugged 7 · 0⤊ 0⤋
You want a crystal ball right? Take my advice and keep it , and rent it out .long term, short , It doesn't matter . It's a duplex isn't that a rental property. You can sell it later when the ball is more in your court. 2 to 3 years is what I think. But from my understanding Phoenix is still one the only markets that is still going up. Am I wrong ?
2006-09-09 12:53:29 · answer #2 · answered by joy 3 · 1⤊ 0⤋
My son lives in Phoenix. He says the market is not that great at the moment. He deals with mortgages. I would rent the duplex for awhile longer. Maybe a 6 month lease. Best of luck.
2006-09-09 12:29:28 · answer #3 · answered by hello 4 · 1⤊ 0⤋
Sell a house in Phoenix, you and the other 55,000 houses in the market there. The worst bubble in the country, housing prices will go down, after the 5 year and 113% gains, if your lucky they will only go down 25%. The flippers are getting caught with their pants down. Get ready to carry the mortage for a while, you might be able to rent it for about half the mortage, if you can rent it at all. The bubble is bursting. Get ready for more stories like this one. In the next year or 2 should be a great time to buy. But if your think of buying now you will be paying to much. There are a thousand more guys in the same situation, many of them paying 2 mortages and getting desporate to sell. As soon as reality sinks in they will lower their prices because they are losing money with each mortage payment.
Asset Deflation Crashes Through the Window
The jig is up, my friends. The elephant that is asset deflation has slowly crashed through the big bay window straight onto our living room carpet and the no-fun part of speculative excess and leveraging (not to mention reckless borrowing and spending) has more than begun.
One by one the commodities markets are going splat, proving once and for all that post-bubble phenomena will ultimately always win out over money-supply pumping, speculative frenzy, and the Pollyannaish, mistaken notion that "prices will always go up forever."
Homebuilders are quaking in their boots as right before your very eyes, ordinary folks have figured out that if they wait 'til next year, prices will be lower. Soon they will figure out that prices will be a LOT lower. The speculators have run kicking and screaming from the housing market (step one) and the general consensus is already that the "housing boom is over." Lower interest rates aren't helping at all.
You should probably get accustomed to the following, coming-soon-to-the-business-section-of-your-local-newspaper phraseology: Oversupply, excess inventory, "hard landing," foreclosures, "upside-down" mortgages, contract cancellations, "fire-sales," bankruptcies, foreclosures, bank failures, credit crunch, credit contraction, bank crisis, Fannie Mae crisis, liquidity crisis, real estate deflation, asset deflation, price deflation, foreclosures, meltdown.
Real estate values will fall from peak values somewhere in the range of 50% to 90%, depending on area, location, property type, "intrinsic value" and scarcity.
If you don't realize how much this economy has been built (on stilts) with money ordinary citizens borrowed against their homes, you really haven't been paying attention.
Don't follow Alan Greenspan's advice! The Federal Reserve chairman isn't supposed to forecast interest rates, but there he was last week, warning home buyers against fixed-rate mortgages and promoting adjustable-rate mortgages to achieve financial "flexibility." Instead, it's likely he's luring many households into financial disaster.
Greenspan can't promise that interest rates will remain at present, historically low levels, because the Fed chairman can't control long-term rates. And the Fed chairman is not supposed to be forecasting future interest rates anyway. So why would he lead homeowners into a trap that could cost them plenty of money if long-term interest rates rise in the coming years?
What if Mr. Greenspan is wrong again? What if interest rates rise? Home values will fall. And the burden of adjustable-rate mortgages will be huge.
2006-09-09 14:15:04 · answer #4 · answered by BrokenRomeo 5 · 0⤊ 1⤋
No one can predict the future. But I would say Phoenix should not decline too much as prices are not real high like in Cal. The buyer you had sounded good. Your agent should check all the buyers out to be sure they are qualified financially.
2006-09-09 12:08:54 · answer #5 · answered by Anonymous · 1⤊ 0⤋
evaluate attempting to locate somebody who's keen to offer financing for a sale. each and every so often, in case you have somebody who particularly needs to pass a house (rather a fixer-bigger), they're keen to offer you a private loan on the abode for a short term, say 3 or 5 years. that would desire to be adequate time which you are able to a) restoration up the abode and build fairness, and b) set up a fee checklist on a private loan. you will have a splash less difficult time getting a private loan froma own loan lender in some years as quickly as their modern-day disaster cools off somewhat.
2016-12-12 05:35:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I hear a popping sound of a bubble. Dump as fast as you can, forget any profit you may think you should have. I f you try to hold out the banks will suck you dry.
http://www.breakingbubble.com/index.htm
2006-09-09 12:42:14 · answer #7 · answered by Anonymous · 1⤊ 0⤋