What is the best way to unload my 2-years-old home (4 br/3 bath) in the Tampa Bay area if my home has been on the market for 8 months with no "bites" and renting is not an option? I got a job in Minnesota and I really want to buy a house there, but I can't because I am stuck with the house in Florida that I am still paying for. Is foreclosure on the Florida house an option for me shortly after I buy a house in Minnesota? Please advise.
2007-03-26 12:46:03 · 6 answers · asked by Concerned Seller 1 in Business & Finance ➔ Renting & Real Estate
I already have a realtor. I also called Homevestors and they told me that they could buy my house for $40K below my original purchase price.
2007-03-26 13:08:14 · update #1
I have reduced the price of my house twice already. My house is currently best priced in my subdivision at $289,900 while other houses of similar size as mine in the same subdivision ranged from $300K to $385K. My house shows very well and is very well-kept. No damages. Neutral color throughout the house. The house is also listed in nearly every real estate website possible. It is even on Craig's List and Zillows. It seems that I have done everything I could to sell the house, but I am not getting any luck.
2007-03-26 15:51:41 · update #2
Your's is an all too common dilemma in the current real estate environment. In many markets, sales volume and prices have declined sharply and, with the current crisis with sub-prime mortgages, a smaller number of families may qualify for new loans to purchase homes, further aggravating an already difficult situation.
In many cases, the reason a home has drawn little or no interest in a period as long as 8 months relates to it being overpriced. Have you lowered your price since it was first listed? Is it listed with a Realtor and, if so, was a professional market study performed on your behalf to determine its value against comparable homes in your neighborhood? Has that study been updated in the past 8 months?
Even in slow markets, if a home shows well (good curb appeal, fresh paint, well kept, not cluttered, etc.) and is priced correctly, it should sell in 3 - 5 months. I would encourage you to revisit your pricing (price it as low as you can stomach if your real goal is to "unload" it and move to Minnesota). Hold some open houses and promote it in the paper, on the web, etc. Ask your Realtor to bring his/her caravan by your home (several realtors will tour it and it's great exposure to a much larger pool of potential buyers for you). Decide on the best price to attract buyers and then follow on with the other steps.
Our firm has investments in various Florida markets (including Tampa Bay) and it is a struggling area right now. For example, in the Naples market, some values have decided by 40% in the last 24 months! By nature, real estate is very cyclical and it will ultimately settle out there as well.
I would encourage you in the strongest manner possible to avoid a foreclosure at all cost! The damage to your credit and ability to buy a home or anything else in the foreseeable future will be substantially hurt. You would be better off selling it for the amount of your mortgage (even if it means taking a loss on your original purchase price) than to let it be foreclosed upon.
Decide which is more important to you: moving to the new job in Minnesota and starting over or waiting out the market for a better return on your investment in Florida and then plan your next steps accordingly.
Good luck and I wish you all the best!
2007-03-26 13:59:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
We just went through this with a house we had in Atlanta after moving with my job to Dallas. Let me tell you what not to do first.... Do NOT take the mortgage company's advise to file a "quit claim deed" while the house is on the market. They told us we could do this after the house had been on the market for nearly a year. They suggested we use the house payment money to "upgrade" our home and have an open house. Now while this did work to sell the home... we ended up with poor credit that still haunts us. All of the payments we "skipped" show on our credit as late payments... 30, 60, and a few @ 90 days out. I think it hurt our credit as badly as a foreclosure would have. Now the upgrade thing was a good idea. Your house is a little newer than ours was, but I would suggest finding a really good motivated agent... have an open house, and offer an incentive... whatever you can afford. Maybe $2000 to the buyer for new carpet or something. It's really just a gimic to get people interested and make them give your home a second thought, but it works.
Don't use the same agent you used when you bought the house. We really liked the agent we used when we bought our home, so I let him list the house when we decided to sell. He wasn't much of a sellers agent, and after a year of "Nothing" we had to fire him and get a different agent. Find someone that will work for you... if you're going to be out of state you will need someone to coordinate getting the lawn cut, and coming in and checking on things before they show the place and stuff. We had a roof leak due to a bad storm once that we didn't find out about until weeks after it happened because the agent wasn't going by and checking on the place. The house mildewed, and we spent a bunch of $$$$ on repairs and clean up that we shouldn't have had to if he had been checking on the place. We also discovered that the grass hadn't been getting cut, and someone had stolen several things from around the home... a gas grill, and all of our lawn equipment (we figured it was the lawn care guy the agent hired that wasn't cutting the grass.) Anyway, it can be a real nightmare with the wrong agent representing you...
Sorry I can't be more help... hopefully you won't make the same mistakes we did though.
Goodluck!
2007-03-26 12:54:11 · answer #2 · answered by John Boy 4 · 0⤊ 0⤋
Sounds like this puppy has now not been dealt with very good .The incontrovertible fact that she is eight months historic and has had no socialization. My reply as to wither you must take in this puppy lies with you as a individual .It is not ever too past due to teach a a puppy however it's going to take time and it's going to take endurance.The issues with this puppies conduct...anxiousness and so forth is because of overlook and it's going to be a venture to show her problem round however it may be grew to become round . if she is introduced right into a loving dwelling and proficient within the proper approach then you're going to have an additional puppy a 12 months or much less down the road. For me ,my middle could simply holiday on the approach she behaves, figuring out that her conduct is a outcome of the house owners and her medication over the final eight months however that's me and we're speakme approximately you . Could you at this degree on your lifestyles take her on as a venture? Every puppy is trainable simply take it one step at a time and don't assume miracles. allow her settle in her new dwelling and socialize her slowly. Good good fortune! There is not anything extra pleasurable than taking a a puppy clear of a crap lifestyles and rehabilitating her or him right into a blissful and healthful puppy.....have performed it oftentimes!
2016-09-05 17:02:55 · answer #3 · answered by henning 4 · 0⤊ 0⤋
If your house is not listed with a Realtor, get one. Ask them for suggestions on how to improve curb appeal and how to make the interior more attractive at little or no cost.
2007-03-26 12:58:32 · answer #4 · answered by beez 7 · 0⤊ 0⤋
www.homevestors.com
This company francishes with local investors to purchase homes from motivated sellers like yourself. They offer quick closing terms which works out well for people when things come up in life.
They're phone # is 800-44-BUYER. They have a site with homes listed for sale in tampa so I assume they have a local representative there that will meet with you and make you an offer.
http://tampa.homevestors.com
2007-03-26 12:59:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Keep lowering the price until it sells.
2007-03-26 16:51:32 · answer #6 · answered by SndChaser 5 · 0⤊ 0⤋