Is this a good ad? Would you buy this house?

Question

realtors did nothing for me so I am trying to sell. Comps are selling for 68K and 69,900-both smaller houses. I am very motivated to sell(3 hr. commute to work daily-double yuck!) but I am not desperate. I can pay the mortgage and commute if I have to. This is the ad I placed in Owners com;"Owner financed or buy outright. In move in condition,recently painted, centrally located, cape cod with 1 and 1/2 bathrooms, 1158 sq. feet finished space, level,fenced 50 X 125 lot, Vinyl siding, laundry room on 1st floor, hardwood, berber and vinyl tile floors,large walk-in closets, coats closet,attached garage with electricity and water, additional off street parking,drive, shed,landscaped Patio,covered Porch, ceiling fans, window treatments, satellite dish,stove,refrigerator,washer, dryer and newer furnace. Vestal Hills Elementary area." Financing details in ad are below-not enough room here. Is this a good ad? Would you buy this house?

These are the financing details "Owner will finance purchase if it is easier to borrow a deposit than a full mortgage during credit repairs, but owner financing entails risks not taken with an outright sale. Therefore, owner financing will require the following: Asking price, A one or two year lease(buyer's choice), An option to buy contract, A $6,900 NON REFUNDABLE DEPOSIT TO BE CREDITED TOWARDS TOTAL AT CLOSING, $1075/mth lease payments, with $200 of that HELD IN ESCROW TOWARDS TOTAL AT CLOSING,three references, and income verification. Only leasing to offer buyers a finance option. Not renting without option to buy contract." Call or e-mail for directions and appointment to see the house.

House would be a good starter home or a sweet deal for an investor.If I had the cash I'd put a pool in the yard or ad a 3rd room and sell for an extra 20K-so house is in mint condition

sarah: Sorry to dissappoint you but I have hired and fired 2 realtors. The first one advised me to replace the furnace and tack that to the price, which I did and now I am going to have to eat since the house will not sell for that much more. She also brought me ZERO buyers in 8 months,no open houses, no anything except a sign in my yard and an MLS listing. The second brought me buyers that were not pre-approved because they were not listed with another realtor and she could be a dual agent to earn the full 6% commission instead of the measly 3% and when that did not work, she tried getting me to lower the price to the maximum one of her buyers could qualify for,which would have left me a 2K debt on the mortgage I now owe. What a sweet deal!!! Don't help me anymore please!

Answer 1

I didn't see your list price in your ad but asking for $1075 rent (even if it is a part of a lease option) seems excessive for a $70k house. The deposit money is a little high too, but I think you could get away with requiring $5k and still be competitive. You might want to compare your rental rate to others in your neighborhood too. I think the description in the ad sounds good. Still, you need to remember that an ad is not meant to close the sale but merely to get people in the door to take it in consideration for purchase. So, to answer your question... No I wouldn't buy the house, but if it was in my price range, and I was pre-approved, I would come and take a look at it. If I wasn't pre-approved I wouldn't even bother because the lease option rent is too much.

Answer 2

Short & sweet makes it a much better consideration. For sale by owners are bulls eyes for real estate agents (I'm one, I know) We consider them a help wanted sign and I guarantee you will be bombarded with realtors.
You are trying to sell your house at the same price as it was listed for but the level of exposure that you are giving it will equal that of trying to sell your car on a dead end street as opposed to the main road in a prominant spot.
It always amazes me how the realtors always get the blame, certainly there are realtors who do not do a good job but more often than not there is a price adjustment or some other hindrance causing your place not to sell. I would interview other agents and take the general consensus of their advice then put it back on MLS where you have the best chance.

My advice on realtors is find an aggressive agent who works full time and will tell you the truth even if you don't want to hear it. Often when someone wants to run the show on their listing we as agents take our hands off and move our efforts to someone who will listen to reason.
Your house is only worth what a buyer will pay, not what you may think it is worth. Most buyers will also take the commission that you would have paid right off the top so you lose that money and the safety and security you would have had if you would have let them handle the transaction.

Answer 3

Can't say that I'd buy it but I might look at it if I were in the market for a small cape.

Info on distances to schools, shopping, churches, etc. might help if they're close-in. Info on property taxes could also be helpful. Read MLS listings of properties in the area to get a feel for what the pros push and follow their leads.

You're not offering owner financing, but a lease option -- BIG difference. $1,075 sounds WAY high for rent since a mortgage would be about 1/3 of that for P & I though local conditions may say otherwise. Personally I'd cut the option money by half (at least) and credit half the rent towards purchase.

Forget a pool. In that part of the country it's more of a liability and on a 50 x 125 lot you'd have no yard left. A 3rd BR would make more sense, but might be difficult to do on a cape and keep it looking right.

Answer 4

I agree it is too lengthy and may loose the interest of potential buyers... maybe cut some items out and add a line for additional details contact ........

example: stove , refrigerator, washer, dryer... = 4 applicances incl.

Answer 5

i think its a bit to much info that might bore people but yes i would defintly buy that house. good work