Home Selling in Jackson>Question Details

Kim, Home Seller in Jackson, NJ

I had my home on the market for 2 years and could not sell it. Now I am considering the we buy houses before we lose it. Is this a good idea?

Asked by Kim, Jackson, NJ Wed Oct 5, 2011

It is a 4 bedroom 2 1/2 bath colonial and a main rd. It's on 1 1/4 acre and over 100 feet from the road. We started at $349,900 and went down to $289,900 than took it off the market. Never even got an offer, the realtors said they did all they could do with advertising and the price.

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Hi Kim,

A lot of factors come in to play here obviously but I do think I know of your home which to keep this private I won't mention the road. I can tell you from working with a buyer right now in the $200,000s there are A LOT of options out there for the typical buyer. However, you will ALWAYS get a better value for your home on the open market than bringing in a "we buy homes" investor who will need to flip your home, or buy it low enough to make it profitable enough to rent out. I suggest you get the home back on the market with a reputable broker and drop the price significantly. The most attractive thing about a home is the list price, every time. The more attractive your list price the more action you will see and the better off you will be in the long run. There are also things you can do in the presentation of your home to make it more attractive to buyers. I see your old listing and the photos can really be a lot better. The quality of your photos is your gateway to the internet buyer and they need to be attractive.

If you have any questions or would like to discuss further, feel free to write me or call.

Regards,

Thomas Zdanowicz
Broker-Associate, CDPE
"THE OCEAN'S SIX GROUP"
http://www.osmls.com
ReMax Real Estate LTD.
C. 732-644-9084
O. 732-920-1900
E-Fax. 888-466-2248
E. tzhomes@yahoo.com
NJAR Circle of Excellence Award Winner
1 vote Thank Flag Link Thu Oct 6, 2011
Kim,

Thank for clarifying. I'm going to go with my gut feeling here and say the "we pay cash for houses" do not pay market value for the homes. You mention "before we lost it" - are you facing foreclosure? Are you in a short sale situation? If yes, I doubt it highly that the bank is going to approve a short sale offer from a "we pay cash for houses" buyer. If your facing foreclosure have you tried a loan mod with your bank?

If you'd like to discuss it private please feel free to call or email me.

Gina Chirico, Sales Associate
Lattimer Realty
973-715-1158 cell
973-575-6353 ext 17 office

Gina@GinaChiricoRealEstate.com
1 vote Thank Flag Link Wed Oct 5, 2011
The 3 main factors that make or break a sale are: Price, Presentation and Exposure. Please check out the home staging tips on http://www.RealTerrific.com for presentation tips and if you re-list the property be sure that the agent is a full-time career agent, not someone who dabbles on the side; and ask upfront about the exposure your home will receive. Ask for details of all web sites and print advertising you will receive before signing a new contract.
Best of Luck
Jane
1 vote Thank Flag Link Wed Oct 5, 2011
Hi Kim, assuming that your agents did a good job in positioning your property among the agent and buyer community - and most of that exposure comes online today - then as hard as it is to accept, price is likely still the issue. Perhaps the timing of your reductions were off - sometimes pricing is not hugely off, just enough to not get the buyer at various points along the sales spectrum. I had a seller I was helping that would agree to pricing recommendation but would delay that decision so that the price was no longer correct. Ultimately this pattern of delaying pricing moves resulted in a further deterioration of value and a loss of interest in the market, and as a result, no sale.

If you decide to try again, my advice is this - price it right from the start. The greatest interest for any listed property comes early on - in fact, interest falls dramatically after the 60 day mark - even after 45 days.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Oct 11, 2011
If you want to lower your payment and stay in your house I have a program for you.

ARE YOU IN JEOPARDY OF LOSING YOUR HOME?
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Leave a message at 763-276-1338 http://www.houseleaseback.com or http://www.realtyfundingpartners.com/dhanka
0 votes Thank Flag Link Thu Oct 6, 2011
Kim,
Asking agents for opinions is a good start, but here we can't see the house, consider the comparables and examine the marketing efforts of your previous agents.
I would suggest you interview several agents in your area who are successfully selling homes. Listen to what they have to say and consider their advice.
Price is always an easy target, and often is the right one, but did your agents do a top flight presentation online and in flyers? Did they follow up with agents after showings and request feedback? Did they make useful suggestions on how to present your home through landscaping & staging and if so, did you listen?
Was your home clutter free and available to be seen on short notice? Do you have pet or cooking odors which buyers may find objectionable? Do you leave during showings to allow the house to present itself and the agent & clients to speak freely?
There are a lot of mistakes made by agents & sellers that prevent a good home from selling. Find out what they might have been and do something to correct them if you go back on the market.
0 votes Thank Flag Link Wed Oct 5, 2011
If you have no other choice, you have nothing to lose by working with an investor in your community. It would appear that your lowest price was still not enough to motivate a buyer, which would also indicate the home was not priced at market value. It doesn't matter what your original list price was....the only price that matters is the one that causes a buyer to make an offer.

I have no doubt that the market will not be better next year so clearing your plate might be your best option. It certainly won't hurt to talk to a few investors.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Wed Oct 5, 2011
Kim,

It appears that there are alot of open ended questions to your question . . . I am sure not what you want to hear. Unfortunatley Jackson is a huge town with many properties on market. I'd ask:

(1) have u made an improvements
(2) what are the neighboring properties selling for
(3) are u current on your payments
(4) does the current market value cover the money currently owed

I agree with the posters below in that I never recommend one to buy another home before selling their primary. There are so many underteminable in your question, that frankly, I feel it is best that u take the leap and actually speak to a Realtor about your situation.

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePRO, SRES
Francesca@PatrizioRE.com
732.606.2931 (24/7)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Wed Oct 5, 2011
Kim,
Sorry to hear about the difficulty selling your existing home, even after a significant price reduction. Having showings mean buyers saw your home as appropriate for the price bracket in which they are shopping. No offers after showings may mean the buyer could not justify the 'value' your home represents when compared to competing homes. I am assuming some comparable homes have sold in your area.

Identify agents in your area who are experienced with owner financed sales. Don't be alarmed by the sound of this option. These multi-dimensional agents will have more options for marketing and even better options for buyers. Responding to those "I'll buy your home for cash!" ads could prove costly for you.

If there are other circumstances such as hardship on your part or issues with the home that has not been disclosed, more alternatives may be available or corrective action taken.

Best of success in selling your Jackson home.
0 votes Thank Flag Link Wed Oct 5, 2011
Kim in order to qualify for another home you'll have to have no mortgage lates and be able to carry both mortgages with your income.

If you would need rental income from the home you are mentioning here to qualify for a mortgage to buy a new home you will need a minimum of 25% equity in your current residence to do so.

FYI I'm doing the financing for a person buying a 4 bdrm, 2 1/2 bath colonial in Jackson that was listed at $290,000. The offer he made was $245,000. It should close tomorrow.
0 votes Thank Flag Link Wed Oct 5, 2011
I meant to say was, going with someone who buys houses when you can't sell yours. My house is very clean and set up nice. I was always told it is a very nice house but never an offer. The lowest we went down was $249,900 sorry and still got no offers. i had 4 different real estate companies and they all were full timers. Sorry about the confusion.
0 votes Thank Flag Link Wed Oct 5, 2011
She's referring to companies that state
0 votes Thank Flag Link Wed Oct 5, 2011
I never recommend someone purchase another house before they sell their current home unless they are independently wealthy. Carrying 2 homes can be a financial strain for most people. Even if you rent out your current home you should be prepared for repair bills and the possibility of months without a tenant.
You weren't clear about the marketing you received, the feedback yo got from other agents etc.
Your house still may be overpriced. My office recently sold a home in Jackson in less than a week. Its all in the pricing first and foremost and the marketing second.
If you would like to discuss your situation I would be happy to help.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Oct 5, 2011
Kim,

I agree with Christopher who answered below - not sure what you mean by "we buy houses before we lose it". If you mean should you buy a home that's for sale and think you may lose out on buying it since your home hasn't sold yet, you need to speak to a bank/mortgage lender to see if you are financially able to buy a home without selling the one you already own. If you are thinking of putting in an offer with a home sale contingency, most sellers will not accept an offer with a home sale contingency.

If you clarify your question, maybe we can help you better.
0 votes Thank Flag Link Wed Oct 5, 2011
Hi,
You have options. I would love to go over them with you. Feel free to contact me to discuss this. If
0 votes Thank Flag Link Wed Oct 5, 2011
Hi Kim,

Like Chris I am also a little confused. You want to buy a home before you lose your current home? Is this correct?

Diana
Web Reference: http://www.DianaBrunner.com
0 votes Thank Flag Link Wed Oct 5, 2011
Hi, I'm trying to understand your question and this part has me confused...Now I am considering "the we" buy houses before we lose it. Is this a good idea? Can you clarify the part in quotes?

Chris
0 votes Thank Flag Link Wed Oct 5, 2011
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