If you already have a relationship and you have a potential game plan with option A, B, or C, Then you are far farther ahead of the game than most consumers today.
You are right you have to stick it out. I have read your details. The market will not support a price that will have you in a positive position for the short time you have been in the home. Hold tight. By chance are you in Aquamarine or Wildberry?
The mortgage payment is not an issue. It is very affordable. I have painted and made it "my own" I just dont see the type of appreciation I once thought was going to be there. So it seems pointless to "rent" this condo and deal with all of the BS... I should just sell it but I can't. BELIEVE ME.. . if there is one thing i have learned while looking and posting on trulia....when the time is right I will price this property correctly and get rid of it.
Debbie is right... .I will never make this mistake again.
So, to clarify: I will tell you exactly what the problem is. I bought for 126000 and owe 124000. If i sell for 129000 I will have enough to pay off the loan, pay the realtor and maybe some closing costs. However, this development is still under construction so the builder is selling condos for anywhere from 117000 to 138000 and the unit next door is foreclosed and is up for 81000. So, what are my chances in a market like that. Not to good... thats what i think. Loosing money seems like my only option.
Now, in a situation like this some might say sit tight if you can and if you cant then sell and loose money. What is the alternative. I can not be the only one in this situation....
I would sell for 125000 and not make any money but then what about the fees... buyers agent, my agent, settlement statement, etc. all expenses that now have to be built in. What gives. we dont exactly have a sellers market here.
Thank you for your question.
I am not in your area, so I do not know your market. (that is a disclaimer)
Let me rephrase your question: I need to sell and my not net enough from the sale to purchase a new home. What are my options?
Peter, you do have a couple of ways to go. My main question for you, if I were your Realtor, is: WHY? why is moving at this time so important? What are the drawbacks if you are unable to net your desired amount? What happens if you simply cannot move?
The reason that people move to accomplish something. People do not sell inorder for us to earn a commission. They have bigger goals in mind. So, why are you moving?
Let us assume that you need to move. Need to move means that you do not have an alternative. What's an alternative?
1. Stay where you area
2. Rent it out (great potential investment/tax benefits)
3. Sell it for a short pay (need to prove hardship)
Assuming that it is not a NEED, but a PREFERENCE.
1. If your goal is to sell for the most net profit, where I work this is what i would tell you: Price at market price (meaning sales price, not "negotiating price"
2. Prepare the property for market (that means that if I take points off for peeling paint, no lockbox, no internet photos, etc.) that means that we need to make adjustments in the price or other incentives
3. You need to know that 90% of the time that the buyer that first sees your home is brought by a Realtor.
That means that the buyer, AND their REALTOR, need to think the property is a "good deal" enough to look at it.
4. With the marketing and exposure I do, I expect 10 showings or two offer in the first 14 days of market time. If that does not happen, we adjust the price.
So, why is this important to you?
When you sell without professional representation (which you certainly may be able to accomplish), bear these statistics in mind:
1. You are excluding 90% of the buyers
2. The average owner selling on their own sells for 17% less than a Realtor (NAR 2007 Survey)
3. So I am not saying you cannot sell on your own. I am not saying it will not work out. But, what if it does not?
If you do sell, and need to sell, but end up not having enough at closing, you are looking at a short sale.
Please read my blogs on short pays and foreclosures.
The $995 might be money out the window and time lost if you don't get your condo sold. Less than 5% sell without a Realtor. You might be one of the lucky ones, but the olds are against you.
The 5% are people who have the time and creative skills to market the home. If you work full time, you will have another full time job selling your home.
Commission is not set at 6%. It's negotiable. Interview agents. Look for someone knowledgeable, eager, track record of success in that condo complex... They will have a list of potential buyers for your unit since they just sold one just like yours. The ones who lost out will be still looking.
Also, if you use the same Realtor to find your new home, they might cut you a break on the listing commission.
Think smart. Don't look at price. Look at what you are paying for. The skills and expertise to sell your home fast and at top dollar are valuble. Would you trust a doctor, mechanic, plummer, electrician to get results by only doing small fraction of the job and they leave you to do the rest?
You know the saying,"YOU GET WHAT YOU PAY FOR".