Home Selling in Jasper>Question Details

T. Murray, Home Seller in Jasper, GA

Our home has been on the market for 10 months with lots of interest but no offers. Now that our listing is

Asked by T. Murray, Jasper, GA Mon Jan 7, 2008

expired, would it be wise to rent it out for a year or two until the market improves?

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5
If you are financially able to carry a rental property, another option you might want to consider is offering to sell your property with owner financing (called a vendor's lien). You would need to be sure your first mortgage holder, if any, will approve of this. Talk to an attorney about this. He can also draw up the neccessary documents.

In this arrangement you get some downpayment money up front and then collect monthly payments which consist mostly of interest. In my opinion, you have a better chance of getting a solid home owner than you do a solid renter. And the downside of losing the down payment invested, usually insures that the new owners take good care of the property.

In an owner-financed sale, the buyers also become responsible for paying the property taxes, insurance, maintenance and repairs, expenses which you would have to bear if you rent the property.

All the best,

Dan
0 votes Thank Flag Link Mon Feb 25, 2008
"Lots of interest with no offers" is usually an indication that your house is priced within market value, but is overpriced due to some other factor, such as needing repairs, needing updated to compete with other homes in the area, or even where it is located. For example, if your home is located on a busy street or right acroos the street from a factory, you'll have to wait longer for a buyer unless you lower the price.

Selling a home comes down to 2 things: Price and exposure. If you had it listed and it was on the listing service, you had the exposure. Everything else, including location, can easily be reflected in the price.
0 votes Thank Flag Link Mon Feb 25, 2008
I too, would be curious to know the feedback you received from showings. If it is a matter of updating some features/improving the appearance of the house it could be worthwhile to take it off the market for a short period of time and make the necessary changes. Price and condition of the home are key to a sale.
0 votes Thank Flag Link Fri Jan 11, 2008
Check with a CPA on the tax consequences first. When a personal residence becomes an income property there are plusses and minuses. It boils down to your long term objectives and needs.
Mapping out some possible scenraios with a CPA will give you some more questions. I would also talke with a Realtor that has experience with investment property. Not ALL CPAs, just like REALTORS, have the right experience.

We became accidental investors in this manner and it was a great experience (looking back...at the time, it was a pain and very stressful).
0 votes Thank Flag Link Tue Jan 8, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Do you know why your home hasn't received any offers? Has there been any feedback on your home? Depending on the situation and your area, meaning what is happening are the homes staying in the market for a long time or moving fast, renting may be an option. However with renting, there are always other issues that can come up, such as is the condition of the home staying in good condition, will you be getting you rent check in time etc. Food for thought.
Web Reference: http://www.kennaandco.com
0 votes Thank Flag Link Mon Jan 7, 2008
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