Jackie, Home Seller in 33442

We bought our house in Deerfield beach, FL just 2 years ago for $399,000. We have have our house on the

Asked by Jackie, 33442 Fri Mar 21, 2008

market for 3 months and have had very little interest. We keep lowering the price and now it's at 344,000. We are working with a good realtor and realize the issues with the market. My question is do we just lower it to our bottom line to be able to pay off the loan and realtor fees ($315,000) ? Or do we wait it out and rent it out until the market gets better.? Will we ever be able to re-coup our money? We are re-locating to North Carolina and have already purchased a new home. We can carry both mortgage payments if we are receiving some rental income. Is it worth it to wait it out, or just cut our losses now?

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14
Hello Jackie,

Here are a couple of options.
1. Lower the price with a lease purchase option .
2. Lease with a lease purchase option.

You determine what the option money will be. That was you can stil have it on the market for a while and see what happens.
Web Reference: http://www.PhilFowler.com
1 vote Thank Flag Link Fri Mar 21, 2008
I would start looking for a more agressive agent if i where you. even though we are in a bad situation you home shoukd have had several offers by now
0 votes Thank Flag Link Sat Feb 26, 2011
Cut your losses. You could be waiting a very long time for things to turn around - many years.
0 votes Thank Flag Link Thu Dec 16, 2010
Jackie,
The answer is real simple. I would not sell my home for anything . If when you decide to sell it what you paid for it has little to with what you sell it for. A buyer makes that determination just like you did.
Whether this is a good time for you as a seller to consider selling is determined by your need and by your action alone.
I started with a personal comment my home is not for sale for any money. Why? I like it too much to give it away.
Now it's your turn.
0 votes Thank Flag Link Thu Dec 16, 2010
Hi Jackie,

As I'm sure you already know, we are in a price-driven market. You are competing with short sales and foreclosures. Deerfield Beach was hit pretty hard in the past few years.

This is really a personal choice you are going to have to make. Houses will continue to sell around you at lower prices. You can either lower your price and move on with your lives (hopefully not taking a loss or too much of a loss) or you can rent the house. Please remember to take into account that you will be an out-of-state landlord now and that comes with its own possible issues.

Good luck!

Elyse Berman, PA, ABR, ePro
Realty Associates Florida Properties
9174 Glades Road
Boca Raton, FL 33434
561-716-7824
0 votes Thank Flag Link Thu Dec 16, 2010
Hi Jackie, you will get very little or no action unless your home is priced AT the market value. I am pretty sure you have gotten qualified opinions and/or appraisals to indicate what that number is. Whether or not you choose to accept it is up to you. The "market" will make an independent decision.

You have two choices. Lower the home to market value, or take it off the market. If you can wait another two or three years, inflation will probably kick in, since the dollar is so devalued as it is. And at that point you can at least get out the number of dollars you put in.
0 votes Thank Flag Link Wed Oct 20, 2010
Jackie,
I hope I am not redounded in answering your question. I am not reading the posts bellow so that i could give you my own take on this matter.
Since you were good enough to disclose your equity and your present asking price it gives me the basis for my answer.
Most people who purchased within the last two years will gain little or nothing on the property they bought. Values as you have noticed further declined. There is no true indicator that they will stabilize within the next six months. Waiting is always a choice and like you we hope that this market will improve. The real answer is with you.When hope is not wort the risk, than you act rationally and face the music. A loss may be smaller now than later. But like you I have no crystal ball.
0 votes Thank Flag Link Wed Oct 20, 2010
Jackie,

Food for thought ...

Most of the buying market has left the building, the rest are on their way out - and you know what happens after spring break and Easter .. you'll be able to fire a shotgun down East Hillsboro and not hit anyone after 9 in the morning ... so you've diminished the buying market by 75% if you wait much longer.

Renters are great, when you can find good responsible ones with a strong credit history and a very decent deposit ..

The negative part.? .. Florida laws fall in favor of the tenant and trying to get the bad one out is like having a 4 month root canal ...

So ... where in North Carolina are you moving.?


: ^)
0 votes Thank Flag Link Thu Mar 27, 2008
Jackie, if you are willing to take $315,000 for the house...tell the world! Then if it does not sell when you get it down to that price, then consider renting it. Although that could be a potential headache since you are moving out of state.

I am in Michigan where we also have a high foreclosure rate. I am not trying to be funny, but I use this analogy with my sellers. You need to be in front of the train and not running beside it. If you run beside it, you are going to have a harder time selling since 50% of the houses being sold are bank controlled purchases.

Ultimately, it is your choice. I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Tue Mar 25, 2008
cut your losses
if you can break even, you are probably very lucky

anyways

good luck
0 votes Thank Flag Link Tue Mar 25, 2008
Hello Jackie, Sorry to hear of your dilemma. You got some good advice from the other agents below. The truth is, no one knows for sure when the market will bottom out and start coming back. But you can bet with all the foreclosures hitting the books daily there will continue to be a negative impact on our prices. You can rent if you are willing to rent for at least 2-3 years or more or cut your losses now. That decision is one only you can make. If you decide to continue trying to sell. Reduce your price by about $10,000 every couple of weeks until it sells. Have your agent do another market analysis to update what is going on in your immediate area. Good luck.
0 votes Thank Flag Link Tue Mar 25, 2008
Jackie,
The sad reality.....since the market is so flooded with owners such as yourself, it might be difficult to find a renter.
As many smart investors are doing..."Stop the Bleeding." Investors are selling at a loss and moving on. To accomplish this your property must be aggressively priced to get the buyer's attention. The way to sell fast is to be the absolute, best opportunity, for the buyer.

Good luck,
The "Eckler Team"
Century 21Almar & Associates
Venice, Fl 34285
0 votes Thank Flag Link Sat Mar 22, 2008
Jackie
I like J. D.'s answer. It sounds as though renting is the best bet right now. My wife and I became accidental landlords the same way...it was a big financial benefits. Check with a CPA regarding the tax consequences and implications. It may be this is a great opporunity disguised as a problem. We experienced a lot of stress, then it worked out better than we had hoped...over time.

You need to look at long term goals, and realize that in the long term values historically have gone up....

Personally I would have asked you to have your home sold before buying..but life is not perfect.

Good luck1
0 votes Thank Flag Link Fri Mar 21, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Jackie,

I have several customers in similar situations to yours and we have been renting their unused homes for the very reasons you say.

If you embark into the rental arena please download for your own records Florida Statues Chapter 83. This is the Landlord Tenant Law in Florida and I make sure each of my owners have a copy so that they will be able to know what can and cannot be done regarding the tenants.

Also, since you will relocating you will want a property manager. Some real estate companies only do property management others only do sales. We do it all but, alas, too far away to help. Let me suggest that you keep the agent you presently have if they have been trained in Property Management and their own brokerage policies regarding Prop Mgmt. I say this because with the knowledge of a future sale the agent should work harder to make sure you are satisfied throughout the rental period.

Good Luck to You

JD "Dan" Weisenburger, GRI
Broker-Associate
Vanguard Realty, Inc., GMAC Real Estate
Jacksonville
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Fri Mar 21, 2008
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