We have from those "buyers" from their credit union pre -qualification of 90k under 30 yr ARM. They left $500 earnest & $100 due diligence. Now they have to pay the appraiser & inspectors.
Will def have look into other selling/leasing options....
It is time to regroup with your agent and discuss the other home selling strategies. Don't overlook Don Tepper's suggestion. This may be your opportunity to earn incredible income (YMMV) from an asset that appears will only break even in the best of situations.
With the knowledge you now have (failed FHA purchase) now is a good time to assess the tangible and intangible assets of this property and develop a accurate profile of the ideal buyer who will value those attributes. Promote your home, using the proper titles, in venues where those candidates get there information. (i.e. Criagslist) Do not engage in negations with unqualified buyers. No down payment, no earnest money, ....refer to failed FHA above.
Best of success in selling,
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One tip: Consider offering owner financing. Lots of potential buyers in that price range have financial issues and will have a hard time buying conventionally. That puts some risk on you of they default, but then you get the property back. But the advantage is that you then can structure the deal whichever way you and the buyers want. Or offer it as a lease-purchase or on a land contract. They're slightly different methods, but both offer more benefits to you than simply renting the place out. Check with your Realtor for more guidance.
Regarding its valuation, understand that nothing is precise, especially when comps are difficult to find. It may only be worth $75,000. It might be worth $89,000. Really, though, it's worth whatever you and a buyer agree on.
Hope that helps.
Hope this helps!
No one has a crystal ball, but in retrospect it sounds as if you should have made the deal and p;aid their closing costs. If you end up carrying the house for another 6-9 months before selling it it's unlikely you'll fare any better, though it possible another appriaser may come in a bit higher.