Engage the services of a knowledgeable realtor. There's other information needed in order to give you advice. What is the zoning of the properties? What sort of liens/encumbrances (mortgage included) are there on the properties? What is the immediate area like (mostly commercial/residential)? Are there things about the lot that should be known (setbacks, flooding etc).
I do understand that a homeowner, who thinks that they put a lot of extras into their property condo or single family home and then see hm, was that actually considered?
As you know Realtors see a lot of homes, and appraisers should as well, but the one in your case may not have been an expert in your area.... On the other hand, did your property appraise out, considering the sale price and the down payment of the buyers. If the answer is yes, then you have really nothing to worry or think about, if on the other hand the appraisal is much much lower than the sale price and creates a problem for the loan for the buyers etc., then you may have to involve your listing agent to provide the appraiser with additional information of the additional value of your particular property, i.e. provide those comps the listing agent used to price your home originally....
So since we do not know what the end result of said appraisal was, hard for us to make any kind of
good recommendation .....
Good Luck to you
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Ming, I have been doing property management for over thirty years and can also list your house as a rental on the MLS (multiple Listing Service) The fee for renting the home is one month's rent. Half of the fee goes to the agent who finds a tenant. This is one of the quickest ways to rent your place as many agents are working for you. After it is rented, I will be glad to manage the property and would charge 7% of the monthly rent. Any further questions, feel free to call me at 630-748-9728. Looking forward to working with you if you are in DuPage County where I work.... more
My husband and I are in the same boat, except we have three condos. He had two condos (one rented) and I had a condo. We rented out his second condo and now live in my place. We ran the numbers and decided that it really makes no sense for us to sell any of the properties now and are making do with less space. We paid off the highest-intersest rate mortgage and are making extra payments on the next highest interest rate mortgage using the rental income. It's just too risky to worry about re-renting the other condos, what rent we may be able to get in the future, etc.... more
You need to be the shiny penny when you are in competition with other units in the same building.What I mean by that is if you had a handful of pennies, they are all the same, but which one stands out? It's the shiny one that catches your eye. The same goes for your unit. You need to price it ahead of the market. Price it just below the competition so that your unit sells before the others do. Condition is important as well. Make sure it's in the best possible shape it can be and looks the best. You want it to stand out from the others and be memorable.... more
Rent it out.....being short $150 a month is nothing when you are taking a 20k-30k loss. Therefore, rent it out and wait for the market to turn. Even if the market turns 5 years from now you will have a $11,000-$21,000 gain. ($150 loss x 5 years = $9,000 loss + 20k-30k gain = $11,000-$21,000 gain).
Also, keep in mind about capital gain exclusion for your primary residence. So you don't want to hold onto your condo that was your primary residence too long otherwise you will lose your exclusion.... more
Hi MJ: I can furnish data showing what has recently sold in your vacinity and also show you what is currently on the market. I can email you this information in a matter of minutes, If you don't want to contact an agent at this time youcan always try a search for sold vacant land on Trulia. Call me if I can be any help getting it sold. 708-203-0335.... more
Mike, if you want to sell within the year, you should list your home now as we are experiencing longer market times. If your home is located in an area where there are other teardowns it will likely attract builders, and other prospective buyers. Don't be concerned with what is the correct time for builders, just be concerned with what is the correct time for you. If your home is priced appropriately for it's condition and location it will sell. If you sell to a builder, who may not be ready to build just yet, perhaps you can rent back.... more