Home Selling in 19120>Question Details

Shakira, Both Buyer and Seller in Philadelphia, PA

ARGGG! Still on the MARKET! MLS # 5199157 is the correct # address is 211 spencer, Phila., Pa 19120. No

Asked by Shakira, Philadelphia, PA Mon Mar 24, 2008

one wants this house! Its priced according to the comps and we cannot go any lower. We had two offers and both mortgages for the individuals fell apart! This is an emotional roller coaster and I loosing my marbles...I need a solid offer and someone to BUY this house!

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9
Thanks for your input...Yes I qualified for another FHA loan, the last time I purchased a home was in 2002. It would also help if my agent was more aggresive. However, I will remain patient!
0 votes Thank Flag Link Wed Mar 26, 2008
Ahhhhh, ok, that can be an issue, though are you sure you can qualify for another FHA loan? Usually they are reserved for first time home buyers, or if you haven't bought a home in at least 2 years.

If, in fact, you have suffered two lousy offers that fell through, then perhaps, as we enter into the Spring market you will have better luck...
Web Reference: http://www.askthebigguy.com
0 votes Thank Flag Link Tue Mar 25, 2008
I would like to rent but just learned that I cannot have two FHA loans...
0 votes Thank Flag Link Tue Mar 25, 2008
Shakira, have you spoken with you bank to see if they are willing to take less than owed? Can you rent the home out until the market strengthens? If you can hold onto it as a rental, the market WILL come back...until then, the market has spoken, and price is the unerring truth in why homes don't sell.
0 votes Thank Flag Link Tue Mar 25, 2008
keep the house
not a good time to sell
banks having troubles with too many defaults
enjoy the house
when did you buy the house?

anyways

good luck
0 votes Thank Flag Link Tue Mar 25, 2008
Well, my agent thought the house was priced ok, given the comps in the area. We had 4 buyers, all who mortgages fell through...ALL FOUR! I did put an offer on another home but at a contingency of course. So if my home does not sell then I do not buy. I would not be stuck with 2 mortgages. Being as though this is my first time selling, I relyed on my agents advice on pricing, so maybe its not all my fault as you put it...
0 votes Thank Flag Link Tue Mar 25, 2008
Shakira
It sounds to me as though you have a pricing problem.
"We cannot go any lower". I am very sorry to say that the price you paid, the amount of your mortgage, the improvements you may have made....none of that matters to a buyer, an appraiser, or the lender.

Given the recent changes in mortgage standards homes need to appraise...and appriasers are under the microscope. So do not blame anyone for the fact your home is not selling but you.

A properly marketed and price home will sell. Forigve me, but you need to hear the truth. I do not know all of your story, but hear this: Homes that are priced right and marketed right will sell closest to list price in the first 30 days. Your Realtor's job is to make sure that offers are made by qualified buyers, however with all the recent shifts in the mortgage industry even experienced Realtors are surprised at what lenders will approve. If time is of the essence, then sit down with your Realtor and map out a plan., If you market is trending downward, and your profile says you are buying and selling, you should be able to make up your loss on the buying end...unless of course you bought your new home and are now a "have to " seller.

Feel free to post more.
0 votes Thank Flag Link Tue Mar 25, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Shakira,

I somewhat agree with Cheryl. The comps I pulled had an average sold price of about $90K. You purchased this home for just shy of $52K in 2002. Typically, homes double (100% increase) in value every 10 years or so.

If you were to sell your home at $91K, this would give you a 75% increase in home value in a 6 year period. Which is excellent, even in a good market.

I do not know what your home looks like, except for the few pictures of the interior. There are no shots of the bathroom or kitchen so I can't tell if they need updating. And I do not wish to interfere with the contract you and your agent has.

That being said, get with your agent and get the price reduced further (below $95K). Get some other incentives on the listing. Buyer's agent bonus and/or Seller's assist. Even in today's markeet, you need to be competative. There are currently 16 other properties in the Olney section listed for sale. Your property is second most expensive.

Look at your property as a buyer. Would you first look at the most expensive properties ... or would you start at the cheaper ones?

Remember, real estate agents do not decide on the selling price of your property, only the market (buyers) do that.

Hope that helps and good luck.

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
cell: 267.614.1494
0 votes Thank Flag Link Mon Mar 24, 2008
It looks like you may have received bad comps or the comps you received are too old. Have your agent do the comps for houses sold in the past 6 months. Let me know if you need help. The comps I pulled average around $96,000. If someone wants to buy this home - no mortgage company will give them more than what the comps say. That may be your problem.
0 votes Thank Flag Link Mon Mar 24, 2008
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