Karen Disbrow

It's hard to tell without actually seeing your property and looking at the comparable properties in your area. Is your home's location a downfall (i.e., near power lines, RR tracks, busy road)? Next to location, the other top reason a home doesn't sell is price, then condition. Since your home is 3 years old, I would assume the condition isn't a factor, so price might still be a factor. Are you priced below all the comparable properties? Does your home have upgraded amenities (i.e., stainless steel appliances, granite counter tops, hardwood flooring, upgraded light fixtures, etc.)? It's hard to compete with other homes that have these upgrades unless your pricing reflects this. Does your real estate agent use many different avenues to advertise on the Internet? There's a lot of new construction in Powell, so to sell existing homes, your home must have the "wow" factor. I wish you the best! - Thu Apr 24 2008, 07:38

I don't have any personal experience with Citi Residential Lending, but I can tell you that in a short sale situation, the bank wants to get as close market value for the property as possible and short sales typically take longer, sometimes up to 60 days or more. - Tue Apr 15 2008, 19:37

There's no set formula on what a buyer should offer on a short sale property. Each case is different depending on what is owed on the mortgage and what the bank will accept. Be prepared for it to take longer than purchasing a property that isn't a bank short sale. It's possible it could take 3 to 6 months. The bank generally won't pay for a home or gas line warranty either. Also be prepared for potential surprises even after the bank has accepted your offer (i.e., they tell you that you need to bring more money to closing than you initially were told).

If you have the time to wait, a short sale property could be a good deal. Just be prepared and educate yourself on the process as much as possible before you make the offer. I've included a helpful link for more information. Good luck! - Tue Mar 11 2008, 10:14

Hi Terry,

What condition is the house in? Perhaps one reason it's not selling is condition. Buyers today are very particular and don't want to have to necessarily do anything to a home before they move in.

Did you have the home staged?
Did you get rid of clutter and extra furniture?
Have you given the interior a fresh coat of paint?
How is the curb appeal? Does the outside also need a fresh coat of paint?

If a home isn't in great condition, buyer's will just go up the street and buy one that is in great condition.

How is your price compared with similar homes in the area? Maybe it's still priced too high. The main reason a home doesn't sell is usually price.

January is typically a slow time for selling. If you can hang in there until Spring, things will hopefully pick up and you'll get it sold.

Good luck!

Karen Disbrow
Real Estate Consultant
Real Living HER
379 W. Olentangy St.
Powell, OH 43065
Direct: (614) 218-8861 - Tue Jan 22 2008, 13:56

Definitely a buyer's market. Good for investors or anyone thinking of buying up. - Tue Jan 1 2008, 16:59