Trying to Sell Condo in Meadows area...Need Help! Purchased unit in 2005, now upside down. What advice does?

Asked by Dbw, Jacksonville, FL Tue Nov 6, 2007

this forum have on ways to simply sell the unit before it continues to depreciate?

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Liza Mckeever, , 34202
Wed Nov 14, 2007
If your truly upside down on this property obviously unless you have cash to burn in the bank (and I doubt that many do that are trying to sell in this current market) I would try to simply rent it out and break even until the market returns. It sounds like it is time for you to get out the old paper and pencil do the math, all if, taxes, insurance, fee's, mortgage, refinancing ability etc... and THEN when you have those numbers, you may be smart to hold and rent the unit out. I know it may not be what you want to hear but, if your numbers are okay, it is a better thing in the long run.

Sure you can spend money staging a home, but if your upside down , your upside down. The meadows is a very nice neighborhood, and attracts a lot of tennis people, I would think you can rent it and cover if not all then most of your monthly nut. Just my opinion.
Web Reference:  http://www.LizaJMcKeever.com
0 votes
Drew Russell, Agent, Sarasota, FL
Tue Nov 6, 2007
DBW- This is a situation I am running into more and more often. Without knowing the details of your situation, I would question your need to sell. This market is a market for sellers who MUST SELL. If you can wait a while you will be better of, especially in the Meadows area with a condo. If you MUST SELL, price it below the competition and swallow the loss. Bring the cash to the closing table. Short sale is an option, but you need to consider the long term effects of that- you are taxed on the loss, and it will ruin your credit. Be flexible and aggressive and you will be ahead of the game.
Web Reference:  http://www.drewrussell.com
0 votes
Adam Hong, , Bradenton, FL
Tue Nov 6, 2007
Without knowing anything about your unit, it is difficult to give you specific recommendations as to what will help you sell your property. In general, competitive pricing will attract any buyers that might be considering purchasing in your development. With so many homes on the market today, the asking price is usually a determining factor for buyers looking to make offers. Staging your home and keeping it in "show" condition will also help when a buyer is previewing your home. Your property needs to stand out from the others on the market in terms of price and appearance. Finally, depending on your situation, your lender may accept a short sale. A short sale allows you to sell the property for less than what you owe in lieu of foreclosure. A real estate professional should be able to council you on the process and determine if you qualify.
0 votes
Diane Glander, Agent, Spring Lake, NJ
Tue Nov 6, 2007
Stay ahead of the market. Price yours 10% less than anyone elses (comparatively speaking) and you will have the most attractively priced unit, which will hopefully be the next one to sell!
Web Reference:  http://www.dianeglander.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more