FAILURE TO SELL DAYTON PROPERTY CAUSING FINANCIAL CRISIS -- ADVICE NEEDED

Asked by Bw, Beautiful Central Florida Sat Nov 1, 2008

We moved from Dayton 3 years ago, and have not been able to sell our 3/2 brick ranch in Riverside, a few miles from WPAFB, WSU and the Fairfield Mall.

The house is rented thru a realty company, but the rent is $600 less than what we pay each month, a short-fall pushing us toward bankruptcy.

We told the rental company we need to sell, but they seem reluctant to do that. The company asked the renters about buying, but they said not at this time.

Their lease ends in June, so the ideal solution would be to have a buyer ready to close around that time. However, we need that rental income, and we fear we might "scare" the renters into moving if we put the house on the market.

We’re willing to sell for what we owe ($137K) plus any commission, to eliminate any out-of-pocket expenses. We believe that price is within neighborhood comps.

What are our alternatives?

ATTN REALTORS: Contact us for details if you have a buyer looking for a nice Riverside home.

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Answers

5
Christina Ca…, Agent, Washington Township, OH
Tue Dec 9, 2008
Hi Bw!

I would recommend placing the home on the market NOW! Have you considered a short sale? If I were you I would interview many listing agents (over the phone if you will remain in FL during the sale process). Choose the Realtor that offers the most services due to the law of supply and demand. The Realtor that offers the most marketing services will attract the most buyers, resulting in a quicker sale. What if you chose a Realtor that was only strong in online marketing and your neighbor's home sold to a buyer who never saw your home advertised because that buyer only searched for homes in the newspaper? Food for thought! Please feel free to contact me at anytime if you have anymore questions.

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.Asad@RealLiving.com
http://www.DaytonOhioHouse.com
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
0 votes
Cynthia & Do…, Agent, Beavercreek, OH
Sun Nov 2, 2008
Put the house in the market with a Realtor who extensively markets homes on the internet. Price it to sell. A good agent will advice you.
0 votes
John Baker, Agent, Vandalia, OH
Sun Nov 2, 2008
Hello, I'm a local Realtor in Huber Heights, just a couple of mile from RIverside. We have a large amount of homes on the market right now. THe homes that are selling right now are short sales and foreclosures. You mentioned the shortfall that you have, and you also said this is pushing you towards bankruptcy. My advice is to consider a short sale at this time. Please give me a call or send me an e-mail and we can discuss your alternatives.

Take care,

John Baker
0 votes
Amanda P. He…, Agent, Bulverde, TX
Sat Nov 1, 2008
I would suggest possibly putting the home on the market now, with the provision that any purchaser buying prior to June would have to honor your tenant's current lease. You might find an investor, or even a buyer who doesn't need to move until the June time-frame! You should also discuss this option with your tenants to see if they would be agreeable to showing the home if you don't have any provision in the lease regarding this. Perhaps offer them an incentive at closing for doing so.

Good Luck!
Amanda Herring
Realtor-Broker, ABR
Web Reference:  http://www.AmandaHerring.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Nov 1, 2008
You should meet with some listing brokers in the area, tell them your situation and they can best advise you how to handle your property, you are correct that showing the property may scare your tenants. i wouldnt advise listing now for a sale in june unless it is priced so low that an investor would be interested in the house. When you signe dthe lease you should have made sure there was a contingency in the lease that if the propererty was sold they would have a 45 days notice to vacate. good luck working it out
Web Reference:  http://www.ScottSellsNH.com
0 votes
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