Give answers to ken Sorem's 12 questions

Asked by Dr.(LTC) James Hanks, 30540 Sun Aug 5, 2007

Apprasial 400k. Current loan balance 225K. Want a quick sale. Already have home in FL.Will continue paying note if it doesn't sale. I will not accept less than 75K for my equity.Will lease if necessary.

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Carrie Crowell’s answer
Carrie Crowe…, Agent, Southaven, MS
Mon Aug 6, 2007
After reading this post and your prevous postings on this question I would submitt that you seriously look at your price. If you are priced at 399K and your bottom line is 300K, you have quite a bit of wiggle room. If a quick transaction is what you are looking for I would take a drastice price reduction. I ma thinking 25K or more! This may not be the answer you were looking for. Without know the market in your area I cannot get more specific.
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0 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Mon Aug 6, 2007
One last point Dr. James:
If you do lease, find a reputable hands-on property management crew. Without the "hands-on" part you could be looking a disastrous affects to your property. Again; traveling the military lifestyle, I've been there and done that!

Also; I have been unsuccessful in linking to the website listed on your previous posting.
1 vote
J Lo, Home Buyer, California Glory, Brentwood, CA
Mon Aug 6, 2007
Hi Dr. James:
If I read your question correctly you are wanting +$300k on a property that appraises for $400k.... this sounds reasonable on the surface; but we must scratch a little off the top to get to the bottom line:

You are on quite a large "lot": From your profile its approx. 4 acres at the foot of the most beautiful mountain scenery in the country.... so; why have you not sold?

There is a market for your property but you must get the proper representation to get the maximum exposure. I do not service your area but do know that there is a growing population of "active adult" communities just southeast of you.

From your description of the property; you should be able to "tap" into the foot traffic to that general area. I'm not going to say it's easy - but an experienced realtor in your area should have an avenue into that resource pool.

Keep in mind that the very resource pool I am describing is also your competition. You must be aware of what they are offering and what price range their homes are selling for. A complete CMA by a Realtor will give you valuable information and determine if your appraisal is spot on; or if you might need to rethink your bottom line.

If you can afford to wait for just the right buyer - go for it; but there are no guarantees that your type of offering will appreciate any more in this environment - so it's a risk that you might lose more equity by waiting.

Lastly, but most importantly - if you are leaving the state - it is imperative that you get properly represented.

From your profile; I see that you are retired LTC; please forgive me if I sound too elementary - I am former military myself; and would never second guess an LTC - not in this lifetime!

Having said all the above; being that you retired to the area, you may not have the traditional "base" of support; i.e. family or long time friends in the immediate vicinity that can refer you to an experienced agent/broker. If you are in need of a referral; I can respectfully try to find one for you (no referral fee requested!).

Mainly because I have been in your predicament and know that it can be frustrating!

Please hang in there! My best to you and your wife - and let me know if there is anything I can do to assist.
0 votes
Joshua Jarvis, Agent, Duluth, GA
Mon Aug 6, 2007
Unfortunately, no one in this market is buying homes at appraisal value. In addition, most appraisals are skewed (I said it) to whatever purpose they were intended. Ever wonder why the appraiser needs to see the contract? Sure I want to close the deal, but I'd rather see the deal busted because the appraisal is low, then have a client in an overpriced home.

Depending on the location in Ellijay, you should have investors lining up at your door (depending on condition too) if you're willing to let $125K in equity go.

If you're home is priced close to what you will take, then it should go very quickly on the regular market (dependent on your competition too).

Good luck!
Web Reference:
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Deborah Madey, Agent, Brick, NJ
Sun Aug 5, 2007
Hi Again,

I tried your link and could not get to the site. :(

Are you listed with an agent? If not, and you are trying to sell this on your own, are you offering a buyer agency commission? As an aside, I am not licensed in GA and am not attempting to represent a buyer. The answer to the question would be helpful, though.

I remain curious, particularly as it applies to equestriian interests.

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