Home Selling in 85374>Question Details

Allen, Home Seller in Glendale, AZ

How can we get the properties sold? Can we combine the sale of both properties?

Asked by Allen, Glendale, AZ Wed Sep 26, 2007

We were buying investment properties and have flipped 2 of them the last 2 years. Now we have a piece of Manufactured home property that is big with all utilities and either a manufactured home or residential home can be built on the property. We have been unable to sell this property and have exhausted our equity line of credit on our primary residence. Our current real estate contract runs out @ October 11th. We need to sell this property, then sell our home in Glendale AZ so that we can move to the Tempe AZ area where I work. The property in Surprise AZ needs to be sold so that we can pay off the 2 loans and have a decent down payment on a property on the east side of Phoenix.
How can we get the properties sold? Can we combine the sale of both properties so we can move to the East side of town? Shall we continue with the same real estate agent? Or should we try a new real estate agent with more agresive strategies for selling the Surprise or both properties?

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I too agree with Jonathon and Jay, and would discourage the combination of the land deal with your home deal, unless you basically want to give away the land as a sweetener for your home. Sort of like saying, "If you buy this house, I'll throw in the boat in the garage." That type of approach would appeal to anyone. But trying to get full and fair market from both, when they are combined is certainly unlikely to be successful.

As to whether to switch agents, I'm not sure how we could answer that. We don't know what your current agent is doing, so how can we know if it's great or poor. As well, we have a code of ethics as REALTORs not to solicit the listing of another REALTORs active client. So this will need to be your personal decision.

Regardless, Surprise is a very, very tough market right now. No matter what direction you move in, be aware that price is going to be the most important driver toward a successful transaction, and that you must be very aggressive with price, if you want to be the next sale.
Web Reference: http://blog.101bell.com
1 vote Thank Flag Link Thu Sep 27, 2007
As Jay said, the vacant land is going to be harder to move because land isn't selling right now. At least it's selling at a very, very slow pace. Depending on where in Glendale your other home is, that might be a better prospect right now though we're coming into the time of year where there are increasingly fewer sales. And then all the usual qualifiers apply - price, condition, etc.

One question would be whether you have equity remaining in the home in Glendale after exhausting the HELOC, as the best way to sell right now is to price below the last sales.

As for combining the sales, I'm sure Fontella's advice might work in Colorado where she's located, but combining the two likely would be a mistake here. It's challenging enough to find a buyer for one home without asking them to take on a vacant lot at the same time, or vice versa.
1 vote Thank Flag Link Thu Sep 27, 2007
We are in a slightly slower market. It may not be your agents fault the proeprty is not selling. Price is usually the biggest factor. Re-examine price with your agent to make sure you are still priced competitively. In some areas the market will continue to fall after you have put your property on the market. As far as marketing together. It is worth a try. I would market them together and I would continue to market them seperately too. If someone buys them together they will have to make 2 seperate mortgages. One for each property. Good Luck!
1 vote Thank Flag Link Thu Sep 27, 2007

The packaging your properties will probably not carry the weight in the market as keeping them separate. As of yesterday according to the Multiple Listing Service numbers, 95% of the homes listed will not sale this month.

We are certainly in a buyer's market. At the current rate of homes being sold, Surprise would need 17.1 months to sell all the active listings. A normal market has between 3-6 months.

I agree with Steve that to advise switching agents without knowing the marketing plan and service is a bit presumptive. If the contract is up and you want someone else to try, then select another agent. Interview a few REALTORS and select the agent you think has the best plan and service.

Maybe your current agent is the best.
Web Reference: http://www.joebourland.com
0 votes Thank Flag Link Fri Sep 28, 2007
Hi Allen-
If you think that you need to hire a more aggressive Realtor, than you need to hire a more aggressive Realtor.
So you have a manufactured home on some dirt out in Surprise? There are Realtors in Surprise that specialize in that type of property. I would suggest one of them be your next Realtor. Of course you could market both property`s together. I don`t think it would be very helpful. However if you could close on the Glendale property with out having to sell the Surprise property, it can`t hurt. Yes even though you could not buy the Tempe property, you may find yourself renting or living out in Surprise. At least this may avoid a cash flow problem.
Good Luck
0 votes Thank Flag Link Thu Sep 27, 2007
Mr.P, Other/Just Looking in Arizona
Hey Allen, Sounds like you have a lot going on. Yes, your agent can market both properties together and offer an incentive if they purchased both. As far as continuing with your current agent, it's your choice. Agressive marketing is critcal when selling your home, but Price is the #1 reason a house sits and not sells. Good luck, I hope this helps!
0 votes Thank Flag Link Wed Sep 26, 2007
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