My old house has been up for sale for over 6 months, no takers. I'm having debt problems, & can't keep this house much longer. Are?

Asked by Maryrita Kizior, Cicero, IL Mon Jan 18, 2010

there any property developers actually buying homes in my area for rehab that I could talk to? I need to sell this house soon.

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Joseph Washi…, Agent, Berwyn, IL
Mon Jan 18, 2010
Yes, there are definitely developers and contractors buying homes in Cicero for rehab and development. Yes, they would love to talk to you, too. Still, it is difficult to put sellers and contractors together in the Cicero marketplace because prices have dropped so much in the last 24 months. Seriously, rehabbers in Cicero are taking their time and looking at ALL of the available inventory before buying today. After all, why should they buy a home lovingly-cared for by a great homeowner like yourself when they can almost steal homes for great low prices from banks? It is terribly unfair for home sellers but it is also very terribly real! This is not a bad dream; it's the economy. I believe the best answer lies with a good real estate agent. You see, sales today are happening- they really are. The best source for the buyers has been their real estate agents utililzing the power of the MLS!! The multiple listing service has the power to sell properties; all you need to do is seek out the best agent for YOU. Now if you already are using an agent and your property is marketed on the MLS then it may be time to reduce your price. You may want to offer more commission, too. There are many different strategies to consider when marketing a real estate property for sale. Remember, price and commissions are NEGOTIABLE! Do not let anyone tell you differently. A good agent should give you a thorough pricing report commonly called a CMA (Comparative Market Analysis). Similar to an appraisal it offers a list of sold and closed comparable properties (comps) and a list of currently active and available or sold and pending homes (the competition). The summary of the report should offer an approximate current value and offer a suggested list price. Arrange more than one appointment and let the agents compete for your business. Properties are still selling TODAY; don't be left out! Use the power of the MLS and find a real estate professional to help you or call your current agent now to work on price and marketing. Good luck with your selling plans, Maryrita! (smile)
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Laura Karamb…, Agent, Downers Grove, IL
Mon Jan 18, 2010
Hi Maryrita-

If your home is price to sell as a rehab/teardown you can have your agent market to developers and/or investors for you.

I recommend that you talk to your agent about your concerns. Your agent should be able to advise you on market conditions and what you need to do to get your home sold quickly.....price reduction, marketing, etc.. How is your home priced to your competition? How many showings have you had? What is your feedback? How many competing homes are currently for sale? How many competitive homes have gone under contract and/or sold since you've had yours on the market? Financing alternatives? Etc., etc..

I hope this helps!
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