What are options in current market, if a house doesn't sell, and relocation to a new state is necessary?

Asked by Debbie, Winston Salem, NC Tue Sep 11, 2007

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Bill Warren/…, , Mortgage Lending
Fri Sep 14, 2007
Debbie, that is very broad. Options could include:
1. Renting the house out through a professional management company. I suggest Lou Balwin at Baldwin Companies. http://WWW.BALDWINCO.COM;
2. Reducing price to sell fast/faster, or list the home with a Great Realtor that knows how to market home here in Winston. I can refer you to some Realtors that can help. Sandy and Kirsten at ReMax Realty Consultants are awesome. Their email is sandy@sandyandkirsten.com or kirsten@sandyandkirsten.com. Jon Bruner at Remax is also top shelf. John's email is Remax1@aol.com.
2 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Wed Sep 12, 2007
I've been in your shoes a few times Debbie & I can tell you the simplest of answers: Look at the comps one more time - get to the sweet spot that will bring the buyer in.

You could also consider offering a "range": as in "Seller will entertain offers between $xxxx and $xxxx. This strategy has worked for me in the past - and a realtor whom I truly respect in So. Cal is utilizing this strategy with great success - in a very tough market.

We must adapt to the market - it will not adapt to us. Once we get this ingrained into our psyche - we can move forward.

My best to you and I hope your buyer is one showing away!
1 vote
Keith Sorem, Agent, Glendale, CA
Tue Sep 11, 2007
You mentioned Relocation. As part of this move is someone getting a new job?
Some companies have relocation polices and programs to help employees relocate from their old home to the new home. Some relocation packages include provisions for the company purchasing the property, assisting with associated costs, etc.

My wife and I became accidentail investors after a corporate move resulted in retaining a property as a rental...which we kept for 18 years. (and helped get see the need for knowledgeable professionals in real estate).

Do you absolutely need to sell it to move? My advice is to look into your options. If it means taking a loss on the property, retaining it as a rental property might make sense. Consult with a CPA regarding the tax implications. Consult a local Realtor regarding their opinion of the market, rental rates, etc.

Depending upon the length of time you've owned your property, and the rent rates in your area, it could be that the rent would cover your mortgage and other related occupancy expenses.

Good luck!
1 vote
Deborah Madey, Agent, Brick, NJ
Tue Sep 11, 2007
In most cases, you are best to reduce your price to the necessary point to generate a sale. Of course, you want to make sure that you have great marketing support and are doing the best presentation of the property. If your property shows well, is marketed well, easy to show and is still not selling, it comes back to price.

If you must leave the state and the house is not sold, you will need to rely upon your Realtor to check the property on a regular basis; pick up mail, flyers left at the door, make sure the doors were locked after showings and the lights are on/off as appropriate.

You might want to put a home warranty on the property to cover appliances. Make sure the policy covers vacant homes. Check the homeowners policy to ensure you are adequately covered for a vacant home.

Unless you are committed to being a long distance landlord, I don’t recommend that you pursue renting the property. Hire a great sellers agent who will market your home well and price right. Factor your carrying costs for a few months into the equation when considering pricing.

If you have been trying to sell and have not obtained any offers, review with your Realtor the properties on the market which are your competition and pay close attention to any that have recently gone under contract.

If you want to sell quickly, price 5-10% under market and have your Realtor let everyone know that you are priced for a quick sale. Even in buyer markets, a well priced home will capture attention and can gain multiple offers.
1 vote
Tman, , 30642
Thu Feb 28, 2008
Tue Sep 11 2007, 18:38 - Winston Salem ...............?
0 votes
Larry Story, Agent, Greensboro, NC
Thu Feb 28, 2008
A) how long has you home been on the market? B) was it properly priced and marketed? There are five reasons usually to why a home does not sell. Your price, Your location, Condition of your home, Your motivation, and Your marketing agent. The one you cannot change is your location. In any market a properly priced and marketed home will sell. Of course as mentioned in the answers before there are options to add on to the sale that can entice buyers, lease with an option to puchase helps but does not get you out of your mortgage. Offer a home warranty that is always a good selling point and only runs around $550 which comes out at closing. Is your home being marketed on the internet enough? Over 80% of the buyers in todays market begin their search online. We use 8 to 10 different websites to market our homes (depending on the home). So take a look at the past situation and move forward it can be done! Interview other agents to see who will be able to not just "list" but will be able to market and sell your home.

If you have anymore questions drop me a line.

Larry Story
Coldwell Banker Triad
0 votes
Rachel, , Winston Salem, NC
Fri Jan 18, 2008
Hey Debbie.. things usually will pick up after superbowl weekend..what's your timeframe? Are you listed with an agent now? Some price ranges in winston are still moving pretty well.. if you give me some more details I may be able to give you some ideas.. best of luck to you.. let me know if i can help..
0 votes
Walker McGin…, Agent, Huntsville, AL
Fri Sep 14, 2007
Contact an agent from another real estate company and have an updated CMA done on the property, then price the property just below the current average price for your neighborhood. If you don't feel the current agent is doing a good job, fire them hire an agent with an aggressive marketing plan. Make sure there are always flyers in the flyer box, stage the houses for a sell, make sure there are plenty of pictures that properly represent you home on the MLS. You could also offer a 1-year home warranty or offer bonus to selling agent. Have the current or the new agent get together with a mortgage rep and do a realtor/broker open house offering free lunch to any agents that show up (usually a veggie platter and a cold cut platter with sodas and water). Good luck with selling your home.
0 votes
Perry Hender…, Agent, Austin, TX
Fri Sep 14, 2007
Try rent to own, owner financing or renting the property out.
0 votes
Mike Kelly A…, Agent, Santa Rosa, CA
Tue Sep 11, 2007
Since the house is vacant--have it staged as this could trigger a whole new wave of Realtor/Agents to revisit your property. Staging with complete furnishingin our area is about $1100-$1400/month but the results are well worth it! You may wish to put together a complete Buyers Benefit's Plan. This could feature an interest rate buydown, staging, incentive to the Selling office. And yes, I'm assuming you can afford to have the house vacant, pay a stager and have enough equity to offer other programs. It takes that and more in our market. One needs to stand out from the crowd!
0 votes
Carrie Crowe…, Agent, Southaven, MS
Tue Sep 11, 2007
That's tough Debbie. How do you feel about leasing your home out? That could be an option. If you need to be gone I would work with a property management company. I may be facing the same situation soon. How low can you make your sales price. I may have to go lower than anyone else in our area to sell my home.
0 votes
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