Kindly requesting any and all advice for what has become a difficult situation.
I bought a foreclosed property April 1st of this year in the an affluent area of Dallas. Built in 2000, 7590 sq/ft, 5bd/5ba/3 car garage, 5LA, new pool/spa. Paid $895K, appraised at $1.6M. Comps in area average around $230 sq/ft. I made some improvements and hoped to flip the property quickly.
One problem: the home is on a busy corner. But even after accounting for this fact, it still looked like a good deal…maybe not.
I planned for 6 mo. reserves and considering spring and summer selling season, I figured to be in good shape.
Well, I priced the property at the appraised value and slowly moved the price downward as I did not receive any offers.
The home is now priced at $1.199M and I’m getting some interest…BUT my reserves are nearly depleted. I can’t carry this investment much longer and I’ve become more than a little anxious about my circumstance.
Any input on strategies for a quick sale, or stop gap cash flow options will be greatly appreciated. >:(
David took the words right out of my mouth! I would also recommend you load the house up with some consigned stuff such as: cars, rolexes, paintings, rugs, etc… Make a commission also on the other stuff you sell Marco style!
Another thing I would recommend you do is list it in the MLS for 6% commission to the selling agent. You could use one of those MLS listing services do accomplish this. You could even list it for 10% commission! Make up fliers and distribute them to every real-estate office in your area. See how fast it gets shown.
Another thing is you can hire a company to ‘stage’ the house for you. This has shown some great results.
Here is what I would do in order:
-List in MLS for 6-10% commission to selling agent with full-price offer
-Distribute fliers to every real-estate office highlighting your high commission
-Stage the house and have weeky open houses
-Look in MLS and see who all the luxury home selling agents are. Contact them and tell them about your huge commission you are willing to pay and give them all the information on the property
-Hold an auction if this does not work. The statistics show that houses at auctions typically sell for 82-85% of market value.
FREE HOUSE____ bed room ____ bath this is a great home
with purchase of yard must buy for $1,600,000.00 o.w.c. 20% call
_____ Bed room ______ bath great house
$1,600,000.00 O.W.C. 20% 555-555-1111
these ads will make the phone ring!!! sales is in numbers the more the phone rings the better the chances!!! Now the owc will make your house into the taj ma hall!!! now right after closing sell that note for 90 cents on the dollar!!! REMEMBER ANYONE CAN QUILIFY FOR A 80% LOAN!!!