I think this is the best forum. I have a flip that’s up for sale. It’s listed with a realtor but there’s been no activity. I need to up the marketing efforts.
I’ve talked to a mortgage broker about ideas to try selling it quicker. He said most people can get a FHA loan with 3% down. The 3% down could be a gift which includes discounting the price of the home. I’d definitely go for this to sell quicker.
So far I’ve down a newspaper ad, “Own a home with no money down” type of ad. It generated zero calls. I’ve done a direct mail and it generated one call. The person was actually more interested in renting than buying.
I’m focusing the marketing on the fact their total payment: mortgage, property tax, and insurance would be $600-$650/mo. Rents in the area are $600/mo. They don’t need a down payment.
This seems like it should be a no brainer for people. There’s no money down, and the payment is very close to the rent. There’s no interest though. What am I missing? This area has 30% of homes occupied by renters. That’s a lot of potential buyers that for whatever reason have no interest in being a home owner. What’s the best way to reach them?
If I can solve this, then I won’t need a realtor at all in the future.