I have been reading this site for over a year. I’m a novice investor just starting out in the real investing. I recently relocated the Northern Virginia are about year and half ago from Burlington, NC.
I have single family house that I have been try to sell. The market in that area is so bad. The good thing is that I’m able to rent the house, but with negative cash flow. I really want to get out of this property. In order for me to unload this property I’m going to take a big loss. I guess I’m one of those motivated seller.
What are my options? ???
It’s simple, drop your asking price. And keep dropping it until it sells. In my state’s MLS, every time you drop the price, an email gets sent out to all my clients that are looking for property in that area. They will typically look at that email every day or two and only new properties, price changes, back on market, and other statuses show up in their email. They only get the active listings once. I see lots of listings expire after the listing agreement period because the seller never lowers their price and so no additional interest is generated in the property. No interest, no sale. Sometimes you also see a listing where the seller lowers their price several times over a period of a few weeks and then eventually it hits that magic price point where it goes under agreement.
Oh, and that’s based on if there’s nothing really wrong with the property. People tend to like move in condition and the fewest number of problems to fix. Some do get overwhelmed if there are too many minor details to take care of so fix the small stuff if there is any.