Selling a property for almost nothing and still can't sell it...please help!

I have a property I bought in November of 2005 for 124,000. It appraised for 130,000, in June of 2007 I had a fire on the third floor (large 3 story old building). The roof probably needs to be replaced and there is alot of drywall/plaster work that will need to be done to fix the walls throughout. I decided to get out of the industry completely and am cutting my losses on this property. I just paid it off and am trying to unload it, I placed an ad in the paper selling it for $7500; I got about 15 calls but not one single bite. It’s a 2900sq foot all brick building with 6 bedrooms.

At this point I would assume the property is a liability as I just can’t manage it, my partners are gone in Iraq and I have zero help and two day jobs.

What is the best way for me to unload this property? I even told one guy who was potentially serious that I would sell for $3500 and he didn’t bite.

I would think someone who does their own repairs could do something with this place at that price. What are my options here? Could I donate it to the city or something?

Where is the property located. Sometimes you can call local investors or try to move it at your local REIA. Also how can you take a loss like that? Is the property free and clear or are there leins and mortgages associated with the title.

Just trying to get a clearer picture.


Property is located in Louisville, KY. I am a terrible landlord, I just am bad at managing properties…part of the reason is my career changed far better than I ever expected. I am making very good money but at a price, I work 50-70 hours a week and travel alot. I can’t keep up with what’s needed for be a RE investor.

The loss hurts, I just paid off all leans (just got my lean release) which is why I am selling it so cheap. Yes I am losing 120k but the mistakes I have made while owning this place could have cost me much more. I just want it gone and out of my life.


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Propertymanager (moderator)

$3,500 for a $130,000 property and nobody’s biting?

Something is not right here.

Is the property fixable? How much would it cost?

What’s the lot worth? Is this a house or a commercial building?

It almost sounds like the market is telling you that it would cost more to fix than what it would be worth when done.

why is no one buying it for 3500?
did you not have insurance for fire damage?
that means its not even worth the $3500
or someone would grab it.
Something here doesnt add up.

I’ve heard weider things. I recently turned down an offer to buy a commercial property, within a historical district, for $1 and get $140,000 cash back at closing. The roof caved in during last winter and it is cost prohibitive to fix it up(in my opinion) but the city is adamant about NOT allowing ownership to tear it down. It would have been an expensively legal fight to get permission to tear it down(with the risk of still losing) and to me wasn’t worth if you weighed it against the potential headache so it continues to sit as an eyesore in town.

I think the market is telling you it has negative value. To tear down a building is not cheap (>$10k). The real question is what is the lot worth and what could a potential buyer do with it. That probably the real issue.

You might consider doing the eBay thing.; lots of people are selling shells and dumps for $5k-$15k on there.

Don’t know your market. Don’t know the actual condition of the property. These things, you’ll have to determine. Also, very important to know what the actual market value for the lot is IF you are planning on unloading that cheap.

All that said, I’m going a different route from the above posters. My guess on this is that you’re trying to sell it TOO cheap. If the true market value for this piece is really about $130K (minus repairs), then you’re probably scaring off most of your potential buyers because they are thinking that there is something there that you’re not telling and they’re not seeing. In other words, it’s simply too good to be true.

Again, don’t know what you’ve tried, but you should consider listing this with a local RE agent. That will add alot of ‘value’ to the price AND you’ll likely get much more out of the deal. Use a commerical agent if it’s a commerical site, a good residential agent if it’s a rental.


I’ll give you $8 and you pay closing costs. :deal

$9!!! (holding up his auction card)…

Am I missing something here?..You didn’t have any insurance claim on the property?..Or for some reason did you NOT have insurance???

I would want to know what are the yearly taxes on the property.

Also call up a real estate agent, offer them 12% commission if they sell it in 30 days, and have them set the price to move it in a month and see what happens. At this stage you have nothing to lose.