Need some house selling mojo - ventish

bellaxanthe · September 2010

So we decided that we would sell my place and move into FI house. We killed ourselves earlier this summer to get everything perfect. It's a doll of a house. But between the time we spent painting and fixing everything and now, the market has just crashed in my neighborhood. I am competing against foreclosures galore. We even have it posted for a loss at this point. I feel such stress because FI and I keep getting in these converstations "well once the house sells... it will be better". And to be honest, I see no end in site. Trying to help pay for the wedding on top of keeping 2 places is killing me. Nobody is even going thru the showings. We barely feel like the realtor is doing anything, even if she is nice, presentable and knowledgeable.

I feel like I need a miracle at this point. I thought it would be easy and it's turned into a nightmare. We so don't want to rent. And I don't want to do a short sale and ruin not only my own credit, but his too once married. Anybody in the same situation? Anybody selling in this market or if you sold - what did you do? We are certainly competitive with our pricing of standard sales, if not lower. The house is staged nicely, garden looks pretty good. It's on a good street with nice neighbors and the curb appeal. It's a small 1920s bungalow, so the only negative comments I've gotten back were the rooms are small. Unfortunately there isn't anything I can do about that.

I just wanted a clean slate walking into our marriage and now it feels like there is this big albatross hanging around my neck.

jessicamoser · September 2010

I sold my house this past March, it was also a small 1900's house in St Paul, but it sold fairly quickly. I didn't have a listing agent though, I sold it on my own. My mom is a realtor so she helped me stage it, and I did all the open houses myself. If your realtor isn't having open houses, tell her/him that you want them to. I would recommend open houses every weekend, and make sure they're marketing the house (open house notifications online and in the paper). If you have any local coffee shops or places with bulletin boards, post your mls listing there (if they'll allow it). Also, we were a few houses off a busy street, so I stuck a sign on the busy street saying "house for sale ->", to get some street traffic. It's hard to sell in this market, but not impossible.

Also, it would be MUCH better for you guys to rent for a couple years than go through a short sale. Being a landlord kinda sucks (I've been that too), but it's manageable, and it'll be much better for you guys in the long run. And the market will pick back up.

saintpaulJess · September 2010

I don't have any advice, but just wanted to say I really feel for you. It sucks to have to deal with something like this when you're planning your wedding and starting your life together... Good luck.

bellaxanthe · September 2010

Thanks for the thoughts. I feel like my realtor has been receptive to doing open houses (we've had one every 6 weeks), but maybe that isn't enough. I also am contemplating her doing a brokers open. Or to offer a bump up in the buyer's realtor commision. She posted to 2 sites. That's it. Apparently they don't "do" the newspaper. Which is limiting. I just feel frustrated that she isn't going the extra mile. Really just nothing. I might have been better off doing it myself. I like the flyer idea and I will take to local places - that's a good idea.

maybe984 · September 2010

Honestly, I would totally recommend renting it. There are companies that will manage it for you, handling all the landlord-y stuff and really the only work you'd have to do is approving the occasional major repair. Talk to your realtor about it... they're bound to have some connections somewhere.

I have known people that have actually profited byrenting their homes out for a period of time. The management company will probably take a cut of the monthly rent, but depending on how good the rate on your mortgage was... they can usually charge a lot more in rent.

I actually lived in a rental house in Maple Grove that had that kind of arrangement. The house was originally worth like a half million in 2005, but when the original owners tired to move 2 or 3 years later, they would have been lucky to sell it for $250k. I think we were the 2nd or 3rd round of tenants. Personally, I HATED my landlord, but the owners of the house were probably super grateful for him.

tklund · September 2010

So sorry for your frustration! It's no fun to have this hanging over your head when you want to focus on the fun of your wedding and new life with your DH! As much as you guys may not want to rent, ruining your credit with a short sale is so not worth it. My FSIL & her DH are renting their house b/c they couldn't sell it either. They drafted a very thorough lease for their rentors, and have had no issues.

When my FI & I bought our house this spring, the ONLY place we looked for houses was on the internet, so I wouldn't worry too much about no listing in the paper. Most people want to look for homes on the internet so they can see pics, info, etc. Hope that helps your worries about not having a listing in the paper! Talk to your realtor if you feel she's not doing the most she can!

bellaxanthe · September 2010

Yeah I talked to FI tonight again about it. He is so frustrated too and really doesn't know what to do about renting. It would at least save us some money even if we couldn't pull in the whole mortgage. I'll find out about property managers, I have a few recommendations already but have just held on contacting them. It may soon be the time though.

kmr333 · September 2010

I feel your pain. I own a condo and FI owns a tonwhome. We would love to sell my place, but there is no way we could put it on the market right now. Other units in my building have been listed for months and months and then despite continually dropping the price, the owners end up having to just take them off the market. So, I was prepared to just let mine sit empty after I move in with FI, but I totally lucked out. A friend of mine was looking for an apartment for the next year or two, so she is going to rent it out. I'm not charging her as much as I could probably charge if I were to list it to the public, but it's worth the peace of mind to have someone there that I trust. I certainly will not be making a profit, but something is better than nothing. Maybe in a couple years the market will start to look up.

strangisj · September 2010

All I can say is hang in there! I'm a realtor myself and know your frustrations. It's hard right now! As long as it's priced right and in good conditon, you won't have problems. It's hard when there are so many properties to choose from and buyers are very picky these days! Good luck!!!!

strangisj · September 2010

OH, one more thing... Realtors now can list properties for rent.. Your realtor should have access to lease paperwork, etc... So definitely something that you should ask them. If you need any help with it, let me know!

olivehim · September 2010

Lots of great advice already. I just wanted to add my experience in case it may be of any benefit. I owned a condo in downtown mpls when we first were engaged. I put it on the market in November and it finally sold last May. It was definitely a struggle, seeing all those mortgage payments go down the drain but I knew that I definitely did NOT want to rent it out. We priced it to sell - not at first - but with very few showings we knew we had to do something (FI's dad is a Realtor). It hit the "sweet spot" and showings picked up - we took the first offer we were given.
When it sold we took a HUGE hit - I drained my savings when we closed and it was very difficult to imagine how we'd ever recover. Just 4 months later I can say it was the best decision for us. We're saving a TON of money already with the combined incomes. Best part is peace of mind which, to us, is priceless. No stressing about renters or whether or not it will ever sell. I could finally sleep again at night. IF you can do it, maybe consider lowering the price. Yes, the market is slow, but a great home will always sell if the price is right.
I'll send good karma vibes your way

Everyone has to do what's best for their particular situation and, like I said, I just wanted to share mine in case it would help you come your (very difficult - I know, I was there!) solution.

Need some house selling mojo - ventish

Re: Need some house selling mojo - ventish

Choose Another Board

Search Boards