Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 26, 2011 at 11:20am

EVERY property WILL sell (for the right price).  There has likely never been a property anywhere in the USA that just "DID NOT SELL".  Continue to reduce the price systematically with your Realtor.  At some point, you will get offers. Pick the best and submit it to the bank.

 

Thom Colby

Broker / Negotiator

Newport Beach CA 

Permalink Reply by Eric Mieles on May 26, 2011 at 11:46am

I think it's great your being proactive and seeking out solutions to your problem. My suggestion is to first have a discussion with your Realtor and address some of these concerns you have. The reason why you hired him/her is to provide you assistance in selling your home.

Before thinking about a DIL I think you should figure out why your home is not selling. There are many questions you need to ask to begin figuring out a new strategy.

1. What is the condition of your home?
2. Is the price reflective of that?
3. What has been the response from potential buyers?
4. Has there been any open houses?
5. What kind of marketing has been done for your home? This includes the write up about your home in the mls, online precense, e-blasts, craigslist, brokers open, investor out reach etc....
6. What's selling around you?
7. Whats the avg days on market?

Besides these and several other questions I suggest you get an update from your Realtor about where your loan stands. Has a lis pendens been filed?

Also please know regardless if your attempting a short sale, DIL or whatever you are currently in default and foreclosure proceeding will continue.

I hope this helps. I really would love to see you get together will your Realtor and increase the marketing of your property. There are lots of buyers here in Central Fl and all you need is one.

Good luck.

Permalink Reply by Dan McHale on May 26, 2011 at 11:54am

Thanks Thom & Eric..  Great comments...  I think my first step will be to talk with my Realtor...   

Permalink Reply by Dianne Slutsky on May 26, 2011 at 1:37pm

As both Thom & Eric indicated, there will be a buyer eventually - price, staging, etc.  You need to look hard at the pending in escrow comps & see how long they were on the market and then bring your price at least 5% less than the pending listed prices.  Also, we are starting to see some of the investors who are short selling really promoting the lease option purchase subject to short sale approval.  If your property is vacant, this might be an option for a potential buyer and income for you. In a normal market, we would never recommend early occupancy but these are not normal times.

Good luck

Permalink Reply by Maya Thomas on May 27, 2011 at 9:01am

Chase has probably already started foreclosure.  The bank has a protocol and is going to go forward with their plans no matter what you are doing.  It's important to get a buyer and a contract as soon as possible.  Talk to your Realtor.