Long story short, my mom has a 460k house she has had listed since August that hasn't sold. She's had some people come and tour the house but no body is buying. It's a beautiful 5 bed 3 bath with no issues and its only like 2 years old.
I know the market is saturated with people trying to sell homes, but the mortgage payments on this house are crazy.
75% of her income goes just to paying her mortgage. She still has her first home and wants to move back into it and get rid of the second house because she's getting behind on payments. She has a real estate agent who is helping her discuss options, but I'm wondering if there are options the agent wouldnt mention because they're not profitable to her.
She's stressed and I'm stressed by proxy. I think just taking the L and selling it at a loss is the best way to go but I don't really know anything about how to go about that short of calling the we buy houses numbers I see posted up around town 💀 it seems better to me to sell it for cheap than to end up getting it foreclosed on.
Any advice??
How do you just get rid of a house?
byu/Pupapanyo inRealEstate
Posted by Pupapanyo
31 Comments
Lower the price
Every house has a price that will induce ACTION, and buyers to make an offer.
Your mother’s price is far too high.
Nobody cares what she paid for the property.
Zillow can be a resource on the price on houses that actually sold.
Could look into short selling, but it’s not a great option by any means. Why on earth did she buy a home that eats up 75% of her income?
I’ll buy it today for $250,000, sight unseen. I can close next week.
A low price is how you get rid of a house quickly.
How did she buy a house that requires 75% of her income?
There’s always a buyer for the right price.
Another option would be to rent it if she can get the mortgage covered
The last to thing you want is a foreclosure. She’s going to have to lower the price enough that someone will take it, probably at a loss.
You know exactly what to do, you just dont want to do it. The price is clearly the issue. Lower the price and someone will buy it.
Its always price.
Stop being greedy and lower the price. Nobody cares what she paid for it bud!
She just has to lower the price. It will get a buyer at the right price.
The real estate agent has valued it wrongly. You should always put a realistic price on a property and not the proceyou yourself think is the right one.
Lower the price.
find her a roommate, that can help pay the cost until she has enough paid down to sell it without a loss or foreclosure.
There are a LOT of numbers between ‘what it WILL sell for quickly on the market’ and ‘what the we buy houses guys will offer.’ If you find the right price, it WILL sell. And that price will be higher than what an investor will offer, unless the home is in distressed condition.
Tell your realtor you want a CMA that shows what the home SHOULD sell for and then tell them you want to price it 5% below that. It will sell if the realtor did the math right.
come on, you know the answer
The cold hard truth is that it isn’t a $460k house. Once she realizes that the market value is what the market will bear, and she adjusts the price to reflect that, the market will respond and she can move on.
She bought a new build at the peak of its value.
Now, its gone down in value but she is still trying to sell it at cost.
She has to lower the price to its value today and take a loss.
It’s always the price
To start: It’s probably the price. It’s almost always the price.
If lowering the price doesn’t leave any equity then there are still options. The mortgage will need to paid off to sell the home.
In a situation where someone is selling at a loss the seller can bring cash to closing to cover the negative. That cash can come from savings, a personal loan, a home equity loan on the first property, etc.
I think any other options are not great. Might be able to talk to the lender about deed in lieu of foreclosure or a short sale. Those require the lender to agree and are simple processes. There are serious drawbacks and they should not first options.
Price isn’t always the problem, but it’s always a solution.
399
There are often multiple solutions to any given real estate problem, but lowering the price is ALWAYS one of them.
She should be prepared to lose money on the house she wants to dump, especially in areas with a lot of development going on.
It’s all price based. Walls could be covered in shit at the right price and it’ll sell. Fast if it’s a bargain.
Help me understand, she owns one house free and clear, and purchased a second home but wants to sell it because the mortgage is too high?
If so, what is she doing with the first house?
Is she renting the first house?
Does the rent not cover the second house?
If she is renting it out and wants to move back into the first house, what happens to those renters? Do they have a lease?
Oh and the answer for how to sell a house quickly is to LOWER the price. It is worth what someone will pay for it, not purchase price or comps. If you list it on here, people will give you an honest opinion.
It’s either location or price. Always comes down to one or both of those two.
Is she willing to take a loss on the house? Find a better agent who isn’t going to ‘help’ but is going to sell the house at whatever the market clearing price is.
Ours sat for 100 days. We dropped it piddly amounts at my realtors advice. She kept telling us to replace carpet, keep the price.
I finally got firm and said, drop it significantly, into another search range, pretty much 10%. It had an offer in a week, and we’re out of it now.
Clean, fix, drop price is the best thing to try.
There are other houses in my neighborhood more updated but expensive that are continuing to sit…
Lower the price. It’s always the answer.
Lower. The. Price.
in a new development you gotta compete with buyers comparing to going with the builder, customizing a similar floor plan, brand new, and with builder incentives