Help needed on sale of property

Have you consider providing some form of Vendor Finance or second mortgage carry back?

Might open up a different category of potential buyers.

Cheers

Yours in Finance

Definitely de-clutter.

What colour are the walls and ceiling?  If the answer is not white, then paint them.  White.

I believe that every house has a buyer and I am sorry to say that you might be with the wrong Agent.

There are few things you might need to Re-considered

Price – C.M.A. (comparative market Analysis) –

Comparing Sold and listed prices for similar houses /units in your area – your agent should be doing that at least once every month for the simple fact the real estate prices move up and down

Living room, Kitchen, bedroom to small –

Try to move furniture around, clear all unwanted furniture or clutter and try to make more empty space. If the wall and décor color are too dark it might be one reason of the property looks small

Insufficient natural light –

Change your inspection timing to when your property gets best natural light. During Inspections just make sure you open all doors and windows turn on all lights inside the room, try to use some nice natural oil fragrance (not the cheap artificial once) and it might do the magic

If you still don’t get any offers its worth talking to property stylist and renovating the property smartly.

Feel free to ask any questions and Good luck for your next open home.

Regards

Inder Waraich

Hi Nigel,

That is a perspective I hadn't considered – cheers

Hi Penpro,

Do you have an online listing with pictures maybe a floor plan?  then we could give some pointers, painting everything white is a good idea but buyers nowadays are switched on to this, that sometimes all white seems too stark and uninviting. Maybe adding wall lights with directing light up to the ceiling maybe able to create a more ambience light and at a relative low cost.

A year is rather a long time, how many people have come to view your property over that time?

Hmm sounds like you have a bit of competition with 10 other units. Who are you marketing the property to? another investor, a city commuter, a student? maybe offer an extra incentive with the property like a new appliance (eg TV or Ipod dock with wireless speakers set up in living area) only if your marketing towards owner occupiers. Investors only want to see numbers and lower prices or maybe depreciative fixtures? Has anything been renovated recently?

If you're living in the property at the moment, you might need to de-clutter so it looks as tidy and functional as a serviced apartment or motel unit, which would create the illusion of more space and create a point of difference with thew other 10 units competing for the attention of buyers and agent.

Also you can immediately create a point of difference in the agent's mind by increasing the agent's commission by $2000, instead of sliding on your price under pressure.

Cheers

thecrest

Hi Penpro

I'd go back at Richard's (Qld007) suggestion, i.e. Have you consider providing some form of Vendor Finance or second mortgage carry back?  'If you make a property easy to buy, you make a property easy to sell'.

Cheers,  Paul

Hi Penpro

I'm in agreement with Paul and Richard….you might want to consider setting it up as a VENDOR/SELLER FINANCE sale and offer the property as an "opportunity" for a first home buyer. Please don't lower your price – you don't need to. (Sorry Jamie – disagree with you on that one!).

1) I would get rid of your RE Agent…..sounds like he's doing a terrible job!  No place should be on the market for 1 year and you don't need to pay any money to this person.

2) Declutter, paint if you need to brighten up the walls to give the illusion of space etc…..but don't spend a fortune on this as it's not worth it! I wouldn't go to the trouble to have it staged by a professional or anything like that. People in general are fussy and/or weird about interior decor, so no matter how you style it, there will always be someone with a negative comment or statement.

3) PUT AN AD IN YOUR LOCAL PAPER and SIGNS AROUND THE AREA:

" No Bank Qualifying, buy my 2 Bed Unit, $xxx/week, Call (insert your name): your phone number."  The dollar figure you'll need to work out as what works best for you in terms of payments over time.

4) Let buyers know what your selling for and offer them the ability to pay you an upfront amount of say $5-$10K as their deposit and the rest can be paid in installments. If you go through a mortgage broker they may be able to assist in qualifying buyers for you and you'll need to see a VF Lawyer to set this deal up as an Installment Contract.

This should set your unit up as a "point of difference" to the other units, and could also potentially increase the price of the other units in the block that are going up for sale. It's a very effective method of marketing to a large proportion of people who cannot get bank finance in this day and age and/or cannot or have not saved a huge deposit, but would love the opportunity to purchase property.

To read more about Vendor/Seller financing…..Rick Otton has a book called "How to Buy a House for a Dollar". 

Good luck. Hope all goes well…..cheers, T43