Hi, we bought an renovator and worked for six months to renovate it now we can’t sell it everyone loves the house its huge (and now the best house in a not so best street) but it backs on to a major road. we desparately need to sell it as its now going to make a loss and we have the mortgage adding to that. we’ve tried auction selling it our selves and multilisting.[blink]Jo
Have you considered putting a tenant in it? Either to fill the time gap between now and when you sell or as a long term solution. This is the best quick fix I can think of without dropping your price and sacrificing your already eroded profit margin.
Actually, what about giving someone a lease with an option to buy after a specified time? Or a wrap? Or some other creative form of vendor finance?
Cheers
SonjaSonja,
The problem with putting a tenant in for selling is that it kills off those who wish to buy a PPOR (I think the loans ratio for IP buyers : PPOR buyers is currently 1:1. The vendor I bought my last place from had vacant possession until she knew I was going to be an investor, and then she whacked a tenant in for me, but she didn’t want to kill off her oportunity for 100% of purchasers by having it tenanted.
kay henry
Yes, I can see your point there Kay. Depending on the level of Jo’s financial distress I just thought that even a 3 month lease might give a bit of breathing space without lasting too long past the average 6 week settlement. The other danger of course is that the tenant may not leave the house looking quite so newly renovated.
Good luck with it Jo
Cheers
Sonjajo it could be a problem if you rented the house but its better than having it empty and not been able to sell as well.
i agree with sonja renting will help some.
maybee you can rent it on a month by month basis either way vacant or not if you have truble selling it its gonna cost you money so best to at least try and get someting back hey?
hope it goes well for you good luckHi,
I think that if you “really” want to sell this property, then you need to LISTEN to what the market is TELLING you.
Are you being realistic about the price you are asking? The market has changed a lot in the 6 months since you have owned this.
Are you listing the house at a price close to the amount that you will ACTUALL TAKE?
Are other houses in the area selling, and yours not?
Sometimes it’s hard to not be emotional about houses that we have put in our blood, sweat & tears on.
Good luck,
Del
I agree with Del.
Houses dont sell because vendors expect too much?
hillind,
Guess you’re aware that if you sell within 12 months and one day, you’ll be paying 100% CGT. Also, remember (some of) these people are pozz gearers, so anything beyond a tuppence is considered too much [baaa] hehe.
You’ve said it’s on a major road- well, that means it’s not in the middle of nowhere. Being in the middle of a city can be a decent quality. I sold a place on the main road of a city- if you reversed out of the driveway, you’d be likely to squash a pedestrian, or get the back of your car hit, but still, it wasn’t seen as an impediment to sale- on the contrary- it was considered “central”.
How come your RE multilist didn’t work? Did your agent give you advice on what to sell at? What happened at the auction? Any bidders? Room for negoatiation afterwards? Is your RE contract to sell expired?
In a way, I feel like your post is a bit of an ad encouraging people to PM you, but I may be wrong (you know, 1st post etc). Anyhoo, there’s been lots of info put here for other posters to read, if my first thought is actually the case.
kay henry
Kay said;
In a way, I feel like your post is a bit of an ad encouraging people to PM you, but I may be wrong (you know, 1st post etc). Anyhoo, there’s been lots of info put here for other posters to read, if my first thought is actually the case.i dont think its a bit of anything more than askin for advise if you belief it is ad why not delelete it or pm them youself and check it out after all thats your job isnt it? i think you may be jumping the gun a bit to me its just someone down about havig trouble selling![angry2]
Yair hotshot,
sounded like a fair question to ask on this site…after all, its populated with so many property experts, surely a few useful and helpful replies could be expected….??KP
thanks for all your comments, This is definitely not an ad, just looking for something we haven’t thought of. I will look into tenanting and some of the other ideas. Our problem is rather complex and I have dropped the price way down to a very realistic price.
cheers JOJo
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