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Updated almost 9 years ago on . Most recent reply
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House In Kansas City Missouri
Dear Bigger Pocket members!
would love to get your feedback and suggestions regarding a house I am trying to sell unsuccessfully since October 2015 in Harrison street Kansas City Missouri.
here is a brief summery..
I purchase the house On May 8, 2015 for a flip. A local real estate agent "sell" it to me as a great opportunity in an "up and coming area". turn out to be a horrible deal. ARV he stated was
inflated ,house was over priced , in a much worse condition than reported & in a problematic location (including a next door neighbor with a yard that is a complete junk ,hence scares away a lot of potential buyers before they even enter the house. )
just to add more to the fun, this great real estate agent and contractor defrauded me and use rehab funds I sent for other projects.. the ultimate flip nightmare...
Anyway, now I am in a control damage state, trying to minimize the damage and loss.
I invest a lot into the rehab - new floors, new windows new kitchen with stainless steels appliances- new bath, full rehab.
On February, after very little interest and limited number of showing I replace the listing agent and hire Reece Nichols agent to list it. their marketing was pretty effective and I got about 20 showing in two weeks. but still no offers. last week, I reduce the price by $5000 and offer a bonus to buyer agent. still no offers..
My question is this:
Other than reducing the price even more, is there anything else I can do to promote and close this deal?
Thanks so much for reading this , and would love to get your advise.
To get a better sense of the house you can look at the listing in link below:
http://tracyksearles.reecenichols.com/homes-for-sa...
MLS# 1976950
Most Popular Reply
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Dan,
Yes, renting is always an option but last resort in my case:
As a Canadian refinancing of the property is limited - best case scenario I can get 65% LTV with pretty high rate. this means a lot of my money will be "buried" in the property. my understanding rent I can get is around $1100/1200 so not so great in terms of cash flow. add the fact I am far away which means extra costs in property management and often repairs of such old house will be higher. so bottom line selling still seems the best option unless price I can get really sucks.