First Flip : Property not getting sold

[Ravi Kiran]

This is my first flip. Earlier I was in buy and hold properties.
I bought this home, got it fixed in 2 months, and put it on the market in Oct 18, but having hard time getting it sold

There were few hiccups initially - First of all the budget overshot by 50%. Had issues with pool, after couple of times emptying the pool for repainting the surface, finally had to bite the bullet & resurface after the property was listed. As the budget shot up, I thought of increasing the sale price (that was a bad move though) by 10K

All the feedback I get is
Pros : Finishes are good, nice pool, Covered Garage, Camelback Neighborhood
Cons : Step down in the backroom, small master bath

I've dropped the price by 25K since the property was listed. Holding costs and Interest from Hard money Lender are killing it as well.

• So far I am trying to offer the buyer a credit to get the floor level lifted in the backroom (if someone is concerned about it) and Home warranty.
• I've considered Refinancing, but its only delaying the selling option(as rent wouldn't matchup the mortgage) , moreover closing costs would add up. Also cool down period of 6 months : by then I would be missing the peak summer time - when serious buyers are in the market. So dropped it.

There were many learnings with this flip, but for now I would like to complete this transaction and analyze the issues.

So I request my fellow BP members, who have been through this:

• What are the possible exit strategies at this stage ?
• How could I attract more eyeballs of the buyers : as the days on market is increasing ?

Thanks a lot for your help.

[Jay Hinrichs]

take it off the market for 5 days or so then put it back on at a little lower price.. that way it pops up at least on public websites as a new listing.