HELP! Need to sell Flipped Home

[Laura C.]

I just completed my first flip . . . yay!! The property is located in the Inland Empire, San Bernardino area. 

I am looking for creative solutions to get it off my books. 

Short story: It was my first property. I made some mistakes and learned a lot. Finished the renovations and got it listed. Running low on funds and need to sell!

Longer version: I used personal debt for the down payment and have a HML on the home. I set aside a significant amount for debt service, but between having to fire 2 contractors and hire a third to fix all their mistakes & finish the renovations AND the project going long I'm running low on funds. What are my options? Please help!

[Amy J. Tsang]

Hi Laura. The four variables of value for selling a home are location, price, condition and terms. You can’t change location and (since it’s a flip) the condition is pretty much set. Price and terms are the two you can adjust still, but given that you are low on funds you’ll want to be strategic about what step to take next. Are you priced accordingly with the down-shifting market or are you trying to capture pricing from 2-3 months ago? Are you offering a good buyer agent commission? A sale comes down to where your home stands on those 4 variables in comparison to other homes in that market. Hope this helps!