Rehabbed house not selllong what to do

[Iram Vimawala]

I have a house in Evanston fropiped the price by a lot 80000 and it’s not selling plz help

[Ray Johnson]

@Iram Vimawala I see a few 4 bedrooms in the mid-to-high $300's, and a couple in the mid $400k range a little further away from you, best case scenario that additional 5th bedroom you have shouldn't cost a buyer more than an additional $100k which means you should be priced in the high $400's best case scenario if I were buying. I would go with one of the following:

1) Counter the $435k offer if it's your highest offer received, they offered $85k less than list, see where the middle ground is at with Zero incentives to the buyer, It may be Mid to high $400's

2) If there are no buyers where you can come out of this with an after tax profit, flip it into a Rental, It's a very nice looking property and you should be able to Refi out of the Hard Money loan without any additional out of pocket as long as you don't hold it too long, the Hard money adds up quickly.

3) If you really think the property is worth $520K, Spend the $425.00 dollars for an appraisal to get the actual value, If the appraisal comes in near your $520K you know the market doesn't have a buyer at this time of year, if the appraisal comes back in the Mid-to-High $400's you know you need to take less profit if you want to sell because if you go into escrow with a buyer at $520K all you'll be doing is sitting in escrow accumulating Hard money fees only to wait 30-45 days to fall out of escrow when the buyer says they aren't going to make up the difference between appraised value and sales price.  

Not sure if you have partners or not, If not, I see rental rates in your area should come in above the mortgage so you won't get a $100k payday but you won't lose the property either.

By the way, Great job on the rehab, it looks great!