House Not selling??

Question

I have a house im trying to flip asking 55,000 worth 120,000 Repairs 10,000

HOW IN THE WORLD IS THIS NOT SELLING

My only obstacle is its in mount Vernon tx and im in dfw, but im marketing it on craigslist Tyler, texarkana and zillow,

Any more advice? Im not getting any hits!

David Faulkner · Answer

Please be aware that marketing a property on craigslist and zillow that you do not own and do not have a license to sell is NOT a good idea. If you are a licensed real estate agent trying to sell a property for a client or you are currently an owner of this property, then fine, but it does not seem that way from the way you describe it This is how people get sued, fined, and arrested. I'm not trying to bust you, I'm trying to keep you from getting busted.

Mike Cumbie · Answer

Hi @Leah Bonner,I think that @David Faulkner was trying to bring up is that you are not selling a house. You are selling a contract to purchase a house. If someone slips and falls on it tomorrow are you liable for damages? If not then you aren't the owner and can't market the house itself.Marketing real property without being either the owner or licensed is where the problems come in. Marketing your interest in a property (a contract to purchase) is a different animal. Personally I have no skin in this game and no ill will towards anyone marketing a house, but from my understanding of the laws (at least in my area) is that you can get in trouble for marketing a house you do not own. I'll never be the guy calling the real estate board on someone doing it, however I am pretty sure that "I do own it by contract" will not be an acceptable answer.Best of luck on selling it and hope for your continued success as you go forward.DISCLAIMER: Not a judge or lawyer my advice is just some yahooligan on the internet spouting random thoughts, not meant to replace proper legal advice.

Jason Hirko · Answer

@Leah Bonner why don't you fix and flip it yourself? If you're numbers are right, there's plenty of people that would lend on the spread alone.

Mike Cumbie · Answer

Hi @Leah Bonner,I'd get an agent to run a set of comps for you to make sure your 120,000 is accurate for an ARV (I don't have access to anywhere in Texas or I would give it a quick once over for you). Recheck your numbers, make a pretty sheet for it and go to the courthouse steps. Once the auction is done start chatting with all the people around and have your little folder in hand.Just a thought and Good Luck!

Leah Bonner · Answer

@Fred Heller I'm sadly coming to that relization that just because a home owner will give you there house does NOT mean its a good deal, I dont think i will sell it but im still going to try my best, ive even lowered the price more. still no bites, Hard lesson learned!

Leah Bonner · Answer

@David Faulkner thanks david but i do currently own it by contract, in which the homeowner signed. Thanks for the heads up though.

Fred Heller · Answer

@Leah Bonner Not trying to be snarky but I think your problem is Mt. Vernon. I've driven by Mt. Vernon on I-30 hundreds of times, and there's nothing there. That's not even a place I would consider to stop for a soda or to use the facilities.The one thing Mt Vernon seems to have going for it is the Lowe's distribution center, which looks huge from I-30. But I suspect most of those workers are not looking to buy.

Alicia Yoder · Answer

I am an agent in Longview, you might think about putting in Longview MLS as well if you can. Mt Vernon isn't a just super happening area so it may not go super fast. Just my two cents but I don't know that I would flip anything in that area for the exact reason you are having trouble now. In small rural areas like that you have better odds getting it sold at a lower price and letting some handy fella do his own work vs getting it over $100k where you have a smaller pool of qualified buyers. May try to find an agent that works the Mt Pleasant area a lot and at least give them the info so they can keep your property in mind.

Tom Keith · Answer

@Leah Bonner I know a little about Mount Vernon and that is why I checked it out on City Data for you. You really never know but I would think about a owner finance/fixer upper to a family that could do 10% down , get it rehabbed and then refi with local bank on FHA. Just and idea.

Leah Bonner · Answer

@Tom Keith Hey Tom thanks! Yeah Mount vernon does not seem like a hot spot after that, Hah. But I've never had any problems selling properties, Do you think this one wont sell?