All Forum Posts by: Tara G.

We are in the same boat, 2 weeks, 3 showings, one mildly interested. OPen House had 4 neighbors out of the 5 that showed up (but then it was the day after Irene:-).

All of our feedback indicated price was not the issue (one couple did NOT like the solar panels on the roof, too complicated they thought), they like the rehab, there are other issues (older, "too mature" landscaping etc). I have been following the MLS stats and it just shows the market is dead.. Nothing anyone can do about it.

We do have generous selling-agent commissions. WE will cut price if 4 weeks go by with less than 10 showings. Looking into the lease up and then sell to investor exit as well.. Many people are looking for turn key Investment property in our area..

Listing it myself, I am licensed. I have been watching the MLS stats like a hawk, and it looks like it is a dead market! Which is what made us believe that price was not the issue. BUT, its being viewed a lot on Zillow. So it's a mixed bag, but I think more often than not, its agents that sell homes, so MLS stats are the ones we will depend on..

Thanks all once again, I will keep y'all posted!

Thanks everyone for your insight. Our own first reaction was, did we overprice this? WE have a large enough margin that we can reduce the price, but I want to make sure we address everything else before touching price- we will give it a week before we go that route. I did list it on Friday night, so probably missed the weekend traffic.

Its just the lack of showings that is disconcerting. Being a TH, this is less affected by the school year, most of our target is young professionals as this is in an area with a large hospital and businesses nearby. I am not worried per se, just trying to figure out what is happening. We used to be antsy, now we are just jaded:-) I want to make sure we are doing everything we can and not missing out on something.. on to some listing widget flyers:-)

We usually get an offer within a week of our rehabbed property being on the market. This time around, we did not even get one showing. We are priced fairly, location is good, pictures show well- and I am at a loss to understand what is going on. We have had neighbors stop by and be bowled over by the updates, but no showings. Don't want to cut price just yet, without making sure there isnt something else going on. We felt, even if someone felt the price was high, they would come just to take a look, since the pictures do look good. Oh, and we are also offering a generous 3.5% plus bonus for the selling agent.

Could the recent market jitters make this a scary selling season?

JOsh:

I have been there with a 9 month old, 3 years ago. You and your daughter will get through this, hard though it is right now. You are in our prayers. May she have a really speedy recovery..

MItch, Bienes:

What is Top-down and bottom-up? I havent heard these terms before... Thanks!

The tenants cannot sue the owner LLC, since their lease is with the managing LLC, unless there is gross negligence on the part of the owner- we stay away from negligence:-). If we do something to cause someone to sue us individually, well then, LLC offers little protection anyway.

I am not sure what Bottom-up creditr and Top-down creditor means. Can you elaborate, MItch? Thank you!

Sharad:

We hold properties in one company and use the other to manage them. So all checks come to the managing company, the leases are in the managing company name and there is a contract between holding and managing company. All repairs/ operating expenses are the managing company's and all capital expenses/ mortgage servicing belong to the holding company. The managing company makes regular payments to the holding company.

Now that I am thinking of this, can the experts on the forum comment on this arrangement? Can we do better?

We went to buy cabinets advertised off craigslist, for use in a flip, and it turned out the owner was being foreclosed on and they were selling everything. Everything as in, doors, knobs, HVAC, furnace, water heater, plumbing, lighting, everything. Apparently someone came and gave them a price to strip the place. They would have sold the driveway if someone wanted it.

I felt sad. This is the place they raised kids in.. Is it possible to be that heartless about your home?

The bank would get back nothing but a shell. Is this where the foreclosure debacle is going to lead us? These homes will have to be sold for pennies on the dollar and it will almost certainly destroy that neighborhood, it is a nice neighborhood too.. HOpe to see an end to all this soon.

My first language is not English, so we teach our foreman our language and he teaches us spanish. The next time he visits folks that speak our language for quotes, he floors them with some strategically used words in their native tongue. He always ends up getting the job:-) Words like "water", "garbage", "beautiful" are always in demand!