My house isnt selling and I am an idiot

[Anonymous]

We're entering a major recession/depression. Sell that house stat even if you have to take a loss.

[Anonymous]

Anonymous wrote:

Anonymous wrote:^^Oh, forgot to mention that a rental company will take their cut (maybe 2% of total rent each month for administration of account, depends on agency).

Where on earth do you find a property management company for 2% of monthly rent? Standard is 8-10%

+1 I've seen 7-10%, but some will also charge the first month's rent as a fee on top of that. If you get a good long-term tenant, it's great, but if you have a lot of churn, it can get pricey, particularly in the DMV area where there are a lot of rentals sitting because people had to unexpectedly relocate due to job loss.

[Anonymous]

Well hopefully next time you won't think that a 25K discount is insulting for a 400K+ purchase?

I would look into renting your house, then try to sell again in a few years when the economy is better.

It's OK, OP. We all do dumb things.

[Anonymous]

Maybe if you apologize to your realtor and ask for his or her advice, they will make more of an effort. Is it staged? Are there simple inexpensive upgrades you could make (paint) or offer (home warranty for a year)?

[Anonymous]

Wow! We had a bridge loan for about 6 weeks between buying our new house and selling the old one, and the interest was so high. I’d be freaking out if my house had stayed on the market for so long.

[Anonymous]

Just rent out and manage it yourself.

[Anonymous]

Anonymous wrote:Wow! We had a bridge loan for about 6 weeks between buying our new house and selling the old one, and the interest was so high. I’d be freaking out if my house had stayed on the market for so long.

+1 I vowed never to buy a house without selling my old one first. Carrying two mortgages in a declining housing and economy is a recipe for disaster.

[Anonymous]

Anonymous wrote:Just rent out and manage it yourself.

Doesn't seem like OP would be a good landlord.

[Anonymous]

OP, that’s super stressful, I’m sorry. We struggled to sell a home during the Great Recession, which is an experience I’d like to never repeat!

If you can swing it, I would probably drop the price (unless renting becomes a necessity).

And if you can make sure your home appeals as move-in ready, that helps so much: spotless, fresh neutral paint, smells nice, lights and faucets work, neat curb appeal, etc.

Good luck!

[Anonymous]

Anonymous wrote:We had to relocate to another state for my spouse's job during the Great Recession. The worst housing market in ages. We were suddenly paying two mortgages with a new house, small kids, and I was a SAHM, the GR ate my career, my field disappeared overnight. We couldn't sell our house (well, I take that back, we could sell it, it's just that buyers were offering to buy it for a quarter of its value). We contacted a rental management agency and rented out our home for probably seven years. We requested only working professionals and couples with kids as potential tenants (in other words, no young partiers or wild people). I was the contact person for anything needed. Over seven years, we had 2-3 renters total. We would get a monthly check for the rent with any small deductions some months (the faucet was dripping, plumber was called, but they let me know in advance) and monthly landscaping. It wasn't ideal, but it floated us through a very tough financial time. Many real estate companies offer a rental service side that can bridge into the sales side if you want to use their services to sell the house later. Just tuck that behind your left ear. Renting out your home as an income stream for a few years is always an option. I would use a rental management agency to be the middleman. That way, you never, ever have to speak directly to the renter.

Monthly landscaping?!

The tenant should be mowing the GD lawn 🤦🏼‍♀️

[Anonymous]

Anonymous wrote:Yikes. OP you made some brash decisions but it also sounds like you either aren’t getting good advice from your realtor or are not listening. Why didn’t you do a contingent offer? Particularly in a cooling market they likely would have taken it. You also should not have put a cent into the new home yet.
Did you counter your first offer in your home? If not that was a huge mistake. Your first offer is almost always your best.
At this point your listing is stale and you’ll have to drop it to move it. If you rent it, how short will you be each month for the new loan? And I guess you’d have to refinance and get rid of the bridge loan. Alternatively, what about renting the new house for a few years?

Don’t beat them up too much. People who offer below list 2 days after listing are looking for a steal. We had an offer like that and we countered as recommended amount by realtor and they ghosted us. I’m guessing they were going to get inspection and try to squeeze another 10% off the price with contingencies after burning our listing stale.

We got lucky because Zillow was buying houses then and paid us list, though with a fee it was about the same as the low ball, but with a lightning fast and smooth close.

OP doesn’t have that option, but I would not depend on rental market to bail you out, that is cooling too as job market deteriorates.

[Anonymous]

Anonymous wrote:Well hopefully next time you won't think that a 25K discount is insulting for a 400K+ purchase?

I would look into renting your house, then try to sell again in a few years when the economy is better.

It's OK, OP. We all do dumb things.

Up until this year houses haven’t been discounted since 2009.

[Anonymous]

Anonymous wrote:Wow! We had a bridge loan for about 6 weeks between buying our new house and selling the old one, and the interest was so high. I’d be freaking out if my house had stayed on the market for so long.

What if they can’t sell by time bridge loan wears out?

[Anonymous]

Raise the price to $550 to get the people who have set parameters around that price then accept an offer of $450-475

[Anonymous]

Anonymous wrote:^^Oh, forgot to mention that a rental company will take their cut (maybe 2% of total rent each month for administration of account, depends on agency).

Not sure about where OP is, but I know here in the DMV they take a month's rent to find a tenant and an additional month's rent to manage the property.