WWYD?? house for sale almost 2 years??

Discussion in 'Budget Board' started by mickeyluvr004, Apr 12, 2010.

  1. mickeyluvr004

    mickeyluvr004 Mouseketeer

    Jun 17, 2007
    I have a few questions for ya ok my grandmother has a house in California, high dessert in a gated community she owns outright. the house has been up for sale for almost 2 years with only 2 offers?? The house is 10 years old, my grandfather was a heavy smoker so im sure it needs paint, the house is vacant. The real estate agent who has had the contract says noone is giving feedback:confused3 i find that hard to believe, we live cross country so going out there is not easy..the agent also lives next door so we are wondering if this is a reason why it has not sold, the everymonth bills add up and is such a burden for my grandmother she has dropped the price 50,000 and still no bites? wwyd?? get another real estate agent as her contract is up in june, or just resign as the market isnt that great?? I appreciate any responses as she just doesnt know what to do..:confused: thanks :):)
  2. Halloweenqueen

    Halloweenqueen Whenever Candle Lights Flicker...

    Mar 21, 2007
    We moved from NC to WA. We have a waterfront condo that has been on the market for two years now.

    I think we had our head in the sand on how drastic the market has become. We left Charlotte when it was still booming. We never experienced the unemployment or real estate crash. We were just sitting in WA thinking it would be a matter of time.

    Then we saw the reality. 5000 condos for sale, two hundred sold or under contract combined last month. We slashed our price. It was painful.

    We own it outright. We now have it $120,000 below our starting asking price. It is almost $200,000 less than appraised last year.

    We had tons of showings this week, thanks to our price drop on Friday. We have been told there should be an offer today (crossing fingers). So I guess there are buyers out there, just have to make it a desirable price.

    There is just too much competition with homes on the market, foreclosures, short sales, and builders with inventory. Add the problems of getting a mortgage, worries of employment etc....real estate times are tough.

    Good luck to your grandmother!
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  4. Serling126

    Serling126 Mouseketeer

    Mar 8, 2010
    We have a lady who does a weekly real estate column in our newspaper and she is always getting questions like this (as far as house pricing and why isn't our house selling, etc)... she says "a house will always sell at the price somebody is willing to pay for it". So, basically, if you are serious about selling your house, you should lower your price til somebody wants to pay what you are asking. It sucks, but in this market, sometimes that's just how it is... Have you check out comparable properties in the area to see how it compares?
  5. mistysue

    mistysue DIS Veteran

    May 26, 2009
    I also would really look into what you are asking for it.
    Have you gone online and looked for houses with similar features in the surrounding area to see what they are going for?

    My sister had her house listed for a few years before she gave up, but I looked at her area and you could buy a half mile away for half the money... so nobody was looking at her house. The reality was if I was looking I wouldn't even bother with her house, so why would I expect anybody else to?

    This really is a terrible time to sell a house. You have to practically give the house away just to attract the potential buyers who then try to cut you down and demand more. From a seller's standpoint it's sickening what people are getting now. (How I wish I hadn't bought a house 6 years ago though!)

    You could try switching agents to see if it helps, but make sure you spend a little time looking into why people aren't looking. If it is listed, it should be getting looked at unless it is way out of bounds.
  6. wdwfan16

    wdwfan16 DIS Veteran

    Jul 21, 2009

    Why did she turn down the offers?

    I would think the house smells bad. Paint alone will not get rid of the smell. She should hire somebody to deep clean the house and then paint and put in new carpeting.

    Two years of carrying costs is huge. Where does she live now? Is the house completely vacant or just nobody living there?

    If she is getting nobody then she is asking too much and needs to lower it more.
  7. Wendy5055

    Wendy5055 DIS Veteran

    Sep 24, 2007
    Research the homes in the area...what are they selling for? Have any updates been done on the home at all? What is the "curb appeal" like? Is the home in need of an update...fresh paint, carpeting, appliances, fixtures? Sometimes, it is just the small things like paint...especially in a vacant home.

    Research, research, research...also, check with other RE agents in the area and see what they might have to offer.
  8. gigi1313

    gigi1313 DIS Veteran

    Aug 28, 2001
    i agree w/most of the previous posts... but i also wonder if the real estate agent is screening customers she shows the house to because they will be her future neighbors, kwim?

    i would try switching agents or go w/multiple listing service... maybe hire an appraiser to do comparables in the area...

    DVCBELLE Princess at Heart

    Aug 1, 2006
    You didn't say what the 2 offers were.

    My FIL had an offer on his house once that was $20,000 less than he wanted so he turned it down. A year later he ended up having to accept an offer from the same guy which was $15,000 less than the 1st offer.

    Its a hard lesson in this market but sometimes you have to outweigh what you want from and offer and the cost of keeping the house indefinitely.
  10. Handbag Lady

    Handbag Lady Disneyland Bride 2000

    Jun 15, 2005
    The more popular houses in the high desert are mid-century homes. Since this house is only 10 years old, my guess is that it isn't very desirable for the area.

    Have you seen the house? Can you hire a cleaner to go in and really give it a once-over?

    Also, I would question the agent a bit more. One would think that after two years, they would know why it isn't selling.
  11. 1rocky

    1rocky Mouseketeer

    Mar 15, 2010
    I would ask the agent for photos of the house. and when contract up get another agent .
    can it be independently valued?
    I also would be looking at street appeal lawns mowed condition of house and if possible new carpets and paint and fix any little things to help with value and appeal to buyer. Do you still have furniture in the house. Less furniture to make the rooms look bigger. All the best with the sale
  12. shinysparklybubbles

    shinysparklybubbles DIS Veteran

    Feb 1, 2010
    As far as people not leaving feedback... My house is currently on the market I have had 37 showings and only 7 people Realtors left feedback. The appointments are set up through a showing company and then there is a website for the realtor to leave feed back, super simple but they never bother to do it. I think the realtors figure why bother taking the 30 seconds to leave feedback if they aren't interested.
  13. Ephany

    Ephany DIS Veteran

    Sep 14, 2005
    If there was a heavy smoker in the house, as a buyer if I walked in and could smell it I'd walk right back out. Right off the top that tells me the house needs to have all the carpet replaced, all of the walls repainted and be deep cleaned before I could live in it. Why bother with that if there are similar homes in the area that won't require that much of an initial investment? It might cost a bit to have this done, but perhaps you'll have more people interested if they're not chased off by the amount of work needed.

    Good luck, we had our house on the market for 6 months and took it off because there's just NO interest. I can stand at the end of my cul-de-sac and see 7 homes for sale. Buyers want rock bottom prices and as many concessions as they can get. There's a lot of inventory on the market right now, and I think it'll be this way for awhile.
  14. 2005s4

    2005s4 Mouseketeer

    Dec 23, 2008
    I do real estate for a living and my family has a C21 firm here in South Florida for 28+ years now. The #1 reason why a house does not sell is PRICE. If you are unhappy with your current agent, let me know and I can put you in contact with someone in your area.
  15. Good Morning Dewdrop

    Good Morning Dewdrop Have Courage & Be Kind

    Sep 17, 2009
    If I were you and it was OK with my grandmother I would take a trip out there....not convenient I know but it sounds to me like it's time.

    I would look over the house and see what I noticed upon entering (smells, appearance etc). I'd have several agents come over to give you their thoughts on price and any improvements that could/ should be made to help the house sell. Most importantly I'd listen to what they said with an open mind. And I would try an new agent - 2 years is a long time.

    Good luck!
  16. Colleen27

    Colleen27 DIS Veteran

    Mar 31, 2007
    It could just be a question of timing. Look at other listings in the area and decide if you're willing and able to do what it takes to compete before you make any committments as far as another agent. There are 3 houses on our street that sold in the past year as foreclosures at between 20 and 40% of appraised value and a couple more still for sale. Someone trying to sell that wouldn't/couldn't drop to a competitive asking price just wouldn't get any interest in this market, so for someone set on getting $XX, there'd likely be no point in listing right now.
  17. dis-happy

    dis-happy DIS Veteran

    Aug 18, 2004
    Here's what I would do: in May, before the listing is up, call in 3 or 4 other realtors from the area and tell them you are thinking about re-listing with someone else. Ask them to tour the house and tell you why (in their professional opinion) the house hasn't sold and what if any changes they would suggest. That should get you some decent feedback, whether it's the price or certain problems in the house (which hopefully could be addressed for not too much money).

    I'd also change agents. 2 showings in 2 years....need a new agent.

    Could she rent it out instead? Better than sitting empty and would bring in some income at least.
  18. QVCshopper

    QVCshopper DIS Veteran

    Dec 8, 2008
    My friend just bought a house where the couple smoked for 30+ years. The place smelled horrible. Anyway, they ripped up the carpet, had a special smoke team come in a seal the walls, repainted every wall, etc. It was a big process and large investment, but you couldn't smell the smoke. But, she ran out of money and once the weather heated up, she could still smell smoke 6+ months later in the places she didn't have sealed. So, I'm no real estate agent, but I think the smoke is a big factor for many people. Her house was priced so low for the area that she doesn't mind the issues, though.
  19. Sadie22

    Sadie22 DIS Veteran

    Feb 16, 2010
    The smoke smell and film left behind on everything could definitely be an issue with many people. A company that deals with properties that have been damaged by fire might be needed to negate the damage caused by the smoking.

    The price and the staleness of the listing are probably also issues.. I had to sell my parents' fixer-upper in a slow market. We listed at one price, then after a month dropped the price slightly. It showed up on the multiple listing service like a new listing and generated more interest at that time. I actually got two offers and negotiated with one and then the other. I sold for less than the listing price but I sold, my parents go the money, and we didn't have to worry about vandalism and upkeep of the vacant property anymore.

    You said there were two offers. Has the agent contacted those parties again to see if they might still be interested? Negotiation may be required to get the house sold. If that agent isn't actively working to get the property sold, it's definitely time to get someone else.
  20. ekatiel

    ekatiel DIS Veteran

    Jul 5, 2008
    I'd get a new agent. ERA has a deal right now where if they don't sell your house in 6 months, they will buy it from you for 90% of the appraised value. http://www.era.com/eraresources/sellingadvice/sellersecurityplan.jsp I'm not sure if they're doing this in all areas, but that sounds like a great option for your grandma, especially since she owns the house outright. Good luck! --Katie
  21. cats mom

    cats mom DIS Veteran

    Oct 25, 2000
    Obviously none of us on the Dis have enough info to give more than general advise. With that in mind, just a couple of thoughts:

    While I can see positives to having the listing agent next door, I can see negatives too. ie: the sales price will directly impact the realtors' property value, and don't discount the shopping for a neighbor comment.
    We once leased a house that was being shown by a realtor who lived across the street. After we moved in he fessed up that he sat on a couple of applications that were submitted before ours because he was concerned about the kind of neighbors those folks would make. Ethical... no, but it does happen.

    Do you know why neither of the offers resulted in a sale? Did the listing agent advise against dropping the price, did she try to negotiate a deal, or was there a problem other than price?

    I'm of the opinion that anything will sell if it's priced right. Unfortunately that may mean sinking some money into the house in order to get it in move in condition, or discounting the price enough that it will be an attractive deal for a do-it-yourself bargain hunter and/or a flipper.

    I know it's no fun to sell in a down market... been there, lived it.

    Good Luck to you!

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