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Double Mortgages

My aunt and uncle have recently moved to Flagstaff, AZ and I have not been able to sell their home here in Phoenix, AZ. I have debated what I should try next in order to sell the home quickly. The only thing I can think of is to take a hit on my commission and give it to the buyers agent. I currently have a 5% commission agreement on this home and I will take 1% instead of the initial 2%. In kind I will give the other percent to the buyers agent, raising their commission to 4%, to entice them to bring potential buyers.

I feel awful about the delay. In my defense, they did not want a lock box on their home until they moved, which lasted for the first 3 months of the listing. With over 45,000 RESALE homes (not including NEW HOMES), and 90 days on average to sell the home makes my task more difficult. But, I take full responsibility for the delay. I just need some help.

Can any one else think of what else I can do to try and sell their home soon? I am open to any suggestions. Please let me know what I can do to make this home sell. Thanks.

Posted by Ulises Romo on 08/14/2007 08:54 PM

Comments (7)

real estate, arizona, phoenix, glendale, peoria, scottsdale, tempe, business, commission, phoenix real estate, house, home, homes, houses

7 Comments on Double Mortgages

How about working with a Mortgage Person and Offer a 2/1 Buy Down for the buyers? It's a great way to get people a lower rate the first two year, if the 30 year rate is 6.5% today that would mean the buyers would get a 4.5% rate the first 12 months and 5.5% the next 12 months and then it goes to the 6.5% for the balance of the 28 years.... 2% less the first year can be a big savings for a buyer and 1% the 2nd year as well. Good luck

08/14/2007 09:01 PM

by Connecticut FHA LOANS,CT VA Loans CT First Time Home Buyer:CT Home Loans (www.BenchmarkCT.com: CT Commercial Loans)

Don't beat yourself up! It is probably the market conditions. I don't like the idea of you taking a hit on the commission - I don't think its worth it. What would make their home more attractive to the buyers over the competition. Is it really priced correctly? Are other homes selling? Is it a first time buyer home - would seller paid closing costs help? Some staging? I think this will be a bit harder because it's family.

08/14/2007 09:05 PM

by Judi Glamb, Associate Broker, ABR (Coldwell Banker Hearthside)

PITI Abatement - This is a loan program that allows the seller to prepay up to 6 months of the borrowers Principle, Interest, Taxes and Insurance PITI. Basically the seller is making the first six payments for the buyer. The 2-1 buy down is a good one too.

08/14/2007 09:13 PM

by Community First Financial, LLC

Take a close look at the pricing---Your relatives home price is only as good as their neighbor's most recent price adjustment. In order to sell, they'll need to be priced just under the market---giving up your commission may not be the answer.

08/14/2007 09:15 PM

by Diane Bell, Hilton Head Real Estate, Bluffton (Charter 1 Real Estate, Hilton Head, Bluffton, SC)

Thank you so much for all of your advice and wisdom. I appreciate it very much. I will take all of this advice under consideration before I do anything. Thank you and GOD bless you all.

08/14/2007 09:40 PM

by Ulises Romo (PRO-formance Realty Concepts)

In addition to internet marketing of their home, you should try emailing the listing to every agent in the surrounding area. I know this sounds like a long shot, but you have to remember that agents aren't as diligent as you and I and reminding them that they can make a killing by selling your listing is something that is worth is investment of your time. Remember if anything else you'll build a list of agents in that market place that you can send any/or all of listings to and keep it fresh in their minds. I've used this in the past with my listings and I always get more showings within 24-48 hours. Will you say "I wish I had" or "I'm glad I did"? Hope I was helpful.

08/18/2007 11:53 PM

by Vincent Martinez (Prudential Network of Homes)

You know what, I have never thought of that. Thanks for that idea Vincent. I will surely work on a list of agents to send the listing to. Take care and GOD bless.

08/19/2007 12:05 AM

by Ulises Romo (PRO-formance Realty Concepts)

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