It’s a home-selling nightmare: Your home has been on the market for months, or even years, without so much as a nibble.
Nearly every Sunday on my WSB radio show, I hear from home sellers who are stuck in this kind of never-ending home-selling nightmare. They can’t sell because one, two, or more homes in the area were sold as foreclosures for pennies on the dollar or are listed for a fraction of the “value” of the neighborhood.
Here’s what I’ve been telling sellers: If you want to know how easy or difficult it will be to sell your home, step outside your front door and count the number of foreclosures. Even one foreclosure sale can cause property values to tank by as much as 75 percent.
How? If a neighborhood has had two foreclosure sales in the past six months and no other sales for the past two years, an appraiser will be forced to include the foreclosure sale data in his or her report. If you ever find yourself in this situation, your choices are somewhat limited. There are only a few options you have for selling your home, which I've posted on my full blog post here: http://real-estate.equifax.com/2011/01/home-selling-nightmare-never-ending-for.html
Are you seeing these kinds of nightmare situations in your markets?
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor