We have all heard the old adage time and time again: Every property will sell if it’s priced right.
And while that is fundamentally true in most cases, like any other held-fast tenet there are exceptions to the rule.
Some properties are truly unsellable. This can happen under a variety of circumstances but the most common one is that the expense of holding on to a property far outweighs any practical usefulness.
As an example, many years back we offered an unbuildable lot as “absolute” at an auction. In Georgia, that means that the auctioneer MUST accept the highest bid regardless of price.
And while the lot was unbuildable, any of the three neighbors with adjoining properties could have expanded their own lot for a dollar!
But there were no bids. Nobody wanted the additional property tax burden enough to acquire the lot. If you can’t get a dollar for a lot I would tend to say that it is unsellable.
Then there are the properties with “tear-downs” on them. The cost of demolition, removal and clean-up can far exceed the value of the property.
And some properties are both useless and undesirable because they become dumping grounds for trash and debris requiring the owner to constantly maintain the property or face citations.
There are many other reasons that a property will not sell regardless of price.
Of course, there are just as many reasons as to why it will not sell if it is priced too high!