From time to time I get emails from sellers who submit their information, on a house they want to sell to an investor, at QuickOffers.com. I am the Monmouth County, New Jersey affiliate.
I just got an email from a seller in New Jersey who says:
"We are currently listed with a real estated agent, but because of the 6% commision it makes it difficult to come up with a price that works for everyone. We have had two offers. However, they were not the right ones."
This is what I told him:
You have to face the reality that you can only sell your house for what a ready and willing buyer will pay. How much money you need is irrelevant. (sidenote: I might have been a little blunt here, what a seller needs is not totally irrelevant, but they can't always get what they need.)
Investors buy at a discount or take over your payments. So, if you won't sell for what an owner occupant would pay, I am sure you would not sell for what I would offer, which would definitely be less. Unless you were willing to allow us to take over your payments for a few years and pay you your equity part in cash and part in payments.
I suggest you go back and see if those people are still interested. Were both offers near the same price? If so, that is about what your house is worth in this market.
If the reason you won't take these offers is because you need a certain amount of money to move or you owe more on the house than would be covered by the price, you have some options.
If you owe more than the house will sell for plus commissions, and you don't have the cash to bring to closing to pay for the commissions and your closing costs, you can ask your agent and their broker if they would take payments for all or part of the commission. Some will do that because it is better to get part now and the rest later than no sale at all.
If you owe more than the house will sell for (with or without the commission), you can try to negotiate a short sale with the bank. A short sale is when the bank agrees to take less than is owed on a mortgage as payment in full. You will be able to list the real estate commission as an expense to reduce the mortgage payoff amount.
Be warned you must show that you have some financial hardship, like you must move, or lost your job or something and a short sale can take 1-4 months to complete or more.
If you rejected these offers because you need a certain amount of money to move or buy another house, I am sorry to say that you probably won't get better offers in this market. But your agent will advise you on that.
Sorry to be so frank, but if you really want to sell you house you must face the realities.
If he replies, I will let you know what he said.
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