Well, I got some emails from my realtor today. The news is not so good! We felt pretty good about the price we chose in December, there were houses selling for that price and it was a price I need to get in order to walk away not owing any money. I figured after all the work we did, we'd get it sold.
We've been back on the market for a couple of weeks now and not one showing still! Well, the emails told me why. The prices for January sales were ranging from 120-159,900. That's like 60K LESS than what I owe! YIKES! So, in order to sell for 120, I'd have to bring 70K to closing??? (Have to pay closing costs AND realtor fees!)I don't think I'll be able to do that. Our finances are already stretched tighter than a drum. There is NO way we'll get a loan for that. Yet, no response from our lovely bank even though I sent in our paper work over a month ago.
I guess I won't be sleeping any tonight!
5 comments:
Don't know for sure where your house is, but if it's in the Twin Cities area, we were really happy with our Edina Realty agent that we used to sell our house. We needed/wanted to move it quickly, so we did underprice it a bit, but we were able to move it in a month, which was wonderful. His phone manner was only ok, but you can't argue with his results. If your house is in the TC area and you want his name, I could get it to you by email or through Syl...
Yikes, is right...Certainly not good news! I know being a landlord has its own issues, and you've already experienced some of them, but is taking it off the market and renting it out an option?
Mrs. H- Thanks. Yes, it is in the TC area. I don't know that our realtor is really doing anything "wrong" per say, I think the market has just plummeted. I'm not sure if she was targeting certain prices to win us over and is now changing her tune or what. She is also with ER. I have even seen her ads she has been placing. We were the lowest priced house in town when we originally listed it, but between not getting exposure and our sprinkler system not working correctly we just couldn't get it sold.
Lin- Maybe I'll ask my realtor to add that as an option. Renting isn't REALLY the way I want to go after the last situation but it may be the only way.... UGH!
Hi Cinj,
This isn't the news we wanted to hear! Is it possible to ride out the downturn with your mother renting?
I've quit posting at the other place, too. I'm still reading my PM's there, so I'll PM you.
My thoughts and prayers are with you!
Oh Cinj--let's have faith if we can. I'm not overpriced and I'm not selling--in fact, I'm underpriced. So I don't think that any logic works right now. Let's all say extra prayers for each other!! I know how you feel. You know my work situation--so you know I understand. Lots and lots of hugs. I figured something was wrong--you haven't been to my blog every other minute like usual. I miss ya.
Post a Comment