schmism
Super Member
Official it took us over a year to sell our house in south st louis city.
A quick history of what ive been through.
In april of 2006 we activly started looking for property in IL. We had found a property that was in partial forclosure and tried to work a deal on it for about 6 weeks. By the middle of July the property we currently own came across our realtors desk late fri afternoon as a new listing. We were his first call. I left early from work that day and by sat morning we had called him back to make an offer.
We had closed on our property aug 2006. Not wanting to try to sell the house that year, knowing that selling over winter is tough we waited till spring of 2007. As you may know, this is when the houseing slump really hit home.
Our house went on the market April 20th 2007. We initally started at 172,000 but after 6 weeks of nothing we lowered to 168,000. After another 2 months of no offers we lowered to 160,000. Our listing contract expired 6 months after start with neary a single offer. Not even a single low ball offer.
Its now Oct 2007 and we are headed into another fall/winter. We have now owned our property in IL for over a year and have settled into paying for both mortgages. A month later in nov im layed off at my job ive had for the past 5+ years. (continued slow down in housing market ment plumeting sales figures and consequently budget cuts)
We make it through another winter and early this spring we are resigned to moveing the last of the few items out of the house (we had basicly moved out back in late summer early fall of 07) and either listing FSBO or agent again come april.
The renewed weekend activy by us around the stl house causes a number of people to stop by. A few neighbors wonder if its for sale. We end up brokering a deal with a young guy thats renting across the street to sell FSBO for a price simular to what my take home cash WOULD have been should i sold at 160K with a realtor.
On paper it will look as if the house sold for about 15-20K less than the avg going rate in the neighborhood.
We closed this afternoon. By our math the cash we will walk away from will allow us to pay off some bills, the loan on my CUT, a loan on my 401k we took to put septic tank in etc.
Between the bills we can pay off, and covering utilities and taxes on the STL house, we are looking at saving $1000 per month. Our combined property payment will drop from $1000/month to ~$400/mo neting an additional $600/mo
--------------short version---------------
-it took right at a year to sell our house.
-we sold it for about 12% less than we could have 2 years ago
-it cost us ~$250/mo to have the second house and not live in it (not including mortgage)
-we bought it in 2000 FSBO and sold it 2008 FSBO it was on the market with a Realtor for 6 months with not a single offer.
A quick history of what ive been through.
In april of 2006 we activly started looking for property in IL. We had found a property that was in partial forclosure and tried to work a deal on it for about 6 weeks. By the middle of July the property we currently own came across our realtors desk late fri afternoon as a new listing. We were his first call. I left early from work that day and by sat morning we had called him back to make an offer.
We had closed on our property aug 2006. Not wanting to try to sell the house that year, knowing that selling over winter is tough we waited till spring of 2007. As you may know, this is when the houseing slump really hit home.
Our house went on the market April 20th 2007. We initally started at 172,000 but after 6 weeks of nothing we lowered to 168,000. After another 2 months of no offers we lowered to 160,000. Our listing contract expired 6 months after start with neary a single offer. Not even a single low ball offer.
Its now Oct 2007 and we are headed into another fall/winter. We have now owned our property in IL for over a year and have settled into paying for both mortgages. A month later in nov im layed off at my job ive had for the past 5+ years. (continued slow down in housing market ment plumeting sales figures and consequently budget cuts)
We make it through another winter and early this spring we are resigned to moveing the last of the few items out of the house (we had basicly moved out back in late summer early fall of 07) and either listing FSBO or agent again come april.
The renewed weekend activy by us around the stl house causes a number of people to stop by. A few neighbors wonder if its for sale. We end up brokering a deal with a young guy thats renting across the street to sell FSBO for a price simular to what my take home cash WOULD have been should i sold at 160K with a realtor.
On paper it will look as if the house sold for about 15-20K less than the avg going rate in the neighborhood.
We closed this afternoon. By our math the cash we will walk away from will allow us to pay off some bills, the loan on my CUT, a loan on my 401k we took to put septic tank in etc.
Between the bills we can pay off, and covering utilities and taxes on the STL house, we are looking at saving $1000 per month. Our combined property payment will drop from $1000/month to ~$400/mo neting an additional $600/mo
--------------short version---------------
-it took right at a year to sell our house.
-we sold it for about 12% less than we could have 2 years ago
-it cost us ~$250/mo to have the second house and not live in it (not including mortgage)
-we bought it in 2000 FSBO and sold it 2008 FSBO it was on the market with a Realtor for 6 months with not a single offer.
I know a guy, I my old neighborhood that was having trouble selling his place. He final got a offer. The offer was basically a owner finance deal. He like you was making two house payments so any offer was a good one, He had the guys credit checked out and the guy had descent credit. The guy also had a 10% down payment so he accepted the offer. That was the last money he ever collected from him. It took him 13 months and 7k out his pocket for attorney fees to foreclose get him out of the house. Not counting the 13 months of 2 house payments he had to make anyway. I hope your deal works out for you.