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Real Estate selling/renting question

I am hoping to maybe get some advice if anyone has been in this situation or had to deal with something like it.  Our house was on the market for a long time (2 times w/ 2 different realtors) and just expired.  It was listed a little high for the market but we are so far underwater that we couldn't go down any lower...we were already looking to bring a large sum to the closing.  We really need to get out soon....we're busting at the seams!!  Has anyone sold a property (or tried to) on their own and, if so, is it as big of a nightmare as I am hearing?  Has anyone ever rented a property with the option to buy? 

Thanks!!

Re: Real Estate selling/renting question

  • Well, I don't think I can help, but I feel your pain!!  We are currently trying to sell our house ourselves, because we are also bursting at the seams and can't really afford to pay a real estate agent a commission.  Unfortunately, with all this snow, we haven't had alot of interest, but we're hoping that as spring approaches, traffic will increase! We've had one showing and it wasn't bad at all....good luck to you!
  • The market really is bad right now unfortunately.  Which, in my opinion, would make it even harder for you to try and sell on your own.  I realize the commission hurts, but they're there to protect you and they are the experts.  Trying to do it on your own can be risky business.  There are a lot of legalities involved.  Unfortunately, if 2 Realtors haven't been able to sell it, it's a sign that it's just a tough market.

    Of course, I say this as a real estate professional (I'm a relocation coordinator) so I'm a tad biased.   But I really do hate to see people unrepresented.

    I've never had experience renting to buy, but that may be your best option, unless you can stick it out until there's an upswing in the market.  We're busting at the seams in my house too (5 of us with just 2 bedrooms) but we know we can't go anywhere right now so we're hanging tight.  I do feel your pain!

    Pam - Mom to Tyler David 10/23/94, Tristan Hal 3/11/06, Melinda Rose 7/22/07 imageimageimageimageimage
  • We actually rent a wonderful house that the sellers couldn't sell.  I think as long as you could swing the $$ for repairs and be very specific about who you rent to, it is really a good way to go until the market gets better.  We came in on a three year lease just to get them through this downswing.  We rented through Residential Properties - they took care of everything for the owners.  We still communicate directly with the owners but in terms of the listing and selection process, RP did all of that.
  • Residential Properties is actually one of the firms that belongs to my relocation network.  I highly recommend them.
    Pam - Mom to Tyler David 10/23/94, Tristan Hal 3/11/06, Melinda Rose 7/22/07 imageimageimageimageimage
  • Thanks for the info...I guess we are not alone in this market mess!  I was thinking that renting may be our only option....we will still be losing money every month but I just can't pass up what is out there right now with the rates also so low.  Pam, When you use a firm like Residential Properties, how do they determine heir fees?  Amy, you have a 3 year lease?  I never thought about having a contract for more than a year....getting someone in for longer would be great.

    In the meantime....if you know anyone looking to rent a tiny bungalow adjacent to a marina with low ceilings let me know....or in other words....a single middle-aged short person who enjoys boating.....we are doomed!!  Sad

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