Can't sell wife's house, price dropping like a rock

[Gibson486]

Dam....I wish the market in boston was like that.....

I say rent it out. It's better than losing so much money. It will suck being a landlord, but when it's all done, you will thank youself for waiting it out.

 

[Sea Moose]

Pic of wife?​

 

[kranky]

I don't really understand this whole thing about being listed for a long time equals a bad thing. Huh? To me, as a potential buyer, that means they're probably going to be more desperate to sell, or willing to negotiate. I could care less if others "didn't want it". All that matters is that it's what I want..

It's about people's perception. Buying a house is obviously a big deal, and few people do it frequently enough to feel very confident about it. So someone sees a home that's been on the market for a long time and their lack of self-confidence has them thinking "People who know more then I do have passed on this house, there has to be a reason." Even if they can't point to any specifics, they just assume the people with more knowledge would have already bought it if it was a good deal.

 

[remixedcat]

rent it out.

 

[Sea Moose]

rent her out.

Fixed?

 

[Sea Moose]

Sell wife ! Less nagging

 

[remixedcat]

LOL> Nice one!

 

[BarkingGhostar]

This is sucking. There's NO movement. Price started at 225, reduced to 215, now reduced to 199 which a little over a month ago was in line with other properties in the area for what they actual sold for. No offers, no nothing. Open house every other weekend, people coming to see it as it's in one of the most desirable locations of the entire city.

It's zillow estimate is now 180, a drop of 4.5% in just 30 days. It's been on the market a little over 3 months. We're about ready to say "fuck it" and drop the price another 20k to 180.

Ouch.

Two quick options:

Sell for a $40-50K loss and chalk it up to being ignorant for trying to see a home in this worse market condition, or walk away and let it be foreclosed.

BTW, a former Atlanta Police Department employee walked away from her home after trying to sell it for 2-3 years. No doubt this was done after she had already secured another loan on another place, but that seems to be the trend these days.

 

[nerp]

Don't rent. Unless you want to be forced to face a substantial rehab when you can finally sell.