|
FSBOs Don't Sell for a Number of Reasons
By Julie Garton-Good
Question: Is there something wrong with a property if a for-sale-by-owner has been trying to sell it for six months?
Answer: Not necessarily. There could be other factors, not always negative ones, leading to an unsold property.
First, perhaps the sellers did not aggressively market the property. A For Sale sign in the yard doesn't constitute a strong marketing campaign.
Second, was the property priced right to begin with? An over-priced property will be initially discounted by buyers, even if the asking price is later reduced. Restrictive terms might also have kept the property from attracting offers.
Third, did they have any offers on the property? Perhaps they took the property off the market for a potential offer that never materialized.
Fourth, what type of market competition does the property have? Are there many similar properties for sale in the neighborhood? Depending on the real estate economics of the area, as well as the time of year, six months may not be unusual.
If you still have questions, ask for outside assistance to determine value and stability of the property. These facts might come from an appraiser, inspector, or other real estate professional. You might negotiate with the seller to help pay for any or all of these items.
Julie Garton-Good is a syndicated columnist, author and international speaker and has been called America's Home Affordability Expert", addressing more than 25,000 persons annually on the topics of real estate finance and home affordability. Her fifth book, "The Frugal HomeOwner's Guide to Buying, Selling, and Improving Your Home" was released in February. Julie is the founder of the National Association of Real Estate Consultants (NAREC) and the author of the C-CREC (Consumer Certified Real Estate Consultant) professional designation course for Real Estate Professionals. In 2000, The National Association of REALTORS® nominated Julie as one of the twenty-five most influential people in the real estate industry. CopyrightÓ 2000-2001, Julie Garton-Good. All rights reserved. For information about Julie's Keynote presentations, please contact the Frog Pond Group at 800.704.FROG (3764) or email [email protected]; http://www.frogpondgroup.com. |