Profile picture for Cerubi

Taking a loss on a house...

Here's the story. My wife and i bought our house in 2007 for 44,800 and have been trying to sell it because i am moving from muskogee to mcalester for work. Its on the market this time for 44,00 but has been as low as 39,999 and hasnt sold. It has some unlevel floors which seems to be the main turnoff for buyers. The address is 2134 Fredonia Muskogee, OK 74403 if you wanted to look at the mls for it. Our realtor has talked about a short sale but i would rather bring the difference to the table, which is possible for us. The main issue i wanted to ask you about is this and we just found this friday night when talking with our realtor. When we bought the house in 2007 it was our first house, i was 19 when we bought it... apparently it was a HUD home, and was done on an FHA loan. The home inspection had like 10 things that were required repairs for the inspection to be accepted, and we just found out only 3 of them were done. The home was re-inspected by a different home inspector and cleared by them. Is there anything we can do, talking to that person, talking to our lender or anything that may help us with this. It's been shown half a dozen times and everyone has the same problem with the house. We're just trying to get out from under a bad purchase from several years ago...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2013 - Muskogee
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

I see that you had it listed in December last year, but keep in mind that the market had been steadily more busy this spring and summer than it was last winter, and I don't know about Muskogee statistics, but here in OKC, October has been one of the busiest sales months of the  year for several  years. 

Like it or not, Reatlor bonuses go a long ways as well.  I found it rather irritating to learn this but I once had a house that was not overpriced but for whatever reason it simply wasn't getting shows, so I offered a $500 bonus to selling realtors for an accepted offer in the next 30 days,   WOW...it was shown like crazy and a full price offer was received. So try other things before giving up and dropping the price.

Is your Realtor advertising it besides online.  Do an open house, do a broker's open, evaluate the marketing efforts before deciding it's just the price.  Compare it to the price of others, look at the average days on market for your area for hosues that sold in the last 3 months.  Set your expectations around that information.

I tried pulling up your listing in the state data co-op. There's no info there. (not all MLS systems contribute to this- but Tulsa MLS does and so does OKC.  )  There are plenty of other houses in Muskogee that do show up because they are also in the Tulsa MLS. I don't know how effective this is for your area -but you might visit with your listing agent about increasing the exposure to other agents that might not be a member of his MLS that rely on the tulsa MLS. maybe he wants to fax a flier to their offices or something to make sure they know about the listing as well.

it's worth exploring, it may not be that effective..-it's likely that many realtors there are members of both and when searching for local properties they use the local MLS not Tulsa. but still....worth exploring.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2013
OK perhaps I am missing something but when I searched for your address just now it showed to be on the market for only 11 days.
It might be premature to talk about taking a loss.  it looked like a very cute house from the photos.   but as far as a short sale is concerned....if you can bring the extra to closing rather than negotiate it with your bank then I would do that.  (that is still called a short sale- but does not damage your record, you sale was simply short of the cost and the seller had to bring cash, it's  been done before.).

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2013
Correct the hold ups that continue to come up as buyer objections. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2013
Profile picture for wetdawgs
If you'd discovered that a home inspector had cleared items that hadn't actually been before you signed the final documents (in 2007) or even in a few days or a few weeks after purchase, you may have had some recourse.   Now it is 6 years later and you are only discovering this, it is likely way beyond any opportunity to put the burden on the seller of 2007 or the inspector. 

With unlevel floors and likely other issues, you will need to advertise it as a fixer upper, price appropriately and make sure it is clear that it isn't eligible for FHA financing.   

I would agree with your proposal to make up the difference at closing so that you can move on with your life rather than have the negatives of a short sale on your record. 





  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2013
Perhaps lower the price to where a cash buyer will purchase as is and either make up the difference or press with the short sale if that's not feasible. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2013
 
Related Questions
Taking a loss on a house...
Profile picture for Connie Klemme
Latest answer by Connie Klemme
September 15 2013 | 5 answers
my parents home is for sale, but zillow is not showing it for sale. How do I get it to show sale?
Profile picture for wetdawgs
Latest answer by wetdawgs
October 04 2012 | 2 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 130 S 38th St, Muskogee, OK Home For Sale
    130 S 38th St, Muskogee, OK 74401

     For Sale: $29,900

    • Beds: 3
    • Sqft: 1104
    • Baths: 1.0
    • Lot: 14026
  2. 3145 E 73rd St S, Muskogee, OK Home For Sale
    3145 E 73rd St S, Muskogee, OK 74403

     For Sale: $115,000

    • Beds: 3
    • Sqft: 1216
    • Baths: 2.0
    • Lot: 871200
  3. 3303 Mayer Ln, Muskogee, OK Home For Sale
    3303 Mayer Ln, Muskogee, OK 74403

     For Sale: $519,000

    • Beds: 5
    • Sqft: 3679
    • Baths: 3.0
    • Lot: 846370