If you read my blog on a regular basis, or follow me on Facebook, you know that my family is trying to sell our condo and buy a house upstate. We out grew our condo many years ago and we really need to move on with our lives and have a fresh start upstate. Four people living in a one bedroom condo just doesn’t cut it anymore. It was fine and dandy when our kids were little. Now that they are teenagers they desperately need their own space. Not only that, our dog and our cats need a yard to run around in.
We have the real estate agent “from hell”. From the moment the ink dried on the contract we signed with him it’s been downhill. It all started with him YELLING at me on the phone because we were at a family gathering and unable to get home by a specific time for a showing. We have a dog that we can’t crate so we can’t keep a lock box on our place. We need to be home to get our dog. I understand that we need to be available all the time but it was a family gathering and there was no need to YELL at me for it. Since that day I never spoke with him again. My husband takes care of all the communication.
Our agent had us list our place for $159,900. That was HIS idea based on what other condos in our complex were going for. He also told us that we need to sell it for AT LEASE $10,000 more than we owe to cover his commission and other fees. That means the lowest we could go, without profiting a dime, would be around $143,000.
Our agent suggested we drop our price to $155,000 shortly after we listed. We agreed. Two months later my husband told him to drop it to $149,900 because he thought it sounded better then $155,000.
In 7 months we’ve had 5 showings. Our agent has yet to show anyone our place. Only agents from other agencies bring people over (we’re listed on multiple listing service – MLS).
The time time someone was suppose to come over to see our place was the straw the brake the camel’s back. Our agent called and told us that someone who has seen our place before wanted to come and see it again. Hearing that made us excited. It was great to hear that someone wanted to come back for a second look.
We cleaned our place and made sure to leave with the dog about 15 minutes before they were scheduled to show up. We sat in our car in the parking lot to see who was coming to see our place and so that we knew when they left so we could go back inside.
We saw the agent and her client show up. We did recognize the guy. We watched them walk in the building but only to go into the condo that is for sale below us. After about 10 minutes they came out, got in their own cars, and left. They never went to see our place. We come to find out that the person coming to look at the place DIDN’T want to see our place again. He wanted to see the place below us but when he arrived he told the agent he already looked and didn’t like the location. I guess he humored her and went to look at it anyway.
WHY did he tell us this person requested to see our place again when he NEVER did?
To say we were livid is an understatement. My husband got on the phone with him and tried to find out why he would tell us misinformation. Instead of answering the question he told my husband that he didn’t appreciate him taking his frustrations our on him. Really? He’s the one who got us frustrated. UGH!
About a week later the agent e-mailed my husband and suggested we drop the price by $1,000 every two weeks. ????!!!! Is he kidding me? Not only is that a lot, we don’t think it would look good if our listing drops by $1,000 every two weeks.
Last weekend my husband told him to drop it to $148,000, but he has yet to do it (even though he said he would do it right away).
This afternoon my husband posed a question to me, and neither of us are able to answer it. As we see it we have two choices.
1. Drop the price to $143,000 (the lowest we can go) and sell it with $0 profits.
2. Take the place off the market and make due in our tiny condo.
What is hurting us is a lot of foreclosures and short sales in our condo complex. The people across the hall from us sold in 4 months at $139,000 (they bought the place 3 years ago for $203,000!). The one across the street (with a lot of water damage) sold for $125,000. The one downstairs from us is also listed at $125,000 (the man hasn’t lived there in about 5 years and didn’t have a mortgage on it). The place diagonal to us sold for $139,000 too.
As we see it the only way to compete is to drop it to $143,000. At least that is close to what the others sold for. They also had no updates. We spent a small fortune on new sliding glass doors, new windows and other upgrades.
If we drop to the bare minimum and have $0 profit that means we have to borrow $$$ from my father for the down payment, inspection, moving costs and miscellaneous other things. I don’t want to move into a house already in debt to him for $25,000. It’s taking us about 3+ years to pay off $5,000 that we borrowed – and we still owe a few thousand. It will take the rest of our lives to pay of $25,000. That is why I wanted a little bit of a profit on the sale of this place. At least enough to cover movie expenses and closing costs.
Our condo is painfully small for the four of us. My husband and I have to sleep on a sofa bed in the living room and my kids have to share the bedroom. We only have one bathroom which makes mornings a nightmare as you can imagine.
Do you think we should take a chance, sell our place for $143,000 and just owe my father for the rest of our lives – or – take our place off the market and deal with our current living situation (not to mention our school taxes are astronomical and our condo fees/HOA fees keep rising)?
We don’t know what to do. We want a house so badly. I was even watching QVC the other night when they aired some beautiful flowers and I was picturing them in a garden behind my own house. I literally dream of a house all the time. I want one so bad.
If you were in our shoes, what you would do?
Thanks for letting me ramble (and for reading this far).