Don't know what to do?

What would you guys do? I've already posted about when to lower the price, but now, the house has been on the market for 2 months, yes I know most of that was over the holidays, and I know with the economy and all... it's hard because we are out of money and anything else we need we have to use the credit card. Even for food. We don't really have any credit left to spend since we've been using it to live. But every day we're still in this house we get further and further into debt and closer to completely ruining our credit. My mom is our agent and she just keeps telling me it's too early to lower the price, blah, blah. Now I know she is a good agent and all, but this is our credit and money that we don't have, you know! Another house by us is under contract for $15K less, it has less square footage and I don't think they have upgrades, but still. At least they sold their house. I wish I could just lower the price so much just to be done with it. Every bit that we lower the price we're losing towards paying off some credit cards. It SU@KS!!! We REALLY need this money, but at the same time we just can't do this anymore. What should we do? Keep waiting and hope someone will buy it? It's not working so far. I'm so torn. I don't even know if we would sell it if we lowered it. We could only sell it for $4000 less and then if we got an offer we couldn't sell it for any less than our asking price. I'm so upset.

Message edited 1/17/2009 1:24:22 PM.

Re: Don't know what to do?

IDK what to tell you, but alot of times when you list you hose for "less" than expected, you get more offers and possible bidding wars. maybe you can go that route? I guess it all depends on how badly you need to sell. I wish you the best of luck!!!

Re: Don't know what to do?

I am sorry you are in this position, have you looked into a short sale ( I am not sure if you are behind on your payments) ? I would take the loss and lower the price.....Good luck finding a buyer

Re: Don't know what to do?

where's ur house? or the link on MLS? i think my friend is looking to buy.

Re: Don't know what to do?

List it for less. Your holding cost is taking as much money if not more than lowering the price. Get rid of the house, don't hold onto hope that it will sell, list it at an attractive price that may even bring in multiple offers.

Re: Don't know what to do?

I'm so sorry that you are going through this!!! My thoughts are that you should keep the price where it is a little longer, but maybe on this listing, put "price is negotiable" ? Then you may get more interested buyers as well.
HTH - best of luck to you and your family!

Re: Don't know what to do?

Can you guys rent the house and move into an apartment or with your parents.

This may help you pay the mortgage and starting putting money towards your credit cards.

Also try to get the word out about your house. Is it listed on this site? Where on Long Island do you live?

I wish you the best of luck!

Anna Maria

Re: Don't know what to do?

Have real estate auctions been successful in your area?
Maybe you can try holding an auction (with a reserve at the lowest price you can possibly take) start the auction at a really attractive number & advertise it well.
You need to add your monthly carrying costs up...lets say you didn't sell for 6 months. How much would that be? You should lower the price to avoid having to sit on the house.

Re: Don't know what to do?

I would lower the price now. The best price you will get comes between 3-5 weeks on the market - you are passed that...lower the price to get people in...have more open houses - offer food and coffee, etc

Re: Don't know what to do?

I am so sorry, its a tough market. Kelly has a good point. Carrying costs add up same as having a house not selling so hopefully that helps you decide.

Re: Don't know what to do?

Posted by CaidensMommy

But every day we're still in this house we get further and further into debt and closer to completely ruining our credit.

Re: Don't know what to do?

you have to lower the price. i was going to say the same thing you have to factor in the cost you are paying to hold on to the house, paying your mortgage, utilities and not to mention the interest on the credit cards. it may be less of a hit to lower the price to generate offers. good luck to you!!