All Topics / Help Needed! / Trouble selling a new home

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  • Profile photo of podneypodney
    Participant
    @podney
    Join Date: 2005
    Post Count: 31
    September 27, 2011 - 11:03 pm

    Hello and thanks in advance,

    We recently subdivided a block renovated the original and built a brand new home on the land created (have sold the renovated home also). It has been a major learning curve on what not to do, Fairmont homes took 18 months from start to finish to build the home, along with other problems it has turned a good investment to bad. Our problem is now trying to sell this new home. We had with an agent for 3 months and had 2 contracts that fell over. One at 290000 the other at 285000. after that there has been no interest at all. We have got rid of the agent now and have advertised it our selves,
    We have done this so we can lower the price without it hurting to much with the commissions, as have not found to many good agents in the area. We have sold other properties our self without a hitch.
    The property in question is on realestate.com and can been seen here. http://www.realestate.com.au/property-house-sa-nuriootpa-107582905 We have lowered it to a cost price now to move it on asap. There is absolutely nothing in the area similar at this price, If anyone one has any ideas to sell this home please do tell. We can not afford to rent it out as the money is needed. rent is appraised at $290pw. Is this just the way things are at the moment or can you see something we are doing drastically wrong.

    Best regards
    Darren

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    September 27, 2011 - 11:15 pm

    Hi Darren

    I notice you mentioned that you can't rent it because 'the money is needed'.  May I ask, how much of the money is actually needed?

    The reason I ask is, if you were to sell it with a vendor finance Instalment Contract, you may get sufficient money from the deposit to cover what's 'needed".  It's normal to get a $10K to $20K deposit and often you'll get surprised by a purchaser having more.

    If the deposit covered your immediate needs, you could structure the remainder of the Instalment Contract to give you around $500 per month positive cash flow (possibly more).

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575
    September 27, 2011 - 11:26 pm

    Hi Darran,

    This has been a very common problem. I used to work in real estate as a agent in Melbourne
    if you want please feel free to buzz me there are a couple of things that do stand out.

    Cheers

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of podneypodney
    Participant
    @podney
    Join Date: 2005
    Post Count: 31
    September 27, 2011 - 11:29 pm

    Thanks Paul,
    We owe 200000 on the mortgage and need at least 40-50k cash. We live in SA so thought we could not Vendor finance deals here. I am open to all information though and will look at your sites.
    Cheers
    Darren

Viewing 4 posts - 1 through 4 (of 4 total)

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