Sunday, August 5, 2007

Change in Real Estate Selling Strategy

Well, I've given up on FSBO and flat fee listing services. I'm switching both my properties to full service agents this week I haven't gotten a single call in 3 months for my Buffalo property and not a single agent has brought a client to my Cheektowaga property. I've found a young ambitious agent to sell the later property. I'm hoping that she will have contacts with relocating people as well as get some agents into the house. I'm not sure why the Cheektowaga property hasn't sold yet (except for the $8k tax burden). As one woman said today during the open house "it's to die for".

Maybe in a hot market these other services will work, but in the two areas I have properties population is declining and real estate is not hot.


Anonymous said...

08/06/07 Why don't you pay the taxes on the sale property so it can be sold unencumbered? Is this an IRS lien or state taxes or county? I wouldn't want to purchase an encumbered property. In my mind it is like purchasing a can-'o-worms. It's mostly perception--if this detail hasn't been cleared up, what else is hiding in the woodwork? You could add it to the purchase price, and since you're changing realtors, it may be a good time to do so. Take care.

Paul said...

There are no liens on this property. The $8K is the annual property tax bill - for a house assessed at $106 in Cheektowaga NY.

NY property taxes are amoung the highest in the country which suppresses prices. I can't wait to retire and move out.

Anonymous said...

08/06/07 I assume you mean $106M? From what you're asking (I'm assuming still over 200M,) I assume the tax assessment hasn't been updated since you remodeled? In other words, does the purchaser have to face a bill that is even higher than you describe? No wonder you are having problems moving it.

Paul said...

Assesment is $106,000 @65% of fair market value. This puts 100% assessed value at $163,000. I'm sure town will try to increse taxes.