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Amherst WI | My wife and I have had our first house on the market since September of 2008. It is a 1996 mobile home with just about 7 acres. We may have had about a dozen showings in this time, with three different parties giving us offers to purchase. We had one that we accepted but they could not get the financing. It seems most people that are looking for this kind of place either do not have any savings for a down payment, have poor credit or no job.
It seems very apparent that we are going to lose money on this, alot of money. We have recently decided to not renew our contract with the realator. Mainly because it seems he put very little effort towards selling our house (no open houses and hit and miss advertising)
The next door neighbor would like to buy it. Right now the bank is willing to give him about $14,000 less than we owe on it. He does have some savings but he works construction and it is getting slow again and might need it to fall back on. My personal feeling is that we should try to get him to $9,000 less than we owe on it, and he could cover the closing costs and buy it as is.
I would rather have a loan for $9,000 from our bank to pay this difference off and make payments on $9,000 that really stand for nothing instead of holding out even longer to try to get more from someone else and not have insurance, heat, intrest, electricity and depreceiation nibbling away from our "profits" on the other end. We could have the $9,000 paid back within 2 years or less.
I want to dump this thing, I am sick of waiting for "the one" to come along and buy it. It doesn't seem like it is ever going to happen and this economy does not seem to be getting any better. Like I said before as well, the type of buyer that would buy his is currently unemployed.
What do you guys think?
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Selling our first house? What would you do?
