Realtor.com Hot Topic Question: My wife’s family is in a real bind. They have procrastinated selling their father’s condo and now they need to sell it ASAP as he is almost out of funds for his continued care. However, the family is not agreeing on what to do with his condo. One of her sisters is insisting on allowing a real estate investor to buy it for a % on the dollar. I have been reading up and am fearful they could be hurt if this is done the wrong way. What’s your advice?
As this is a family decision, it is likely that emotions and stresses will run high as you determine the best outcome for your father’s condo. The best advice I can offer is to try and remain as objective as possible. I would highly recommend that you hire a local Realtor that is familiar with your area and has plenty of experience with the type of home you are selling. It sounds as though you don’t have time to test the market. Be completely honest with your agent and be sure to give him/her all the facts including the financials.
Selling to an investor at a discount may end up being the best solution, particularly in a slow moving market. However, an experienced Realtor should be able to maximize your listing’s exposure to the marketplace through your local MLS and other appropriate marketing channels. As time is not on your side, it is critical that you set an asking price that will grab immediate attention and scream ‘I am a deal!’. If you don’t get the price right the first time and its not sold within 30 days, make an adjustment to the price, and repeat until it sells. Your Realtor should be able to help you determine that price without selling you short. Good luck!