Offloading condo ideas

23953

New Forum Member
Registered
Apr 30, 2015
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#1
I’m asking for creative ideas to help offset losses of a condo flip that is going nowhere.
Reno’d a flip condo in Abbotsford BC and listed mid August. As we all know the market has now stalled. Condo was purchased with LOC funds, as the months of not selling continues so does the debt grow.
Does anyone have any creative ideas to A. Help get this unit sold?
B. Ideas on offsetting the monthly losses?
We are listed on MLS through my realtor. Tried getting a rental restriction lifted, but that failed. the building is 55+ & no rentals. We do have it listed for 1% owner/rental arrangement but no takers yet
Thanks in advance.


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Devin Roberts

Devin Roberts - Brent Roberts Realty
REIN Member
Nov 17, 2015
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#3
Lots of listings in this market have bonuses for the cooperating Realtor. Offer a bonus commission for them and you’ll get more showings. Any bonus helps

Regards,

Devin Roberts
Brent Roberts Realty
 
Likes: ThomasBeyer

23953

New Forum Member
Registered
Apr 30, 2015
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#5
Lowering price or offering to pay one year mortgage payments (another price discount really) always helps.

Not sure what you mean by 1% rental/owner arrangement.
Since the unit is limited to owners 55+ we can technically have a potential renter get on title as a 1% owner, technically then they are an owner and thereby able to be in the suite. Easy enough paper work but obvious pitfalls upon trying to get them to then vacate if we get a buyer.
Tnx for your input!


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ThomasBeyer

Senior Forum Member
REIN Member
#6
Lowering price or offering to pay one year mortgage payments (another price discount really) always helps.

Not sure what you mean by 1% rental/owner arrangement.
Since the unit is limited to owners 55+ we can technically have a potential renter get on title as a 1% owner, technically then they are an owner and thereby able to be in the suite. Easy enough paper work but obvious pitfalls upon trying to get them to then vacate if we get a buyer.
Tnx for your input!


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Tough to sell as you need an owner and a renter at the same time.

Just lower price, give incentives and move on.




Thomas Beyer, Asset Manager, Investor, Community Improver, Author, Father, Mentor www.prestprop.com
 

Carla Reis

Inspired Forum Member
Registered
Aug 24, 2017
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Kelowna
#7
I would offer few extra points for your Realtor to get his attention and commitment to sell it faster.

Yes, it will cost you more money but the longer you sit on it, more money is costing you .

The lesson here is .....

Never but condos with rental restrictions mainly if they are 55+ unless you're prepared to live on it

Edison

Edison Reis
 

WadeFenner

Inspired Forum Member
REIN Member
#8
I would offer few extra points for your Realtor to get his attention and commitment to sell it faster.

Yes, it will cost you more money but the longer you sit on it, more money is costing you .

The lesson here is .....

Never but condos with rental restrictions mainly if they are 55+ unless you're prepared to live on it

Edison

Edison Reis
I wouldn't offer more to the listing agent, offer it to the buyers agent...
 

Carla Reis

Inspired Forum Member
Registered
Aug 24, 2017
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Kelowna
#9
A motivated seller agent will hustle and connect you with several seller agents. (Not the other way around) A slow poke or Zootopia desk (seller) agent won't help you that's why I rather rewards mine not the seller's.

Edison Reis
 
Likes: Devin Roberts