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Worried Mother |
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Dear Ms. Lank, My daughter moved Ohio because of a job offer, and bought a house in a small town. She lived there for almost a year and made some major renovations, then was offered another job in Pennsylvania which she ended up taking.
The company in Pennsylvania has relocation specialists who are selling the house and have a program of incentives for real estate agents, but so far it has been on the market for six months. In November she will have to start making her own payments again on the house, and on the apartment she is renting in Pennsylvania. Needless to say she is getting stressed out and cannot afford to do both for any great length of time.
The relocation company has done all it can and will continue to market the house, but my daughter is not equipped, nor wants to become a landlord with property in another state. Her new position requires a lot of travel, and she lives hours away from that house. If you can offer any solution I would appreciate your comments |
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As your daughter realizes, trying to act as an absentee landlord is asking for trouble. She’s right to forget that solution.
It’s possible those major renovations have over-improved the property. Perhaps she’s invested more than the buying public is willing to spend to live on that street-—and more than she can expect to recoup.
Anything will sell if the price is right. If your daughter offered her house for two dollars, it would sell in five minutes. Somewhere between two dollars and whatever she's asking is a price that will attract buyers. No matter what the problem, dropping her price will cure it. She'll just have to consider how much it will cost to keep the place on the market with winter approaching, then bite the bullet and settle for less than she's been asking.
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Edith
Originally published on October 6, 2006 |
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