how do I sell my lots in Florida fast?
We purchased a two-lot parcel about 2 & 1/2 years ago. We have a balloon payment of approximately $11,000 due in June. We purchased the lots for $29,000, so we have equity in them, but we don not have the cash to make the balloon payment. We’d rather sell for small profit or break even to pay off the loan and get so cash in our pocket from all the equity we’ve paid in. The lots are on a cul-de-sac street in Oakwood Hill 3 Subdivision, Walton County Florida. Parcel ID# 17-3N-20-28080-032-0310. All utilities available: Power, Water, Phone. Existing homes on the street. There is a new fire-hydrant about 3 lots down (great for lower homeowners insurance). The Real Estate Market is slow and If we could wait a year or two, we could make some profit, but we are desperate. Can somebody please help give us some advice, or make an offer on our nice Florida property.
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Tags: Cul De Sac, Florida Property, Homeowners Insurance
sell property | , 15 Mar 10
By wanninonni, March 16, 2010 @ 6:46 am
Ouch! Sounds like you are some of the folks like we hear about so much in the news. Can you take a second mortgage on your home? Or get a co-buyer for the property?
By Texas Tiger, March 19, 2010 @ 3:57 am
.. let me see if I understand this… You want to sell property NOW for what you paid for it 2-2.5 years ago???
Hate to tell you this but you may think you have equity in it.. and you do.. but you do NOT have enough equity in it to ask 29k for it. The market is not only slow it is going backwards. My home was valued at 165k 2.5 years ago (we check it every June). Last June it was down to 115k. Now we do have equity in our home as we only paid 80k for it 5.5 years ago. In this market however we could not sell our home for the 115 and it would be pushing it to sell it for 80.
Your best bet is to refinance what you owe. It is done all the time and you will have a much better chance as the owner than if you were trying to buy new land.
By mick f, March 21, 2010 @ 2:15 am
put them up for public auction
By kemperk, March 24, 2010 @ 8:22 am
a; why not find an additional partner?
b; put something on it; storage units, a fence and store cars and
boats,
use the land……..piece of cake!
or, get bids to build on it and sell it as as lot with house and
no money down. As long as you allow the buyer to escrow the
funds, it is legal.
then, you can get a construction loan and pay off the balloon.
happy new year
By Monika Wilson, March 24, 2010 @ 11:16 pm
Unfortunately most of the advise you were given above is true. If you purchased 2 1/2 years ago (in the heights of the seller’s market) your equity is probably gone.
If there are builders in your area, you might want to talk to them and see if they would purchase your lots for their own inventory or model homes. Of course they will not pay high dollars since they are pretty much informed what the properties are worth in the current market.
Or try to partner with them, let them make your balloon payment, they can build a model and then later in a few years they sell the model and pay you off.
Talk to a local Realtor they might come up with some creative ideas.