"I need to sell this house - FAST!"

The Lazy Investor

Here's a message I got from a reader:

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I have been "stuck" with high mortgage payments on the house
I purchased in June 2004 and I coudn't sell it for 6 months.
Now, I can't even afford to have it listed and pay 4-6%
commision without paying from my pocket. The house is vacant
and I must sell it a.s.a.p.! Would you know anybody
interested in buying a nice & clean 4bd/2.5ba/2car 1700sf
home in gated community SW Las Vegas, Spring Mtn/Buffalo
area, with all new appliances? I would appreciate your
suggestions or advice.
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My reply;
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Appraised value?

Asking?

What you owe?

'Bottom dollar' (price and/or terms)?

Without this, no investor will look at it.

Smart investors will not pay top dollar for a property in a
soft market - unless excellent terms are offered.

To find a retail buyer that will pay top dollar for a
property, Realtors(r) and ads in the paper work best.

My favorite way to get rid of any property is via
Lease Purchase/Option - gets higher rental rates,
better tenants and some up-front cash.

FYI, there's a lot of this 'Gotta Sell' stuff going around
right now.

Unfortunately, many didn't hear my report in May, 2004, when
I explained that the market was changing - fast. Hundreds of
'investors' (I say 'speculators') went into Las Vegas and overpaid
for property, to ‘make a fast buck’.

Many speculators in this ‘gold rush' of early 2004 went because
they heard many people were flipping houses for big profits.

Even with many market indicators pointing to a fast
downfall, without reliable counsel they continued to
buy - at full price and above!

They forgot to monitor their surroundings and got
caught up in the emotion of buying – at any cost.

Now, they are stuck with high payments they don't know how
to handle.

Options if you did overpay in a market going soft?

Ride it out as best you can (rent it to minimize
negative cash flows or Lease Option it to 'break even')
or sell it at a loss now.

There is no 'secret' to getting out of a bad deal, now or
ever.

The time to ask the question 'How do I get out of this?' is
BEFORE you buy it.

Tips for staying out of these kinds of situations can be
found in my MEMBER's ONLY Real Estate training course, available
at www.TheLazyInvestor.com

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Steve Majors - The Lazy Investor
Active Real Estate Investor, author of ebooks, training courses and
seminars, provides one-on-one mentoring and coaching.
Articles, news and more at www.TheLazyInvestor.com
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