World Foreclosure
What can I do to sale real estate in a bad market?
I have a piece of commercial real estate in a small montana town. It just went into the foreclosure process so time is of the essences. It’s been on the market for 2 years, it’s price point is right and it is prime real estate in a difficult location.
The good qualities are the town host the hottest mineral healing waters in the world. I am at a lost as to how to market this and get it sold!
Any thoughts?
“Prime” real estate & “difficult location” should not be in the same sentence.
Prime real estate is Prime real estate because it has the best of everything, especially Location!
Have you been a “for sale by owner” for 2yrs? If not, you’re real estate agent is NOT educating you on market conditions & proper pricing.
If you are already in the foreclosure process you probably have about 2-3months left to actually sell it.
Drop the price!!!
If it doesn’t seem possible to make a profit after costs & commissions, inquire your agent about getting into a “short sale”, where the bank will accept LESS than you owe. Doing a short sale won’t harm your credit as bad as actually going into forecloure & the bank owning it.
Make sure your Commercial Realtor is advertising your property on the nationally known websites for commercial properties at www.propertyline.com or www.loopnet.com
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