Help us sell a house we don't own!
September 16, 2010 2:46 PM Subscribe
How can a neighborhood group help attract buyers to a (recent bank repo) house for sale?
posted by dhartung to home & garden (7 answers total)
I live in an economically distressed community with a lot of houses for sale and no jobs. My neighborhood has a fair number of nice older homes, a much larger number of undistinguished but decent homes, and another group of really deteriorated rental housing. The months of inventory scale here is not reported but is probably something like 24 to 36.
One of the nicest homes in the neighborhood has been through foreclosure twice in about four years. It's a 19th century brick Italianate that was heavily updated inside in the 1970s (in a nice way) and received some work from more recent owners as well. The nominal value of the house is well above the rest of the neighborhood, especially this particular block, although there are other well-cared-for homes close by.
Given this environment, we're concerned that the house will be bought at a low price and turned into a rental, or otherwise circulated as an investment property, with detrimental results for the neighborhood. It could also be, as many homes have in the past, cut up into apartments, though I consider that unlikely. (Who would spend the money just now? There's plenty of ready-to-rent stock as it is.)
A real estate broker has just posted a notice asking occupants to vacate and grant access, so the property is likely to be listed soon. What can we, as a neighborhood group, do to attract the "right" sort of buyer? Could we use classified ads, or social media like a Facebook page, or would we be violating some obscure rules having to do with MLS and the broker profession? We don't stand to profit off this sale except perhaps in protecting our own property values.
A nearby home that was made into a rental 20 years back was just purchased by a historic-preservation-oriented fellow from an adjacent city to be converted back into a single family home. We consider this ideal. I don't know how to reach this sort of buyer, though. Ideas? Pitfalls?