Hi:  We inherited some property out of state and really need to sell it.  I have an agent who is basically a good guy and really is there just to show the house.  I need ideas on marketing and getting this sold.  We have priced it low and advertised that we are very negotiable.  My listing goes until August 1, then I am thinking about those "ugly house" people.  Any experience with those guys?  Any big ideas?  Please help.

Of course I have no idea what state you are in, but if the house doesn't sell by the time your listing ran out I would contact a good auctioneer before I would call the ugly houses people. The ugly houses people will tell you that the house is a piece of crap (even when it isn't) and give you a really lowball offer. Their job is to buy the house from you for next to nothing, slap a coat of paint on it and re-sell it for a large profit. They look for those that are desperate to sell.

An auction on the other hand, puts anyone that is remotely interested into a toe-to-toe competetion and only the person willing to pay the most walks away with it. Of course, as the owner you can either either choose to sell the house "absolute" meaning that you are willing to take the highest bid regardless of what it may be or you can place a reserve on it meaning that you won't take less than $XX for it. Also, (at least here in my town) the auctioneer is paid pretty much by the buyer in the way of a "Buyers Premium" and the cost to the seller only ends up being 1% to 2%. Also, the beauty of an auction is in the fact that the house sells as is and there isn't any contingencies at all! It is not subject to a home inspection, any repairs, not even financing! I used to work for an auctioneer and to be frankly honest, when I go to sell my home in the next few years, this will be the ONLY way I will go.

Unless there's a financial reason to sell it, if it doesn't sell by the time your listing ends you might consider renting it out until the market gets better. There are property management companies that can manage it for you. It will cost you a percentage of the rent, though.

Jill

There are other heirs and we cannot consider leasing, owner financing or any other long term arrangements.  Besides we are 1800 miles away from the property.  Thanks for answering.

This sounds like something worth trying.  I have the house listed 10% below market, expecting to be trimmed another 10-15% by the buyer, that is selling it 20 - 25% below market (conservative market evaluation).  Do you think an auction would yield 75% - 80% of market value? Thanks for the insight.

I don't have any experience with auctions. I do know, though, that when something is auctioned, the buyer expects to get whatever it is at a very low price. If they can't get it at a very low price, they're usually not interested. But you probably should consult with someone who has experience with real estate auctions. It could be that what you're asking may be what they consider a very low price.

Jill

 If you inherited the house, then should should also have a lawyer involved with all the legal aspects of the house? I 'am not sure about other states, but in MA if your a lawyer, that automatically makes you a real estate broker to. So your laywer involved should be able to direct you in your best options for selling this property. It sounds like it is you and other siblings/relatives that inherited this house together? If so, you ALL have to be on board as to what is acceptable as a selling price for all involved. I have friends going thru this exact seniero right now. It is a horror to say the least! Both siblings have seperate lawyers, and the property has been in limbo because neither brother agreed ahead  of what the lowest selling price would be acceptable. There have been offers, and one brother refuses to accept it.....if it were me, I would hire a real estate agency to market the property, and make sure ALL involved realize the selling price may not be what they hoped for....I hate to see what is happening to my friends right now, happen to other people....good luck.....

I would agree with Newfs. My DH bought his first house from a family in the same situation. It took 6 months to get to the close on it, and the family wound up taking less money for it because it was on the market so long because they couldn't work together on getting it sold or the offer wasn't acceptable to all.

Jill

Well we have complete control of the sale.  If we keep the property over long periods we would have to become tax accountants on a yearly basis, plus the great physical distance would encumber repairs and rent collection. 

Our first action was to allow the other heirs to bid on the property - they all declined in writing.   And since they have not offered to help with any of the bills and other issues we are not even going to entertain their imput. We have been trying to be fiscally responsible and get a reasonable price for the property but with this market I think we will take the first offer to come to us. 

Here is my plan so far:  finish the realtor listing period (we are offering agent incentives), hold an open house for investors and if nothing acceptable comes from these actions then I will go to auction.  

 Our first action was to allow the other heirs to bid on the property - they all declined in writing.   And since they have not offered to help with any of the bills and other issues we are not even going to entertain their imput.

Sorry, I guess I'am not getting the entire picture here..... so it was solely you that inherited this house, as you stated you "allowed" other heirs to bid on the property. If other relatives were not "willed" or part of a living trust with this property, and it is soley yours as a inheritance, then other relatives are not obligated to help with any bills or other issues regarding this property. Sorry, I am missing something here.....