Had a house flip go sideways?
You wouldn’t be the only one.
At Echo Properties, we’ve seen a lot of house flips lose money — there’s a lot of potential upside to flipping homes… but there’s also a fair amount of risk.
So, we thought we’d stop by and help.
Here are some possibilities to not get stuck with a property…
Lower Asking Price — To try to at least break even, consider lowering the asking price to just sell the property as fast as possible.
Wait For Market Improvements — If you’re going to lose money, our recommendation would be to just wait for the market to improve. All markets fluctuate and there’s bound to be a time when the property is worth the money that’s been put into it. But it might take a while. One thought would be to rent the property while waiting on the market to improve.
Make Further Improvements — If money’s already been lost, then probably shy away from this option. But if the numbers are still in the green, then it might be worth considering making further improvements (especially if there’s something in particular that potential buyers are pointing out).
Sell As-Is For Cash — At Echo Properties, we’re real estate investors and we buy homes as-is for a fair cash price. If you want to hear what our offer is on your property, give us a call at 334-422-4477!
Hope that helps!
This can definitely be a frustrating situation.
But follow the above advice to potentially come out the other side in one piece.