Advice Realtor 2 Realtor
How would you advise a client?
Have a friend who purchased a property with fiancée at top of market. Home is worth 50-75k less than what they owe. Large development that was supposed to “change neighborhood” is now cancelled. Bad neighborhood is now worse.
Friend used fiancées sister as realtor to purchase home. Her first deal. They got screwed. On top of overpaying the Homes in bad condition and terrible layout. Fiancée broke up with my friend, followed by friend getting shot in a gas station robbery. Friend now has ptsd, and was formerly straight edge developed a drinking problem and just got dui. Friend now wants to sell property because his work is an hour + away and he lost his license for 2 years.
Most homes on the market in his neighborhood are superior and have been listed for over a year. No sales besides 1-2 new constructions. Priced 35k-50k less than what he bought for.
I am willing to list for free to help. Make him pay for photos and lawn care. But I’ll get photos virtually staged. His home is about 40 minutes from me, so I won’t have bandwidth to monitor property like I like.
Do you advise him to sell? He can’t come up with 50k+ at closing for difference if there is a buyer. But my gut is this home sits offerless for years. Tell him to look into foreclosures and short sales?
Advise him to rent it and lose 500 a month? The home is barely habitable to live in. Unsure if ac works- bad news in GA summers.
Any other options I’m missing? What would you do? Any advice on this bad situation would be very helpful. Thanks!