Something's Wrong With House Unsold For 2 Years

Q: Our home has been listed for sale with several different realtors for almost two years. We have reduced the asking price by about $35,000. It still hasn't sold. All the realtors who inspect our home say how nice it is. But we have received only two purchase offers and they both involved taking other houses in trade. We want to sell for cash and move to a better climate. However, we're not going to give our beautiful home away. Any suggestions how to get our home sold?

A: When a home has been listed for sale with several different realtors for almost two years, something is seriously wrong. It could be you chose the wrong agents who didn't properly market the house. But the most likely problem is your home is overpriced.

If you seriously want to sell, take the house off the market for a month. During that time, critically look at your home and fix everything. Also be sure the house is freshly painted inside and outside. Then have your current agent prepare a new comparative market analysis. This form shows recent sales prices of nearby comparative homes, as well as asking prices of similar neighborhood houses.

With the help of your present real estate agent, set a reasonable asking price and put your house back on the market. When your listing appears in the local multiple listing service, the local agents will treat it as a fresh, new listing rather than as a tired, old overpriced listing.

To increase the sale possibilities, if you can help finance the sale by carrying back a first or second mortgage, that will increase the number of prospective buyers. Better yet, offering a lease-option on attractive terms will practically assure a sale.

Q: I made a purchase offer to buy a house that was advertised as having an assumable mortgage. But I couldn't qualify to assume the mortgage because I filed bankruptcy within the last two years. Shouldn't the agent have told me I would have to qualify to assume the mortgage?

A: An assumable mortgage means the buyer must qualify to assume the mortgage obligation with adequate income and good credit. If no qualifications were required, the ad would have read nonqualifying assumable mortgage. I understand your being upset at the real estate agent but you could easily have asked if there were any mortgage assumption requirements.

Q: My house is on a lot that is about 5 feet higher than my downhill neighbor's lot. It is a fairly steep, grassy slope. When it rains, water drains from my lot onto my neighbor's downhill lot. He says I must build a retaining wall or concrete drain to channel the water out to the street. Is this true?

A: The general rule is that a lower owner must accept the natural flow of water which drains from an uphill property onto the lower property. However, the uphill owner cannot channel or direct the water toward the lower lot.

If the flow of water just naturally drains downhill from your property, then you have no obligation to direct that water away from your neighbor's land. But if you have done anything to increase or direct the flow downhill, such as by installing pipes or drains, then you are responsible for any resulting damage. Please consult a local real estate attorney for details.

(Copyright, 1993, Tribune Media Services Inc.)

Bob Bruss' column appears Sundays in the Home/Real Estate section. His mailing address is: Bob Bruss, Seattle Times Newsroom, P.O. Box 70, Seattle, WA 98111.