Sell Your Home in 2 Weeks for Top Dollar
You don’t have to be a super investor or real estate guru to know that it’s difficult to find a buyer for your home these days. So many potential buyers have been shut out by lenders that they’ve actually shot themselves in the foot. The pool of buyers nation-wide has shrunk considerably. In your hometown for every qualified buyer there’s bound to be multiple homes available to them, that’s why they call it a “buyers market”. Savvy homeowners, Realtors, brokers and investors are now reverting to strategies from over a decade ago to sell their homes at top dollar within weeks rather than months.
The strategy is called “Owner Financing”. Traditionally to sell your home with Owner Financing you would need to have a mortgage paid in full and own the home outright. Then, you would carry a note on the terms you agreed upon with your new buyer. In short you become the bank. You carry a lien on the property and are paid according to the terms of the note until they refinance, pay you off or you foreclose when they can’t make the payments. There are great advantages to offering owner financing as you can decide the terms, the buyer and control the process. However there are some risks involved such as potential foreclosure and the liabilities that go along with lending.
Owner financing does not work for many because the majority of homeowners and home sellers have a mortgage. The only folks most of us know that own their homes outright are usually the rich, very fortunate and grandma/grandpa. For the rest of us we’re paying a lender to borrow the money in order to live in our home or paying rent to a landlord who’s paying a lender to live in our home.
Approximately 70% of America is “Credit Challenged” and have been locked out by traditional lenders from buying a home. That means the 30% who can get a loan, if they are looking to buy, are getting great deals and beating up the sellers out there. There’s typically one type of buyer called “A” credit. That’s where “Temporary Owner Financing” can be a very useful tool. IF YOU’RE SELLING A HOME FSBO, REALTOR, BUILDER OR INVESTOR, LISTEN UP…or read more intensely!!! The Credit Challenge buyer needs your help to qualify for the home. YOU CAN PROVIDE OWNER FINANCING even if you have a mortgage if you’re willing to give up a little equity on the front end. You simply sell your note at a discount to a note buyer for top dollar at closing. Most sellers are already giving up plenty of equity to even attract a living, breathing body that is interested in their home, so this shouldn’t be a shock to you. You can now offer financing to all types of buyers, not just one. B, C and D credit buyers will be flocking to your home wanting more information about your financing and what you can do for them. Not to mention all the attention will also attract “A” credit buyers as well.
Here’s how Temporary Owner Financing works:
1. Find a note buying service that will purchase your note at closing for top dollar.
2. You advertise your home at top dollar offering owner financing.
3. You get the home under contract with an end buyer that qualifies with your note buyer.
4. At closing your note gets purchased at a small discount and your mortgage is paid in full.
5. The new buyer now has a mortgage with your note buyer and you smile and say, “Thank you very much”.
Using this method you’ll get more written offers, quicker and at full appraised price. You may not even need to use the note purchasing service if you attract a buyer that can qualify for a sub-prime loan. In that case, you can even reduce your home price if you wish for any pre-approved buyers. And your initial offer of Owner Financing will help increase your showings thus making this a good possibility.
So, if you want to sell quickly at top dollar, here’s a strategy of becoming a solution to the problem of today’s housing market.
Categories: Selling A Home Tags: Buying A Home, foreclosure
Stress? Reduce it When Selling a Home in This Current Real Estate Market
Selling a home is stressful. Being forced to sell your house fast can multiply those feelings. If you are being forced to sell your home because of foreclosure, bankruptcy or a nasty divorce, your house may feel more like a financial burden. The constant financial worry can cause you to feel completely overwhelmed making it harder to concentrate on the things that can help you sell your house fast.
Contacting a real estate investment company can save the day. There are also companies who specialize in selling short sales. Research them carefully because of the amount of scams out there when doing short sales. If you are being bombarded with calls from your lender because you are about to lose your home to foreclosure, investors can immediately remove much of the anxiety you are experiencing by taking over the communication with your lender. This can save your credit rating and allow you to move forward. It’s good to know that real estate investment companies can offer an alternative in real estate when you need to sell your house fast.
In todays market with inventory at peak levels, your home must be in excellent showing condition just to get traffic to see it. In preparing your home for selling curb appeal remains a significantly important issue. If the grass is not cut, and very discolored, or the trees haven’t been trimmed it takes away the very important first memorable impressions your potential buyers have.
In some cases you might have to repaint the exterior part of the house to make it look brand new. Repaint the interior rooms and have the rugs cleaned or replaced if necessary. Check and fix any plumbing, air conditioning or electrical issues. Check the windows and roof for any possible leaks. Once these items are all done you are ready to sell your home.
To reduce your stress hire a well qualified Realtor. Doing it by your self in a market like this will just add more and more stress from not knowing the correct price to list your house for or knowing how to market it correctly to get the showings you need to sell it. The average length of time to sell a house in this market is approximately 180-360 days. If your home is not priced correctly you will not get the showings to sell it.
With short sales and foreclosures at all time highs the competition is extreme. Don’t wait till you are behind on mortgage payments to list your home, or if you purchased another home and need to sell the one you are living in, start selling your old home way before the other home is complete. Follow these simple tips and you will reduce and eliminate some of the stress of selling a home is this very tough Real Estate Market.
Remember the average length of time to sell a home in this current buyers Real Estate Market is between 180-360 days. If your selling a home in the million dollar range that time frame increases to 12- 24 months.
