How To Get Your House To Sell In A Down Market
Are you having problem selling your house in today’s market? Are you fed up with your realtor? Or do you need the sell your home in the next 30 days?
Whether you are using a realtor or not, here’s the method I use to sell houses in under 30 days or less.
In most cases there is nothing wrong with the house or the price. The problem is the buyer is unable to secure financing. So, I use a work around.
Here’s the steps I take:
1. I set a deadline and hold an open house on a Sunday.
2. I buy 50 blank corrugated plastic signs with stands. I hand write on the signs with a marker. “House Must Sell By [DATE] Inspection Sat & Sun [times] Must inspect to bid”. I also add an arrow and an address. Place these signs up to 5 miles way from your home. People will follow the signs.
3. In the front yard put a phone number on a sign that goes to a recorded message. The message should tell them about the property and how the open house will work. I also place a bright pink flyer on the door or window “Notice: This house must sell to the highest bidder on Sunday [date /time] Must Inspect to bid. For more info: [phone number-recorded message]
4. On Inspection day just have people sign in, make sure they leave their phone number and email. Let them look around the house. When their done tell them “The house will be sold to the highest bidder Sunday, would you like to place a bid, now.” Let them see other bids on the page.
5. Here’s a key to this process, tell them that you have mortgage broker who can qualify just about anyone. If they can not qualify you would be willing to do owner financing.
6. Sunday night call them up and ask them their bids, you will be left with the highest bidder.
7. If they qualify for a mortgage loan have your broker complete the process. If they do not qualify you can have your real estate attorney draw up own financing papers. Note: you can sell your paper assets to a contract buyer shortly after the sale for all cash. I know a really good contract buyer.
Here’s a few tips on owner financing:
1. Have the buyer provide you with their credit score. It’s free for them.
2. Ask for the names of people they have rented from, their employer and personal references
Call their references and ask questions and find out if they are dependable and responsible.
3. Ask for a large down payment and finance the rest for 15 years.
4. To make the most from the contract buyer, amortize for 15 years but have a balloon due in 10 years
This way you keep the down payment, you get paid from the contract buyer for the monthly payments, and you get paid in 10 years when the balloon is due. Note: You can refinance the balloon in 10 years or sell that to the contract buyer for cash too.
Will there you have it, this method should sell your home in 30 days or less and allow you to move on with your life. Do not worry if you have a realtor, you will still pay them according to their contract.
If you would like to know more about selling your home… To take a look at more articles just like this one, click here: Selling Your Home
