Selling a house quickly in the present real estate market
has become a very difficult task for home sellers. Homes
listed for sale stay on the market for 90 days or more,
even after the seller lowers the asking price.
The sub-prime and adjustable rate market has created a
domino effect within the housing industry. More homes are
being flooded into the pool of available housing inventory
with declining values. This gives any prospective home
buyer more options to pick and choose what they will buy
and more negotiation power to deal with sellers who may not
be in the best position to hold out for the price wanted
for the house due to an inability to continue to make
payments that have adjusted too high or they are in the
midst of a foreclosure.
It's a buyer's market and any seller wanting to quickly
sell a home cannot just rely on the old traditional methods
of listing a home for sale and having an open house and
buyers then line up to purchase.
So what can a seller do to ensure the best and quickest
chance to sell a home and get the best price? Below are
some untraditional methods that should be considered and
that have been bringing quick results. Note the emphasis is
on non-traditional methods of sale. Sellers must get
outside the box and do things differently if they want
better results. Remember Albert Einstein's definition of
insanity "doing the same thing over and over again and
expecting a different result".
1. Stage the property. When a home looks like it is
occupied and set up with appropriate furniture and etc., it
makes the home much more appealing and motivates the
prospective buyer to envision how the home would look if
they lived there. This makes the setting seem as if they
are already in the home. It also encourages an offer. If
you can't stage it yourself there are professional stagers
that are readily available and can help you get the most
out of the staging experience. The writer of this article
has used stagers to assist in selling homes he purchased
and sold. The most recent home stager helped him realize a
profit of $61,000. Stagers in your area can be found by
going to www.stagedhomes.com.
2. Offer real estate sales agents a commission of 7% if
they bring a qualified buyer ready and able to purchase the
property at the asking price within a 30 day period. Seven
percent may sound like a lot but, if your home moves within
30 days, the commission is more than worth it in this
market. The intent is to create motivation for buyer
traffic. If an offer comes in less than the asking price
you can always negotiate the price as well as the
commission since your terms were not met initially. The
point is to get offers moving on your property.
3. Offer seller financing. If your property has substantial
equity and you can afford to carry a mortgage on a portion
of the property, then assist the buyer to buy the home with
seller financing. This can be especially beneficial if, as
the seller, you don't need all the money right now. In
addition, it can help with any taxes that would have been
paid had you received the money in a lump sum. This can
also create an income stream for the in the future. By
offering seller financing it expands the buying pool of
possible buyers and can move the house much quicker. Of
course, one must take precautions to ensure that the buyer
is qualified and will be able to make the monthly payments
as they come due.
4. Use government money to sell your home. There is an
abundance of free money available for first time home
buyers through several federal, state and local government
entities for down payment assistance. Check with your
city's local housing administration office. They often have
a list or know of a list of buyers who have already been
provided with down payment assistance certificates with
values up to $50,000 or more. These are used in conjunction
with local lenders who provide loans to these home buyers.
If you are willing work with the agencies they can provide
you with a quick method of possibly selling your home.
Down payment assistance programs can be the only medium
needed to sell a home quickly if the seller is willing to
cooperate with the government agency or non-profit program
providing service.
----------------------------------------------------
Roy Landers is real estate attorney and broker with more
than twenty years experience. He can be reached at
roylanders@housingamericans.com or call
619-296-1393.Website http://www.housingamericans.com
