How to Sell Your Home FAST

Sell your home fast, make more money, get on with life.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• A home to sell
• Motivation to sell it FAST
• A desire to make the most you can from the sale.

1. BE willing to be the Bank. In today's market the typical lenders (Bank and Credit Unions) have tightened credit to the point prospective buyers can't get a loan. Many people want to buy your home but they can't qualify for a loan...UNTIL NOW. You can legally sell your home, and carry the note (just like a Bank) and offer instant qualifying to your buyers.

2. OFFER your home FOR SALE BY OWNER. Don't hire a realtor for this transaction. Advertise your home in the local newspaper in two (2) sections ("For Rent" section and "Homes For Sale" section). Here you will place the SAME ad in BOTH sections. Keep it simple and to the point, don't go on about the fancy flowers in the flower box...sample ad..."Rent to Own...3 Bedroom 2 bath Rambler, 2400 sq ft, .25 acre lot, low down payment, $2,200/per month, seller will finance, Call Now." The nice thing about this Ad is that it pre-qualifies buyers before they call you. If they can't make the payment in the range you advertise, they won't call.

3. HAVE a few pieces of information ready to answer questions when buyers call:
   1) How much are you selling the home for? (you should be able to sell it for market value, maybe a little more or a little less, because you are offering the financing...you shouldn't have to discount it deeply as you would in a regular sale)
   2) How much is the monthly payment ? (this should be enough to cover your principal, interest, taxes and insurance at a minimum) plus add on a little for pocket cash to you each month.
   3) How much down payment? (here I would use 5% as a minimum 10% is better. The typical buyer can come up with a down payment, it's the bank loan they are having difficult getting.

4. SELL your home. Have a local real estate attorney prepare the purchase contract, installment land contract, and other documents. She will know all the necessary documents to include, and see that the transaction is done properly.

Tips & Warnings

• The benefits are these:
• You get MORE by getting a higher asking price for your home.
• Get CASH up front with their down payment
• Get CASH each month for the difference between their payment to you and you to your underlying loan.
• Get CASH down the road at the back end when they refinance the property in 2-3 years and pay you off in full.
• Be aware if your underlying loan has a DUE ON SALE clause, it is possible the lender, if they found out about your transaction and didn't like it, they could call their note due. Disclose this to the buyer, and in the event it happens, it would require you and/or the buyer to get a replacement loan in place.
• You may want to consider using a 3rd party escrow company to collect the monthly payments from your buyer, make your underlying loan payment, and mail you the surplus.
• Seek guidance from an attorney who specializes in Real Estate to guide you through the process.

[Addonis]

on 1/29/2009 RRRC5* Love your work
sorry for the short comments today. I have just under 100 to go.


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[jdarling86]

on 1/29/2009 Great article. Full or pertinent information and great advice. 5 star article. Keep up the good work.

[TwoGirlsMom]

on 1/29/2009 Great informative article. Even the down turn n the economy can have some advantages. Thanks for the steps. 5*

[makeithappen08]

on 1/29/2009 Great article and great to know.

[Rachellewms]

on 1/29/2009 Prudent advice for today's market!