Know the Best Methods to Sell your House Fast in London
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Sell Your House Fast Using Existing Financing to Sell Houses Faster
In this series on selling houses faster we have focused on using creative tactics and eliminating some or all of the middlemen involved in the process of selling single family houses in the worst real estate market since the Great Depression. Today, we eliminate the loan creation process by using the financing that is already in place for the home that we want to sell. Realize as we go through an example that this technique could well be used in conjunction with other strategies. Let's say your home is in a nice neighborhood and was worth $100,000 at the top of the market and today bank owned homes are selling for and setting the comps at $40,000. Probably should be about $60,000 if it were not for the bank owned homes going for loss leader prices. You have a $60,000 mortgage at 6 per cent for thirty years and a monthly payment of $359.73, which makes a monthly payment of about $550 with taxes and insurance. If you go to a real estate agent, she may say you need to stop making payments, ruin your credit, and apply for a short sale because you owe more than the house is worth in the current market. Or, you can advertise your house as pretty three bed two bath in nice neighborhood with no qualifying mortgage and payments of $595 a month. Does that sound like something that will get the Craig's list reader calling you? They should call because they have the same problem you have: the banking system. If the buyers could get loans to buy houses there would not be the housing crises, they could get a loan because the comps would not be artificially low and they could get money from the bank to pay off the money you borrowed from the bank. They can't! And, neither can you! SO!!! You need three things at this point. A simple application which you can get at an office supply store. A service to run a credit check, a hundred of them on the Internet. A real estate contract, also from the office supply store. The attorney you will use to close the transaction should be helpful as well. The contract is called a "subject to" contract. This means the sale is subject to the mortgage. Your buyer is not "assuming" your mortgage. The mortgage will stay in your name and on your credit. The deed will be in the name of the buyer. For a house in this price range, you should have no trouble getting a "buyer" who will pay you $4,995 for the privilege of owning your home and making monthly payments of $595 to you. You, in turn will be making the $550 payments to the bank. You have the choice of letting the buyer make the payments directly, but I would rather stay in the loop. Have them pay you and you pay the mortgage. That way you will know immediately if something goes wrong and they stop paying. (One of the risks.) Another risk is what is called the due on sale clause of your mortgage. Thirty years ago mortgages were assumable. That means the buyer could take over the mortgage and he, not you, were responsible for making the payments. That feature is no longer available in modern bank mortgages. One clause in the mortgage says if you sell the house the loan is due in full. I have been buying houses subject to the mortgage for twenty years and I have never had a loan called because of the due on sale clause. The banks just want to be paid. I have never met anyone who has had it called. But, the banks could call the loan and they have the legal right to do so. Realistically, the risk is that the buyer will stop paying, not that the loan will be called due in full. The most likely inconvenience is that the bank will sell the loan. So, we recommend getting three complete sets of paper work telling the bank that the buyer is authorized to send them money and to receive information from them. While this approach offers some tremendous advantages, quick sale, at good price, it is also detail heavy and if you are new to this you need the assistance of a good real estate attorney or real estate investor who has done it a few dozen times. And once you sell the house to the buyer you will not be able to get them out quickly if they fail to pay. While, I have used this exact system countless times with no troubles and you can too, the approach we will discuss tomorrow gives you all of these advantages and protection against many of the risks, especially the difficulty of getting the buyer out if they do not pay. Subject to is a good system for you to buy houses with little or no risk. If you are a seller, look into the Famous Rent to Own Program™ covered in the next installment.
A Few Tips to Sell House QuicklySelling houses serves as a fantastic opportunity to earn huge income streams that can provide security and comfort for the family. As a real estate investor for 16 years, I've learned a few tricks that are very effective to quickly sell a property. The right marketing techniques coupled with persistence and hard work are some of the things that have helped me succeed in my career. Let these strategies also help those who plan to climb the real estate career ladder and make a fortune through the buying and selling of properties. Making the first move can be quite daunting most especially if you're a first timer. It always begins that way and every person has to do something the first time in order to get to a goal. You can start by enrolling in a good real estate training program. These training courses will teach you how to identify good locations in which to buy and then sell a house. Training programs conducted by experts in the field will also present you to tried and tested formulas for selling houses. Once you've learned the basics of real estate investing, start with one property first. Make improvements when needed and get the house cleaned to make it look attractive to your target market. When you're buying an old property, expect to make renovations to the house. A fresh coat of paint, new carpeting, tile replacements and yard improvements among others are some of the things that you'll probably need to take care of. Think of how you want a house to look like if you're the buyer and do all the fixing that's necessary. Market the property and inform people about it. One way of doing this is to put up an attractive "For Sale" sign on the property. The sign must include a contact number so interested buyers know where to reach you. A phone number that's easy to remember would be a plus. Ensure as well that your signage can be easily read by passing motorists. Prepare flyers and distribute these around the neighborhood and in areas where your target market is located. If the house is near a golf course for instance, place flyers under car wipers in the golf course parking lot. Distribute flyers where plenty of people will find it, most especially in nearby shopping malls and recreational facilities. In marketing houses, the sales pitch is very important in getting people to notice your house and take action. Write strong adjectives and convincing words. Instead of saying, "house for sale", write "shabby chic elegance in the city". Include as well the best features of the house and what buyers can benefit from it. Is the house near a school? Does the house have an extra room? Tell people about it with a very persuasive sales pitch. Placing an ad in the newspaper can be costly but it is a great way to reach a number of people. Look for someone who wants to share an ad with you to save money. Think of the days wherein more people read their papers and get your ad published in those days. The ad doesn't need to come out every day. Twice or thrice a week should be enough to inform plenty of people that you're selling a property.
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