Know the Best Methods to Sell your House Fast in London
Homesoldquickly.com is the London’s leading home buying company and one of the only genuine cash home buying companies around. The company is owned and managed by property professionals with over 300 years’ combined experience in buying homes in London. Our reputation for dealing honestly and fairly with our customers, and for going out of our way to offer the very best price we can for every property is second to none. For more details on Sell A Property Quickly London contact us.
A Few Tips to Sell House Quickly
Any person who is attempting to sell house in the present housing market, understands the difficulties they are facing in attempting to accomplish this goal. Even individuals who have not yet put their mansion on market can see the problems that many other householders are having when it comes to trying to market and sell their property.
If you are looking to efficiently sell your house at a better rate of speed, it is crucial that you first understand the current problems that homeowners are facing in relation to selling their home. By increasing your knowledge of the situations, you will improve your opportunities to find successful sales.
The difficulties that are currently affecting the housing market are no secret to anyone. Whether you own a single dwelling or multiple homes, the need for selling your property quickly can save money and increase the financial gain you will have on your property. For any individual looking to sell their property, it is very easy to list their home on several other sites or with an estate agent.
This ease of entry into the housing market, in combination with the high number of persons currently attempting to sell a property, serves to create problems when a homeowner is finding to sell house fast. This problem is only further exacerbated when you incorporate the financial struggles that many individuals are experiencing as a result of the recent economic decline.
When you are looking to expedite your house selling process and avoid the long term reality that is involved in the housing market, one option available to you is with utilizing a house buying service. These services represent an opportunity where a company will purchase your home for cash in a significantly shorter period than would have been available if you had placed the home on the market. When you are able to get an immediate bid on the property you are looking to sell, you can save an incredible amount of money as it relates to estate agents fees, as well as the expenses you would have to pay to keep your property through the many months it would take to sell. By supplying these companies with the information on your property to sell house quickly, you will often find a very short turnaround time for this company to make a cash offer on your property.
Selling your home in the current housing market has proven to be a very difficult task for even the most skilled estate agents. When you desire speed in relation to your residence sale, it is significant to look at all the opportunities that are available to you. When you need to sell house immediately, seek the opportunities that are offered by a best house buying service provider.
Top 5 Secrets of Selling House Fast
Selling 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.
At Homesoldquickly we can speed up the Process of selling your House fast in London
Know the Best Methods to Sell your House Fast in London
Homesoldquickly.com is the London’s leading home buying company and one of the only genuine cash home buying companies around. The company is owned and managed by property professionals with over 300 years’ combined experience in buying homes in London. Our reputation for dealing honestly and fairly with our customers, and for going out of our way to offer the very best price we can for every property is second to none. For more details on Ways To Sell Your Home Quickly London contact us.
Sell House Online - 3 Tips to Increase Selling Your House Online
3 Tips to Make Your House Stand Out Online
You've decided that it's time to move on and you need to sell your house. Some people go the traditional way and sell their property through a realtor, but with peoples lives are today, most people don't have time to browse through the listings in the windows; 99% of property searches are done online. So it makes sense to sell house online.
Here are 3 tips that will help you get people to firstly look at your advertisement on the internet, but through your front door.
1. De-clutter - Once you have decided to sell your house online, you need to lose your emotional tie to the house and start to pack up 50-60% of your personal belongings. Your house needs to become a house that shows how well furniture fits, but not how much 'stuff' you can fit into the house.
2. Fix the little things - A chipped door to the master bedroom is a cheap and easy job to do. So is the cementing the missing tile that came lose 18 months ago in the bathroom that you haven't got around to fixing. And the missing front door bell, fix it so you know when people have arrived to look at your house.
3. Photos - These are so important! After you've de-cluttered and tidied up your house, made it into a display house' take and then as many photos as possible. When people read the listing they understand how many bedrooms the house has and that it has a 'modern' kitchen, etc. But a photo will either turn people away, as your house isn't what they are after (that's fine, otherwise they would be wasting your time) or get people interested to contact you to organise a viewing.
These steps are a great beginning to you selling your house online easily, fast and hassle free.
I'm passionate about selling and buying property. I've got my own investment properties, I help others buy their own properties, as well as help others sell their properties for a profit. When people sell house online, there is the long and hard way, or the fast and easy way of selling online, it's as simple as selling on eBay. Here are a few more tips to help you get your house sold online fast and easily
Sell House Online - 3 Tips to Increase Selling Your House Online
Selling 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.
At Homesoldquickly we can speed up the Process of selling your House fast in London
Know the Best Methods to Sell your House Fast in London
Homesoldquickly.com is the London’s leading home buying company and one of the only genuine cash home buying companies around. The company is owned and managed by property professionals with over 300 years’ combined experience in buying homes in London. Our reputation for dealing honestly and fairly with our customers, and for going out of our way to offer the very best price we can for every property is second to none. For more details on Fastest Way To Sell Your Home London contact us.
Sell Your House Fast Using Existing Financing to Sell Houses Faster
It is now doubt the real real estate market will slow down during the holiday season. This is good for realtors and real estate investors who have been working very hard to help clients buy and sell houses but not so good for buyers and sellers.
If you are in the market to buy a house, December and January can be a good time to pick up some great deals on a house because there are not many buyers. It can also cause an issue for home buyers because the number of available homes typically is lower during the holidays as home sellers don't want to move during this time.
The cold weather also has an affect on the real estate market. The colder it is outside the less home buyers are out shopping for a great new home and the less number of open houses real estate agents hold. In months when the weather is warm the number of houses for sale increases and so does the number of sold homes each month.
Does this mean you should wait to sell your house until Spring? Well, if you can wait it might be a good idea too, but many home owners need to sell their house now. The truth is life happens and there are many reasons a home you expected to stay in for seven to ten years suddenly becomes a home that you can only stay in for two or three years.
Home owners who need to sell their house fast typically have one of the following reasons: foreclosure, job transfer, divorce, relocation, family illness, short sale, etc. There are many reasons home owners need to sell a home but if you are experiencing any of the above stated issues you are more likely to need to sell quick.
The problem with needing to sell a home fast in the current real estate market is many home owners do not have much equity so selling a house can be very difficult. If you owe more for your home mortgage than what your home is worth it can seem impossible to sell your home. The truth is you still have home selling options. You can have a professional realtor or investor complete a short sale, lease option your home until the market increase or you can rent your house until the market increases and sell then.
It is important that if you are wanting to sell a house you discuss all your options with a real estate professional. Real estate can be a tricky thing to handel especially when you have an emotional attachment to the home. Discussion all your options with someone who is an expert and does not have an emotional attachment can help ease the process of selling a home.
How to Sell House Fast
You may have found this article through a search on words such as "want to sell house" or "cant sell house" or even "cant sell my home". Whichever is the case you will find useful information regarding creative ways to sell your house. Do you have a house selling plan while trying to sell your home? If not, then you really should.
A house selling plan positions matters in perspective for you when you wish to sell your house. A house selling plan includes those matters that can be done to enhance the market place value of your house. A house selling plan regulates your steps in your endeavor to sell your house. Like all other commodities, there are times that the demand for houses will decrease. If you sell your house during a decrease in realty demand, you may end up making meager profits. If, however, you sell your house when the demand for realty is high, you will get a handsome profits. Real estate agents demand a lot of money to carry out their jobs. The realty agent is answerable for liaising with other realty agents in order to secure a contact to purchase your house. Real estate agents have lots of obligations therefore their high fee. But trust me, they can be very helpful if you discover the right ones. You can save as much as nine thousand dollars if you sell your house yourself, depending on the kind of house you have. The enormous cost that you can save by selling your house alone can be incentive enough to succeed at it.
Familiarize yourself with realty laws and proceed to be a success at selling your own house. If your house is in desperate need of a second touch, engage an interior decorator. An interior decorator can assist to whip your house into shape and make it extremely marketable. Don't overlook the exterior of your house because you are striving to turn your house into an impressionable building. You will need to be extremely mindful about which realty firm you patronize. Be especially wary of online realty services because of the scam prospective that the internet poses. Make sure that any online realty service you are buying at has a physical address and a telephone number. Many people fail to take into account the impact a well maintained house can have on the price tag of the house. No prospective house owner will be ready to pay a great deal of money for a storm-beaten house. A house that does not lack any fundamental feature can sell much quicker than one which does. The way you present your house to a prospective buyer can determine a lot of matters. If your house fails to snag the immediate attention of house buyers, you wont sell your house as promptly as you wish to. Remember that when it comes to house sales, impression counts a great deal.
At Homesoldquickly we can speed up the Process of selling your House fast in London
Know the Best Methods to Sell your House Fast in London
Homesoldquickly.com is the London’s leading home buying company and one of the only genuine cash home buying companies around. The company is owned and managed by property professionals with over 300 years’ combined experience in buying homes in London. Our reputation for dealing honestly and fairly with our customers, and for going out of our way to offer the very best price we can for every property is second to none. For more details on Quickest Way To Sell My House London contact us.
Cant Sell House - Innovative Ways to Sell Your House
You may have found this article through a search on words such as "want to sell house" or "cant sell house" or even "cant sell my home". Whichever is the case you will find useful information regarding creative ways to sell your house. Do you have a house selling plan while trying to sell your home? If not, then you really should.
A house selling plan positions matters in perspective for you when you wish to sell your house. A house selling plan includes those matters that can be done to enhance the market place value of your house. A house selling plan regulates your steps in your endeavor to sell your house. Like all other commodities, there are times that the demand for houses will decrease. If you sell your house during a decrease in realty demand, you may end up making meager profits. If, however, you sell your house when the demand for realty is high, you will get a handsome profits. Real estate agents demand a lot of money to carry out their jobs. The realty agent is answerable for liaising with other realty agents in order to secure a contact to purchase your house. Real estate agents have lots of obligations therefore their high fee. But trust me, they can be very helpful if you discover the right ones. You can save as much as nine thousand dollars if you sell your house yourself, depending on the kind of house you have. The enormous cost that you can save by selling your house alone can be incentive enough to succeed at it.
Familiarize yourself with realty laws and proceed to be a success at selling your own house. If your house is in desperate need of a second touch, engage an interior decorator. An interior decorator can assist to whip your house into shape and make it extremely marketable. Don't overlook the exterior of your house because you are striving to turn your house into an impressionable building. You will need to be extremely mindful about which realty firm you patronize. Be especially wary of online realty services because of the scam prospective that the internet poses. Make sure that any online realty service you are buying at has a physical address and a telephone number. Many people fail to take into account the impact a well maintained house can have on the price tag of the house. No prospective house owner will be ready to pay a great deal of money for a storm-beaten house. A house that does not lack any fundamental feature can sell much quicker than one which does. The way you present your house to a prospective buyer can determine a lot of matters. If your house fails to snag the immediate attention of house buyers, you wont sell your house as promptly as you wish to. Remember that when it comes to house sales, impression counts a great deal.
A Few Tips to Sell House Quickly
It is now doubt the real real estate market will slow down during the holiday season. This is good for realtors and real estate investors who have been working very hard to help clients buy and sell houses but not so good for buyers and sellers.
If you are in the market to buy a house, December and January can be a good time to pick up some great deals on a house because there are not many buyers. It can also cause an issue for home buyers because the number of available homes typically is lower during the holidays as home sellers don't want to move during this time.
The cold weather also has an affect on the real estate market. The colder it is outside the less home buyers are out shopping for a great new home and the less number of open houses real estate agents hold. In months when the weather is warm the number of houses for sale increases and so does the number of sold homes each month.
Does this mean you should wait to sell your house until Spring? Well, if you can wait it might be a good idea too, but many home owners need to sell their house now. The truth is life happens and there are many reasons a home you expected to stay in for seven to ten years suddenly becomes a home that you can only stay in for two or three years.
Home owners who need to sell their house fast typically have one of the following reasons: foreclosure, job transfer, divorce, relocation, family illness, short sale, etc. There are many reasons home owners need to sell a home but if you are experiencing any of the above stated issues you are more likely to need to sell quick.
The problem with needing to sell a home fast in the current real estate market is many home owners do not have much equity so selling a house can be very difficult. If you owe more for your home mortgage than what your home is worth it can seem impossible to sell your home. The truth is you still have home selling options. You can have a professional realtor or investor complete a short sale, lease option your home until the market increase or you can rent your house until the market increases and sell then.
It is important that if you are wanting to sell a house you discuss all your options with a real estate professional. Real estate can be a tricky thing to handel especially when you have an emotional attachment to the home. Discussion all your options with someone who is an expert and does not have an emotional attachment can help ease the process of selling a home.
At Homesoldquickly we can speed up the Process of selling your House fast in London
Know the Best Methods to Sell your House Fast in London
Homesoldquickly.com is the London’s leading home buying company and one of the only genuine cash home buying companies around. The company is owned and managed by property professionals with over 300 years’ combined experience in buying homes in London. Our reputation for dealing honestly and fairly with our customers, and for going out of our way to offer the very best price we can for every property is second to none. For more details on Sell House Fast Reviews London contact us.
Sell House Online - 3 Tips to Increase Selling Your House Online
It is now doubt the real real estate market will slow down during the holiday season. This is good for realtors and real estate investors who have been working very hard to help clients buy and sell houses but not so good for buyers and sellers.
If you are in the market to buy a house, December and January can be a good time to pick up some great deals on a house because there are not many buyers. It can also cause an issue for home buyers because the number of available homes typically is lower during the holidays as home sellers don't want to move during this time.
The cold weather also has an affect on the real estate market. The colder it is outside the less home buyers are out shopping for a great new home and the less number of open houses real estate agents hold. In months when the weather is warm the number of houses for sale increases and so does the number of sold homes each month.
Does this mean you should wait to sell your house until Spring? Well, if you can wait it might be a good idea too, but many home owners need to sell their house now. The truth is life happens and there are many reasons a home you expected to stay in for seven to ten years suddenly becomes a home that you can only stay in for two or three years.
Home owners who need to sell their house fast typically have one of the following reasons: foreclosure, job transfer, divorce, relocation, family illness, short sale, etc. There are many reasons home owners need to sell a home but if you are experiencing any of the above stated issues you are more likely to need to sell quick.
The problem with needing to sell a home fast in the current real estate market is many home owners do not have much equity so selling a house can be very difficult. If you owe more for your home mortgage than what your home is worth it can seem impossible to sell your home. The truth is you still have home selling options. You can have a professional realtor or investor complete a short sale, lease option your home until the market increase or you can rent your house until the market increases and sell then.
It is important that if you are wanting to sell a house you discuss all your options with a real estate professional. Real estate can be a tricky thing to handel especially when you have an emotional attachment to the home. Discussion all your options with someone who is an expert and does not have an emotional attachment can help ease the process of selling a home.
Top 5 Secrets of Selling House Fast
Selling 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.
At Homesoldquickly we can speed up the Process of selling your House fast in London
Know the Best Methods to Sell your House Fast in London
Homesoldquickly.com is the London’s leading home buying company and one of the only genuine cash home buying companies around. The company is owned and managed by property professionals with over 300 years’ combined experience in buying homes in London. Our reputation for dealing honestly and fairly with our customers, and for going out of our way to offer the very best price we can for every property is second to none. For more details on Who Can Buy My House Fast London contact us.
Assess Your Opportunities When Seeking To Sell House Quickly
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.
Assess Your Opportunities When Seeking To Sell House Quickly
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.
At Homesoldquickly we can speed up the Process of selling your House fast in London
