Know the Best Methods to Sell your House Fast in London
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Cant Sell House - Innovative Ways to Sell Your House
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.
Top 5 Secrets of Selling House FastSo your goal is to sell your house right? The problem is that the real estate agents even though they know tips to sell house fast they have high commissions. Another problem with selling your house is how long can you wait until you actually sell your house, because maybe the loan rate is coming and you don't have the money to pay for it. If you decide to hire a real estate agent then the best method to find a good one with low commissions then you should ask somebody from your family or from your friends. Tips to sell house fast: Make small adjustments, that cost little but improve the look and use of your house. Something like changing a fridge, a toilet or a bathtub. Of course if you have money to invest, or you just make money from flipping houses then you should invest in something that will change the look in a bigger scale: putting some grass-court around the house, repaint some rooms, and so on. Another tip is to know that the number of baths and rooms, can raise the price of your house.I mean if in the house can live 4-5 persons and you only have a bath then the price of your property will lower, and you will get less money just because you didn't have 2,3 baths. So with a couple of thousands invested you could earn more when you sell the house. Think what you would want from a house, what appliances, what utilities and so on. You can put yourself in the place of a buyer and evaluate your property but try to be fair when you evaluate. Details matter. Yes, small details like a broken bulb, or a broken lock will sure lower the offer that you will receive on your property. So fix and improve all the small details if you want to sell your house quick and receive higher offers. Make money through buying and selling or flipping houses. There are money to be made through flipping properties, big money. You could make a couple tens of thousands in a few months. But be aware that you need to work hard because the possibility to hire a company to renovate your house it's not viable, because it could probably "eat" your profit. A clean house it's better than a dirty one. Don't show your house to possible buyers if it's messy or unclean. The big offer illusion. This scenario often make people to think that they can get a higher offer on their property. Here is the scenario: You find the first possible buyer and he makes an offer, less than what you asked for. You see that you have received an offer from the first buyer and you think:" Well if he offered me a price and he is the first viewer then I should wait a little to receive a higher offer." You can be right but it's not a rule that you will receive higher offers, and you could wait months until you will receive an offer again, so think about it: Are you able to wait a couple of months? Are you sure that you want to pass this offer that you have just received? The offer that you have received it's true, real, and you shouldn't refuse it if you need to pay the loan next week, or you really need cash ASAP. Another important hint from the long list of tips to sell house fast is using the right method to evaluate your house at a price that will attract a bunch of offers. Find out what your house worth by looking at the houses from your neighborhood. The tip to receive offers fast and sell your house quick is to price your house 10% lower than your neighbors. The most searched houses on the market are the cheapest and the newest.
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