Selling Your Home?

Drive around any area of your town and count For Sale signs. How many are FSBO's? Do you know how long they have been for sale? There was a time when selling your home on you own was an effective way to attract buyers and on occasion, actually close a deal. That time is past.

Did you know that overall a qualified Realtor routinely gets a higher price for your home simply because most sellers don't have a clue about determining value? How many homes have you bought and sold in your lifetime? Two? Three? Are you fully prepared to determine value in today's fast changing market, properly stage your home for showings to the widest array of buyers, allow total strangers into your families sanctuary, negotiate price, execute proper disclosures, review contracts and prepare for inspections and on and on? And if the deal falls through, what then? Are you protected?

Don't feel bad if your efforts have not resulted in a completed sale. Many real estate agents are looking at new careers too.

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Better be very careful with this one or pay for good legal advice beforehand. State laws vary greatly and many make it very difficult to structure an "option to buy" on terms that will make you happy. The risks are enormous and are best left to those with the money and resources to make it work. Did you know only a small percentage of lease to own agreements convert to an actual purchase? Who does what if the furnace goes out? Do you get to deduct the mortgage insurance? Who is liable if a stranger gets injured on YOUR property? How much if anything goes toward the purchase price and how long is the term of the lease? What if they still can't qualify at the end of the term? And the biggest if...what if they wreck your property and then walk?

Lease purchase is certainly a possibility but is best left to those with a good understanding and an exit strategy in hand.

I hear you loud and clear and so do thousands of others who even in this crazy market are right now making deals happen in every part of the country. They don't by into the sluggish economy or distressed area syndrome and they are tired of hearing that banks aren't lending or there are no qualified buyers. Instead, people from all over, including your community, are making the commitment to help struggling homeowners because it makes sense to do so. Buyers are lined up and qualified in many instances to make cash deals and are signing contracts in L.A., Florida, Kentucky and Washington D.C., in all 50 states and even Canada. So why can't you find them? Because the banks and mortgage companies don't want you to, that's why. To them it is direct competition and we think that's good. Neighborhoods are being saved and communities are being brought back from the brink. Property revenue is increasing because Private Investors are out there doing the job of increasing home ownership and restoring the American Dream and you can connect to them for solutions that match your needs now.

Often, even when pressed, sellers are reluctant to give out much information. May I remind you that you will lose the interest of someone who may give you a cash offer quickly, provided they have enough to base their decision upon. As an investor, I'd want to know you are serious about getting a deal done. Nearly everything they ask is a matter of public record but if you aren't forthcoming...they will be going and they won't look back. Sounds a bit harsh but believe me when I say they have plenty of distressed sellers to choose from and to them, time IS money and neither will be wasted.
Here's a summary of what they may ask.

1. Of course, your contact information. Full name, mailing address, phone, email address, best time to call you etc.
2. Property information. Street address and legal description, asking price...what do you think it will appraise for if in EXCELLENT condition..what part of town?
3. Mortgage information. Current lender..loan balance...your interest rate and monthly payment..additional mortgages or liens are payments behind...if so, how much? Are taxes current?
4. Description. Number of bedrooms...baths...square footage..lot size...type construction (frame, brick, other)...a/c...appliances...garage
5. Is the home vacant?
6. Why are you selling? Is it currently listed with an agent?
7. How'd you arrive at your asking price?
8. Condition of home.
9. Does it need any repairs? Cost estimate of repairs if needed.
10. How soon do you need to sell? Will you sell for what's owed on it now?

Now how hard was that?

I said before that time is money and this is all business to an investor. Determining whether your property merits a further look can usually be done in minutes. Bottom line is that if your property meets the investors minimum conditions, meaning if they can buy your property and make money at some point, you'll likely get a follow-up appointment for a closer inspection and quite likely an offer immediately or soon thereafter. And you can get on with your life at last. It's difficult, I know, to accept less than you expect for your property, especially if it is your home but that is the reality of today's market. If private investors weren't there to offer alternatives such as quick closings or cash deals there would be many more foreclosures on the horizon. If you are one who has been making payments on two homes just imagine your relief to be out from under that burden.

In my next update I will tell exactly how to find someone ready to make deals.