Posted by Carmen on March 21, 1999 at 09:43:43:
I would paper the entire neighborhood with flyers (surprising how many people rent who would like to buy but need a nudge to think about it). In these flyers, make sure you include “OWN FOR LESS THAN RENT!” “OWNER WILL HELP WITH CLOSING” and “LOW DOWN PAYMENT”. “ONLY $XXX A MONTH”. Talk to a mortgage broker, and get some numbers for the monthly payments.
I would hold an open house. Put an ad in the paper - “MUST SELL THIS WEEKEND.” “OWNER WILL HELP” “ONLY $XXX/MONTH” (you get the idea). No phone number, just an address and the times. Then put signs at all the main intersections leading to your house, with “FOR SALE BY OWNER - OPEN HOUSE”, and arrows leading to your home. Make them very visible (Balloons, etc. if there are no rules against it in your area). Do this on a Sunday, after church. Have a mortgage broker sit with you (his incentive-many clients to prequalify for other homes!). When people walk through, immediately prequalify them. If they ask “how much do you need down”, say “how much do you have”. If they say “what kind of help are you offering”, you say “what kind of help do you need”. If you do this right, you will sell the house, and have a list of potential buyers for your next homes. The mortgage broker should be able to find at least a few people with qualifications to purchase your homes, on terms good for both you and the buyer. You may need to do this for two weekends, but probably no more than that…