Re: Over my head!!! - Posted by Carmen_FL
Posted by Carmen_FL on March 02, 2000 at 15:27:29:
What have you tried? Perhaps then we can suggest alternatives.
Owner financing, lease options, the “5-day auction” method, dropping the price (drastically), etc. are all quick options to selling the house. Some people have even suggested RAISING the price!
Since you’ve already refinanced, perhaps the quickest, easiest thing to do would be a lease option. Get a couple of thousand down, and let them pay your mortgage for 6 months/year until they qualify. But don’t sit back if you really want to sell it - walk them through the process, or have a good, trustworthy mortgage broker get in contact with them immediately after they move in to nudge them along.
We have a property we needed to sell ASAP. We ran an ad for owner financing 3 weeks ago - got 42 calls one weekend. No real buyers. A few flakes. We signed a couple of contrats (we have a clause that gives us, the sellers, 72 hours to approve/deny the client and gives us the right to check their credit, run them by our mortgage broker, etc.), but they fell through. We kept one person’s $500 down payment; another flaked completely as we were sitting down to sign, after we had her approved for owner financing (until then SHE was calling US 3 times a day - weird). It’s all a numbers game! The more people call, the more chance we have to get “the” buyer. We try not to tie up the property without an approval, a short close date, and money up front because people are too wacky.
We got tired of waiting, so we dropped the price $5K last weekend. Of course, we made it sound like more in our ad. We’ll only get $20K on this deal, and only $10K profit - but it’ll keep us moving forward. Now we have 2 offers on the house - the one we’ve accepted is supposed to close in 2 weeks tops (already approved, etc.). We advertised it in the paper as:
First $79K takes it. App. at $90K.
Owner financing w/$4,500 down.
We didn’t get as many calls as the one titled “OWNER FINANCING”, but we did get some better quality people (already approved). Next time, I think I’ll add “quick close” - seems that many, many people “have to move next week” so that seems to bring them in.
We have some other properties to sell, so this weekend I’m going to go sit at the flea market for a day (cost: $5), test the waters - with owner financing, “bad credit” mortgage programs, lease options, “fixer-upper” l/os, etc. we can get almost anyone who wants a house into one - so we’re trolling for buyers to flip properties to.
Hope some of this helped. Sorry for the length. Whatever you do, don’t give up or lose momentum.