Selling Your House on Terms
Selling your house on terms has a lot of advantages. Many people are not willing to sell their house on terms because they don’t know how or are scared to. If you can learn how to sell your house on terms, you can get a better price and sell your house faster.
In another article, I went on a tangent about most people wanting full retail price and all cash for a house that is not in full retail condition. Here is our solution to getting closer to that price with those “less than perfect” houses. After all, you can’t get a new house price if it doesn’t look new, unless you offer some added value like “in house financing”.
“Selling your house on terms” means taking payments on the price of the house over time. You get a better price for your house because you are offering financing with the house, which adds value to the product you’re selling. The buyer does not have to go to the bank. Also, many people make more money selling a house on terms with interest. Selling on terms is why cars and houses are priced higher than the average person can afford. The better the financing, the more house they can afford. Let me explain why this is such a good deal with a chart to show each fix that comes with this way of selling.
|Problem to fix||Selling on terms fix|
|1. Can’t Afford the Payments||1. Sell with same monthly payments to cover your payments.|
|2. House won’t sell||2. Owner Financing brings more buyers and adds value.|
|3. Upside down in house||3. Selling with terms can pay down your mortgage until the balance is less than the house value.|
|4. I’m selling a mobile Home and the banks won’t lend on it.||4. Be the bank and make the money they would have.|
If you sell a house, paid off the mortgage and have, for argument, $15,000 to put in the bank, what are you going to do with that money? Leave it in the bank? Let it earn that .000001% the banks are famous for, GREAT CHOICE! How about leaving your money IN the house and make back the interest the bank charged you when YOU bought the house. Now you’re earning 5, 6, 7%, AND if it doesn’t work out, take back the house and sell it again. Try doing that with stocks and mutual funds. “Yes, my stock values dropped and I would like my money back please”. Don’t hold your breath unless “Smurf” is your color.
If you want to hear more about selling your house NOW with terms, Call us or opt-in on the home page of our website at Real Estate Problem Solver.