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Buy My Home - Insider-Secret to Sell Your House Fast - American Daughter Oct 24, 2012, 3:00 am
As a real estate investor, I have seen many 'buy my home' strategies. Recently, I witnessed a man wearing a sandwich board with "Buy My House" painted in bright red letters. He handed real estate flyers to everyone who passed by. I couldn't resist having a conversation with him. After all, what would possess a grown man to stand on a street corner in an attempt to sell his home?
It seems his 'buy my home' strategy was inspired by a gentleman who used a sandwich board to obtain employment. The distressed homeowner was facing foreclosure because he had lost his job and one month later his wife was diagnosed with cancer. He had to choose between making his mortgage payments or paying for his wife's medication.
As sad as his story is, millions of homeowners are in the same boat. People are drowning in debt, unemployed, uninsured, and struggling to keep their home out of foreclosure. Few people are buying houses and even fewer can obtain a mortgage loan because banks simply aren't lending money.
Sellers are getting creative in finding ways to sell their house quick. Some are offering seller carry back financing to attract buyers who otherwise could not afford to purchase a home. With seller carry back, the homeowner carries all or part of the financing. This strategy is great for buyers with less than perfect credit.
In most instances, sellers carry back 10- to 30-percent of the purchase price. The buyer obtains financing for the remaining balance. In essence, they have two loans - one to the seller and one to the lender. Seller carry back financing makes it easier for borrowers to obtain financing from a bank because it appears as if they have built-in equity in the real estate.
When sellers provide 100-percent financing, seller carry back terms generally last three to five years. At the end of the term, buyers must obtain traditional financing. This allows buyers time to build equity in the home, clean up their credit, and show they have paid consecutive payments in a timely fashion.
Another popular 'buy my home' tactic used by realtors and investment groups is organized bus tours. I recently embarked on a house buying tour in Las Vegas. Twenty investors and home buyers toured four neighborhoods and viewed nearly 80 homes in six hours.
It is rather surreal to step off a bus and be greeted by homeowners carrying picket signs while chanting "buy my house, buy my house". The carnival-like atmosphere included children offering lemonade and cookies as they handed out flyers promoting their homes.
In today's downturned housing market, it has become increasingly difficult to sell a home. Many homeowners are going to great lengths to sell their house fast. Some offer tickets to concerts and sporting events. Others offer to include household furnishings or big screen TVs. I even heard one woman offer her purebred dog as added incentive to buy. As the saying goes, desperate times call for desperate measures.
One little known secret and under-utilized resource for selling houses fast is to seek out private real estate investors. Investor networks are located in nearly every metropolitan city and can easily be located via the Internet, through realtors and real estate brokers.
Many real estate investors buy houses with cash; eliminating the need to pay realtor commissions. Closing can occur in days instead of weeks and everyone comes out a winner. Experts recommend retaining the services of a real estate attorney to ensure legal documents and title transfers are properly executed.
While it can be tempting to offer incentives or engage in extreme marketing tactics, there is no need to walk the streets wearing a sandwich board or wait for a charter bus to bring potential buyers into your neighborhood. Instead, seek out professional real estate investors and leave the marketing antics to your neighbors.
Simon Volkov is a private real estate investor interested in purchasing buy my home real estate from distressed homeowners. If you are facing foreclosure, have obtained short sale approval, or own probate real estate, visit http://www.SimonVolkov.com today to discover available options.
It seems his 'buy my home' strategy was inspired by a gentleman who used a sandwich board to obtain employment. The distressed homeowner was facing foreclosure because he had lost his job and one month later his wife was diagnosed with cancer. He had to choose between making his mortgage payments or paying for his wife's medication.
As sad as his story is, millions of homeowners are in the same boat. People are drowning in debt, unemployed, uninsured, and struggling to keep their home out of foreclosure. Few people are buying houses and even fewer can obtain a mortgage loan because banks simply aren't lending money.
Sellers are getting creative in finding ways to sell their house quick. Some are offering seller carry back financing to attract buyers who otherwise could not afford to purchase a home. With seller carry back, the homeowner carries all or part of the financing. This strategy is great for buyers with less than perfect credit.
In most instances, sellers carry back 10- to 30-percent of the purchase price. The buyer obtains financing for the remaining balance. In essence, they have two loans - one to the seller and one to the lender. Seller carry back financing makes it easier for borrowers to obtain financing from a bank because it appears as if they have built-in equity in the real estate.
When sellers provide 100-percent financing, seller carry back terms generally last three to five years. At the end of the term, buyers must obtain traditional financing. This allows buyers time to build equity in the home, clean up their credit, and show they have paid consecutive payments in a timely fashion.
Another popular 'buy my home' tactic used by realtors and investment groups is organized bus tours. I recently embarked on a house buying tour in Las Vegas. Twenty investors and home buyers toured four neighborhoods and viewed nearly 80 homes in six hours.
It is rather surreal to step off a bus and be greeted by homeowners carrying picket signs while chanting "buy my house, buy my house". The carnival-like atmosphere included children offering lemonade and cookies as they handed out flyers promoting their homes.
In today's downturned housing market, it has become increasingly difficult to sell a home. Many homeowners are going to great lengths to sell their house fast. Some offer tickets to concerts and sporting events. Others offer to include household furnishings or big screen TVs. I even heard one woman offer her purebred dog as added incentive to buy. As the saying goes, desperate times call for desperate measures.
One little known secret and under-utilized resource for selling houses fast is to seek out private real estate investors. Investor networks are located in nearly every metropolitan city and can easily be located via the Internet, through realtors and real estate brokers.
Many real estate investors buy houses with cash; eliminating the need to pay realtor commissions. Closing can occur in days instead of weeks and everyone comes out a winner. Experts recommend retaining the services of a real estate attorney to ensure legal documents and title transfers are properly executed.
While it can be tempting to offer incentives or engage in extreme marketing tactics, there is no need to walk the streets wearing a sandwich board or wait for a charter bus to bring potential buyers into your neighborhood. Instead, seek out professional real estate investors and leave the marketing antics to your neighbors.
Simon Volkov is a private real estate investor interested in purchasing buy my home real estate from distressed homeowners. If you are facing foreclosure, have obtained short sale approval, or own probate real estate, visit http://www.SimonVolkov.com today to discover available options.
