How to sell your house fast in a down market
If you are one of the many people who want to sell your house this summer, then this article is for you. I am going to explain your options so that you can make an informed choice when it comes to selling your house fast.
The most important thing to remember is that selling a house is a two-sided transaction so it works like yin and yang in order to get something you must give something. This is regardless of whether or not it is a seller or a buyer’s market. In either case, you MUST give to get. So let’s begin.
#4 Sell for a low price
This is what most sellers consider when trying to sell fast. This is effective only if you have a lot of equity and you are willing to give up a chunk of it. In this scenario, I would do a large drop on the price if it does not initially sell if you are already listed. Small drops over a long period simply make the seller look desperate to buyers and they know that the seller has room to negotiate.
#3 Offer broker bribes
One of the best ways to generate buzz for your property, if it is listed on the MLS, is to offer additional incentives to the gatekeepers. The agents are motivated by money just like everyone else. Offer to pay agents extra money if they bring you a buyer by a set date. The bigger the incentive you offer the stronger the agents motivation. This also works if you advertise your home on your own. Offer to give extras away to a buyer if they give you an offer before a deadline and close. I have even seen sellers offer cars and TVs for a fast close. If nothing else, this will generate buzz in the market for your property and get more people to look at it.
#2 Rent until you sell
Renting until the market improves is another way to get rid of a house quickly. In my opinion as the seller, you should not rent your own property out. As a seller, you are too attached and emotionally involved to make an informed decision on a renter. Hire a company to rent the property for you. That company will find you a good renter to rent out your house and they are not driven by emotion. This isn’t officially selling your house, but it will stop the bleeding on that extra mortgage payment you are making.
#1 Sell with owner financing
In my opinion, this is one of the best ways to sell fast. Banks are getting stricter with their lending. However, if you offer your own financing to buyers then you open up a completely new group of buyers and you are much more likely to get the price you want. The only drawback is that in many cases with owner financing you won’t get all of your cash from the house. But if structured correctly you can still get a significant amount.
So try these steps out and consider your options before you make a move. Your motivation to sell in this market will directly affect the speed in which you sell a home.
Until next week, Good luck and God Bless and remember… If you want to sell your house within 7 days regardless of if you have equity… check out our informative website at www.sellonterms.com for more information.
