Sale of the Home
If you have not been able to work with the existing lenders, or find new
lenders to complete a loan transaction in a TIMELY MANNER, it is time
to get serious about selling. The sooner you start preparing your home
for sale and listing it for sale with a Realtor who uses a Multiple Listing
Service (MLS), the better your chances of getting a fair market offer
to purchase your home.
1. Is your home in good enough condition
to be sold at fair market value (same price as similar properties in your
area)?
If not, can you afford to fix it up? When you sell your home in need of
repair, the sale price will have to be "discounted" for the buyer to fix
up your home.
2. Do you have enough time to sell it?
Many owners wait for their "pending new/refinance loans" and by the time
they find out they cannot get financing, there is not enough time to sell
the house with a Realtor. The longer you wait, the more likely you will
need to sell your home to an investor who offers "a quick closing, all
cash transaction" for significantly less than fair market value. If you
have time to list with a realtor, be sure to limit the length of time
for the listing agreement in case it does not sell and you want the option
to sell to an investor. Investors cannot legally purchase properties listed
with realtors.
3. Realtors charge 6% commission.
4. Ready to SELL
TO AN INVESTOR?
There are several advantages to choosing to sell to a private investor.
The sale is finalized and the money paid to you within 1 week. Ordinary
burdens of selling your home are paid for by the investor including termite,
roofing, structural, plumbing and any other inspections as well as the
necessary repairs. The investor pays escrow, title search, and recording
costs. There is no realtor commission. Foreclosure will not be on your
credit record.
