SELLING A HOME THAT JUST WON´T SELL!

 

The quickest ways to move a hard-to-sell home are:
1. Reduce the Price
2. Provide Seller Financing
3. Offer a Lease/With Option to Buy

4. Consider private investors. Investors are usually looking for a bargain but will quickly purchase homes that meet their criteria.

Reducing the Price is simple but might be emotionally difficult. The important thing to keep in mind is that the property won't sell if it is priced above comparable homes in your neighborhood (where "comparable" means equivalent size, appearance and condition). To get the price your neighbor got, your house must be in equivalent condition.

Seller Financing

In some situations a good Buyer is temporarily unable to get a big enough mortgage to purchase your home.
For example:

  • The Buyer's funds are tied up in an IRA or other long-term investment.
  • The Buyer has children in the last year of college.

The above buyers might pay a higher price for your home, or agree to buy your hard-to-sell home, if you finance the purchase with a Seller's mortgage, either balloon or regular.


Lease With Option to Purchase:

Use when a home proves impossible to sell because prospective Buyers can't qualify for a mortgage loan.

Your prospective Buyer rents the home with an option to buy within six months to two years. If he exercises the option, the Buyer/renter pays a lump-sum of 3%-5% of the purchase price to the Seller. In addition to this down payment, the Buyer/renter pays a monthly sum (usually $100-$300) in addition to the regular rent. This monthly sum is credited to the purchase price and is non-refundable.

"Lease with option to buy" agreements are available at Office Max, Office Depot, Staples and other large office supply stores.

Other reasons a house might be hard to sell:

  • If it's not the price, the problem is with the property itself or the neighborhood.
  • If you have a problem neighborhood, the best place to find a buyer is among friends and relatives of people who live there. Mount a campaign to make sure everyone for blocks around knows that your house is for sale and know your asking price.

    Most of all, you may want to solicit the opinion of local real estate agents.