So you want to sell in this crazy unstable market and you're not sure if it's better to wait the market out or sell now. Let me give you some insight on some different strategies you can implement NOW and take control of your real estate portfolios.
"Regular Sale"
Sell it as you regularly would...you may have to bring cash to closing/settlement/close of escrow.
"Short Sale"
Have you over leveraged yourself? Is your ARM about to adjust? A short sale is when you sell your property for less than you owe, shorting the lender. This process gets more difficult if you have two loans, or if you have PMI.
"1031 Exchange"
Did you know that the 1031 Starker Exchange is not only for Gains but you can also Defer Losses? Yes, that's right. You can do on of the two strategies above and then defer the LOSS. Please consult a 1031 Attorney or 3rd Party Intermediary for more information. If you'd like me to connect you with one, please let me know.
"Lease/Option"
This is when you find a tenant-buyer for your property, you usually will find credit impaired people, and your job is to help them fix their credit issues so they can buy your home. Using this strategies usually yields you more rental income as long as it is a fair sales price in the end. If you google "lease option" you will find a wealth of knowledge. Please know I am also here if you have questions on how to implement this.
"Subject to"
Using this advanced investing technique is more difficult. You have another investor take over your property subject to the existing mortgages. For more information, you can contact Jason Hanson, a real estate coach who teaches investing at www.primocoach.com.
These are just overviews on these various strategies, if you live in VA and would like a private consultation, I can be contacted at 703-304-3560.
Felix Hung, Realtor, RE/MAX Distinctive, 2507 N Harrison St, Arlington VA 22207
NVAR TOP PRODUCER 2005, 2006
NVAR Multi-Million Dollar Club 2004, 2005, 2006
RE/MAX 100% Club
Former Combat Engineer US Army
Volunteer Wrestling Coach, G C Marshall HS, Falls Church VA
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