Hi Norma-

If reducing the price of the home becomes the last option, consider seller carry-back financing instead.  Don't give up on your client and they will remember your dedication when the need to buy or sell property arises in the future.  Asking them to lower the selling price can have negative connotations.  Tell them about carrying the note themselves instead.

If the seller owns their home outright, or very nearly so, they can write up a contract tied to the mortgage and provide financing to a buyer (just like a bank can).  If they chose to do that, then they would open up an opportunity to a whole new market of buyers - those who do not qualify for financing from traditional lending institutions - that would be more than happy to pay full asking price (and usually a higher interest rate) just to have a home of their own.  And, with the help of a real estate attorney that you recommend, you will still get your commission out of it.

In as little as six months down the road that contract/mortgage - which is a marketable item that investors buy all of the time - can be sold for cash.  Or, if your client prefers, he now has a monthly income that will last for the term of the mortgage or until the home buyer refinances.  This is also a great option for the buyer because he gets into his home of choice and, a few years of timely payments down the road, has established a credit rating high enough to refinance at a lower rate of interest.

I own a company called Greene Notes, LLC and helping people sell their unwanted real estate notes is what we do.  We work with builders who provide in house financing to their clients by selling the notes generated from the sale to investors so that the builder can use the money for new projects instead of waiting 30 years to collect what they are due.  We work with investors who buy homes (like in foreclosure), sell them and carry the note, to sell that note so that they may buy more homes.  And, we work with individuals who had a difficult time selling their home, provided seller carry-back financing in order to get it sold, and now would like to get cash for their note.

In these times it is not uncommon for homes to sit on the market for years.  If a client could sell their home fast , at the price they want, and collect payments for six months, then sell the note they are holding for the cash they wanted in the first place, then they are much farther ahead.  This option is growing in popularity all of the time because of the ups and downs in the real estate and banking industry.

www.GreeneNotesLLC.net Check us out

Regards,

Shan Greene