Hi this is Sara Im again,
I want to share with you an idear to help you sell in today's tough market. One of the major factor that make it difficult to sell now is the buyers cannot get financing. In this issue, I'm going to give you one idea that will help you open up your market much wider. My goal is to show you how you can attract more buyers to buy your house that you want to sell. Traditionally, you would prequalify your buyers to make sure they qualify for the mortgage loan. I am going to tell you to do something out of your comfort zone. I suggest that you start advertizing your house for sale with owner finance. For some of you who went to my website Ace-ValueProperties.com, you will find some valueble information that I'm going to extract a small piece to share with you now. The idea is to have the seller create a Temporary Owner Finaning Note, and sell that note to a note buyer at the closing. Therefore, the sellers will get the cash they want from the sale, the buyers get the house they want without having to go through a conventional financing. The note buyers usually are private investors who want to invest their money in a note secured by real estate. They don't have all the rigid requirements like the institution lenders. The application and the qualification process is very simple. However, the home buyer would need to have the money for down payment at least 5% to 10%. The interest rate will be a little higher than Conventional loan. However, some of these home buyers cannot get the loan through conventional loan program, but they have the cash for down payment.
If you never done this before you would want to talk to someone who can help you walk through the process once or twice to make sure the note is set up right with the criteria that the note buyer wants. You need to find the note buyer who is willing to buy that note first before you schedule the closing. You can search for my blog I wrote last week about "Tampa Note Buyer". As always, if I can help you in any ways, please write or call me at 727-512-3017.
Best wishes in selling.
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