My suggestion to the looming mortgage problems.....is seller financing.
Why? Soon many would-be home buyers will not be able to obtain financing to buy a house. Lenders are tightening up as investors are being more cautious with lending.
Would be home buyers will either be renting or buying with seller financing.
There are many options to seller financing.
You could offer part or all (depending upon your current mortgage) of the financing to the buyer.
You could offer to sell the home on a lease option or lease purchase. This could assist the buyer into fixing up their dinged credit, earning more income, saving a substantial down payment etc. in the next year or two.
Then they'll hopefully be qualified for a decent loan program.
If you have a property to sell & you would consider seller financing we should talk. We can list, market & sell your house while you sit back & relax!
We've all reviewed the scary closing documents that tell us we will be paying back over $500,000 for a $200,000 house. As a seller holding financing, wouldn't you like to sell your $200,000 house today, collect mortgage payments for 30 years & end up making $500,000? Obviously, we all know that the owner will most likely refinance or move before 30 years are up but in the meantime why not earn an extra 7-10% off the sale of your home?
Having this extra option will make your home much more desirable in this current market.