Item In A Multi-Quantity Fixed-Price Listing Has Been Sold Quickly Selling Real Estate by Owner When Fast Cash Is Necessary

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Quickly Selling Real Estate by Owner When Fast Cash Is Necessary

The good days were refreshing. You could put a sign in your yard and get quick responses from interested potential buyers, or hire a listing agent and not worry about commissions eating up your cash. Times have changed.

Real estate has become competitive. In some areas, it is a seller’s market. In others, the buyer takes the reins. Regardless, there are many thousands more people in real estate now than there were then. With investment seminars and flip shows becoming more mainstream, the real estate pool is growing larger on a daily basis.

But what if you are in a hurry to sell? Does this mean you are motivated? Let’s take a look at what constitutes a motivated salesperson, and whether or not some of these sales techniques will work for your situation…

Motivation:

  • You are facing surprise

Times can be tough. You may have left this job and could not replace the income in time. The bank sends you a letter notifying you of a Pending List (the beginning of a foreclosure, also known as preforeclosure) You have no options, and you don’t want the foreclosure to end up destroying your credit.

  • You are behind on taxes

As before, this is an immediate situation that can destroy your credit. Taxes will be collected no matter what, so bad credit doesn’t need to be added to the mix. Back taxes will not only eat away at your equity, but will also be attached to your future earnings.

  • You have the wrong tenant

You are constantly receiving complaints about tenants in one of your properties. The police will become a regular sight in front of the property. Maybe the tenants will turn your intended investment into a drug house. You don’t want to deal with the situation and would rather take the cash from the investment and walk away.

  • You are getting divorced

Let’s face it. There is not much that is fair in divorce proceedings. Who keeps the house? None of us? So you have no choice but to sell quickly so you can avoid you soon to be old like the plague, and get some cash for a new start.

  • You are retired

Whether you’re a retired business owner, or a couple with a home that you’ve had for years, you just want some cash for your equity so you can move to warmer climates and bingo.

  • You inherit real estate

You just inherited a house or multi-unit property, but would rather have cash instead. You want a quick sale, and you don’t want to be bothered with maintenance.

  • You are an out-of-state owner

You thought you could manage the investment property in California while relaxing at home in Maine. Unfortunately, good help is hard to come by and property managers all turn out to be drunkards. The grass is tall and you will receive milk. It causes more headaches than it’s worth.

  • You just want some extra money

You do not have a need for the property in question and you simply want to pad your bank account.

These are all valid reasons that would make you a motivated seller. The only question I have for you in this case is… are you greedy?

A number one killer in real estate sales is an owner who has too much pride to accept that the market will not support unusual property valuations. The fair market value may be high, but nobody bites. How is this quick sale working for you? The first step in selling your home quickly is to recognize that you need to be open-minded. If you can be open minded about the price of the sale, or the conditions, then selling fast will be a breeze.

Where are my target buyers?

You have many options. Some will take longer than others. Probably the number one way to sell quickly is to find a wholesaler. A wholesaler is a real estate investor who searches for discounted properties, writes an offer, then assigns the contract to one of the many cash buyers. Often, the wholesaler will have hundreds, or even thousands of investors on their contact list who are ready to buy immediately. Investment partners have been qualified by the wholesaler with proof of funds, and will show the wholesaler several deals that they have closed in the past.

There are wholesalers who buy properties in multiple states, while other wholesalers are limited to one state. Some of them are even stuck in a specific city or regional area. They are known to use phrases like “we buy houses, any area, any condition”. While many wholesalers keep their properties deeply discounted, others are working with low fair deals where Subject2 and seller financing can come into play. These are some of the techniques that require you to be an open-minded seller who is really “motivated”.

Another option for a quick sale is Craigslist and other classified websites. If you’re going the ad route, be prepared for ‘tire kicker’ responses. There may be many newbie investors, and those who are just looking for that will take a lot of time to screen out before you find a true buyer. When listing a classified ad for your home, be sure to include as much detail as possible in the ad. Leaving rooms, bathrooms, parking, and other features will only mean that you have to spend time discussing these things when taking the many calls you will receive.

If classifieds aren’t your thing, you’ll want to find buyers through a more direct route. Go to where they hang out. There are forums like EquityPaper, and BiggerPockets that have premium subscription options for real estate listings and other networking tools. These are forums where investors come together to discuss real estate topics every day. If you list your home in these professional members’ areas, or markets, you can get fairly quick responses from interested buyers.

Determine the value of the property to an investor

When listing your property, there are a few things that potential buyers will want to know in addition to the standard property details. ARV (after repair value) is one of them. To find your ARV, go to Zillow, Trulia, and Redfin. On each of these websites, search for your property and write down the estimated value for each of them. Add all 3 of these values, and divide the sum by 3. The result will be your ARV.

After you have your ARV, you want to determine what the new buyer will have to put into the property in repairs. If your home is in good condition, you only need to account for simple things like paint, appliances, and other things related to the buyer’s taste. You would multiply your square footage by $10 to get the total credit the buyer will want. If the property needs some updates such as flooring, new bathrooms, etc., then you will multiply the SF by $15. Broken windows, doors, etc. will be $20. If the house is a disaster and a complete rehabilitation, then the multiplier is $ 30. Now remove this number from the ARV.

Whether the buyer is a wholesaler or a flipper, they need to do something in the deal. This can be anywhere from $2,000 to $50,000 or more depending on the location, value, and other factors for your property. Many good wholesalers will stick to the $10,000 pricepoint or close to it however. So take your new ARV and subtract the buyer’s gain for an estimate of how much they will offer you for the property.

Creative financing for a quick sale

Assuming that the final number in the calculation listed above was not even close to take care of what you owe on the property, then you need to learn to be creative. Some wholesalers and fins will always take on a property that has no fair.

Topic 2 Funding

Title 2 is a technique that allows new buyers to take over your mortgage payments and take control of the property. Sub2 investors are looking to increase their credit, but they can get a rental property at the same time.

A seller may have a concern when dealing with a sub2 contract. For example, what if the buyer does not pay the mortgage and it ends up as a bad credit item for the seller? Well, there are protections in place for sellers during the subject of 2 existing financing contracts.

  • One late payment can be a deal breaker. It may be that in this event, the buyer is in default and they lose the property back to the seller. This single possibility is the #1 reason why it is a rare scenario. Most subject 2 investors are seasoned. They’ve been doing it for years, and they’ve made millions from these rentals and deals.

  • Limitation clauses such as one requiring buyers to refinance the property in their own name within a set time period reduce risk even further. Let’s say that in 2 years time, the buyer has to refuse. Then they will have accumulated enough just by paying down your loan for this to be a possibility through traditional lending methods. Even in the worst case, hard money can be obtained after this time in order to increase the additional time to flip the property or obtain other financing.

Deed contract, or rental option

If you’re not in a rush for a bunch of cash, you can sell on a deed, or a lease option. This will ensure that the buyer is responsible for maintenance, insurance, taxes, and everything else, while giving you a monthly income stream with little risk. With any technique, you will get a sale fast. The best part is that you hold the deed until the buyer’s obligations are met. If they default, you can simply kick them out and start over with a new buyer. The best part is that you will earn interest and your equity at a rate you agreed upon at the sale.

FSBO (for sale by owner) does not have to be difficult. It can be quite lucrative, and surprisingly fast when you learn to be open-minded and creative.

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