"How to sell your house quickly" is often asked by those that suddenly find themselves in an unexpected situation. There are many reasons that lead to this situation. Some may include job loss, job relocation, divorce, inherited property, problem tenants, etc. Whatever the reason is, you need to sell your house and sell it quickly. One method of being able to sell your own house quickly is to sell using terms.
Many traditional real estate transactions involve the buyer paying the seller all at once. The buyer either has enough cash to purchase the property or borrows the funds from a lender. In either case, the seller is paid the complete purchase price when the transaction closes. Selling a property with terms means that the seller does not receive the funds for the entire purchase price at closing. Often, when a seller agrees to sell the house on terms, a down payment is collected from the borrower and a payment plan is created. The payments can then be used to pay the current mortgage, or kept when there is no mortgage.
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This method allows you to sell your house quickly because the buyer does not now require a lender. Traditional lenders are the primary reason that real estate transactions often take 30 to 45 days to complete, after an accepted offer is executed. Another reason that selling with terms greatly increases your ability to sell your house quickly is that the pool of potential buyers is greatly increased. As of the date of this article, nearly half of potential home buyers do not qualify for traditional financing. Being willing and able to sell to a much larger group of buyers will help you sell your home quickly.
There are also risks to selling your home on terms. One potential risk is that the buyer stops making payments to you after the house is sold. Should this happen, you can take back the house by foreclosing on the buyer, just as a bank forecloses on buyers that stop making payments. While this process varies by state, it does take time and money. Collecting a large down payment and properly qualifying the buyer are two ways to mitigate this risk. Another potential risk of selling your home on terms is the "due on sale" clause. Property owners with existing loans need to carefully read the terms of their loan. Many lenders include a "due on sale" clause. This clause gives the lender the option to demand payment in full of the loan when the property is sold. You can include a clause in your contract to terminate the sale if this clause is enforced. In today's environment of high foreclosures, it would seem reasonable for a bank to be pleased with loans that are being repaid.
There are other benefits and risks associated with selling your home on terms. I hope the few discussed here are beneficial to you.
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