In a declining market, it is not easy to sell your home with a fair price.
1.The buyers have limited resources as credit tightening has created the lack of liquidity that was fueling the real estate prices.
2.You need to work with the buyers directly.
3.Do not pay a broker to sell your house. In this market a broker is really worthless. If you have to list your home, make sure you can get out of listing any time.
4.Use the Internet as much as possible and tap the relocation market. Deal with buyers directly.
5.Take a home equity loan and provide the cash to the buyer to pay for their closing costs and down payment.
6.You could even work with your bank to provide the buyer a flex mortgage.
7.Use Internet escrow services to deal with the buyers.
8.Work with buyers to get your home inspected.
9.Remember, there are plenty of buyers who want your home but they just cannot afford the same. You must work towards making it affordable for them. Let us assume that you want to sell your home for 10 LAKH. If you pay 2% to a broker, your real selling price is 20,000/- less other closing costs. If possible you should take a home equity loan or other loan (if liquid cash is not available) and offer that 20,000/- to the buyer to help they buy your house.
10.The 20,000/- can be used as a cash incentive for the buyer so that they do not have come forward with closing costs. Put that up on your signs. You can also work with your bank to make sure the buyer can get a decent mortgage. The 20,000/- you saved by getting rid of the broker can be used to pay for the down payment, points, and other closing costs for the buyer.
11.Communicating directly with the buyer with these kinds of incentives is proving far more effective than using a broker in the current market place.
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This blog is a personal blog written and edited by me. For questions about this blog, please contact me.
This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation.
This blog abides by word of mouth marketing standards. We believe in honesty of relationship, opinion and identity. The compensation received may influence the advertising content, topics or posts made in this blog. The owner(s) of this blog is compensated to provide opinion on products, services, websites and various other topics. Even though the owner(s) of this blog receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. Every effort is made to make the sponsored post identifiable but at times due to advertisers restrictions the same may not be feasible all the time.The views and opinions expressed on this blog are purely the bloggers' own. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.
The owner(s) of this blog would like to disclose the following existing relationships. I have a interest in real estate field which may influence the style of writing.
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