There’s more than one way to sell your house...
These days if you’re not a short sale or other type of distressed property it may be difficult to sell your house. Distressed properties make up more than three quarters of the sales taking place nationwide.
Heidi Hines a Charlotte, NC/Lake Norman/Highland Creek real estate expert says, “In tough times you need to be more creative and open minded to alternative selling methods.”
Purchase Money Mortgage – This is an excellent way to get a higher price & be able to close escrow within 30 days or less! The Purchase Money Mortgage instrument can be created by a local real estate attorney. It is just like closing any other house, the difference is the seller acts as the bank. I recommend you do a credit check on the buyer, require at least 10% down payment, amortize the balance at an interest rate about 2% higher than the current market for a term of 30 years, but ballooning in 1-3 years. At the end of the balloon period, you receive the balance in full in addition to already having the initial down payment and all the interest you have collected over the past months.
The principal reduction is very slim and the interest you earned is very large. The end result is a greater return on your money than anything else being offered.
Lease OPTION Purchase – ( Not to be confused with Lease Purchase) – This is a way to collect option money up front and monthly lease payments for a specified period of time, (usually 1-2 years).
The price is agreed upon up front and the amount of non-refundable option money is received by the seller prior to occupancy. The buyer is agreeing to purchase the house at a pre-determined date but lease it up until that time.
Although similar to the more widely used Lease Purchase, the difference is that with the straight Lease Purchase the seller typically does not receive non-refundable option money prior to occupancy.
In my opinion, you get a better buyer with the Lease Option Purchase as well as someone who will be more apt to take care of the house because they have already given you a significant amount of money in the form of non-refundable option money.
When a person loses their job and has to change occupations, the bank will not typically give them a mortgage without at least two years seasoning in the new job. This type of individual will normally have some or a lot of money in the bank. They are great candidates for either of the previously mentioned selling alternatives. Contact me for a sample of either option above and a Q&A.
And here are my top picks for the week...
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911 Irish Creek Drive
Build your dream home in this on this spectacular homesite within a stunning community. Almost a full acre wooded lot located in the Irish Creek subdivision and within biking distance of the North Carolina Research Campus, a village with shops, rest...
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5861 Rolling Ridge Drive
Welcome to 5861 Rolling Ridge Drive. This spectacular 5 bedroom, 6.2 bath, custom home features everything you could ever dream of...and more. Spectacular five bedroom, six full bath, two half bath, custom home located in the gated community of Pine...
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102 Aurora Lane
Pristine three bedroom, two full bathroom ranch style home located on a wooded lot in the subdivision of Shepherds Vineyard. The welcoming foyer invites you into this home offering hardwood flooring, a side light in the door and a decorative chandel...
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12335 Carrigan Court
Attractive two bedroom, one and a half bathroom townhouse located in the subdivision of Vermillion. The powder room offers a pedestal sink and two-tone fixtures. The inviting living room, approximately 18' x 18', offers crown molding, laminate wood-...
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11033 Fountain Grove Drive
Immaculate all brick five bedroom, four and a half bathroom home with a bonus room located in the beautiful Fountaingrove community. The inviting two-story foyer welcomes you into this home offering hardwood flooring, a palladium window, crown moldi...
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10812 Balbriggan Court
Attractive four bedroom, two and a half bathroom home with a basement located in the subdivision of Wexford. The inviting foyer welcomes you into this home offering overhead lighting and hardwood flooring. The living room offers hardwood flooring an...
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8614 Sawleaf Court
Attractive three bedroom, two and a half bathroom home located in the subdivision of Kingstree. The welcoming foyer greets you with warmth offering hardwood flooring. The two-story great room offers neutral carpeting and a gas fireplace with enterta...
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9333 Kestral Ridge Drive
Immaculate three bedroom, two full bathroom ranch style home located in the popular swim and golf community of Highland Creek. The inviting foyer welcomes you into this pampered home offering hardwood flooring, a transom window, chair railing, pictu...
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3801 Melshire Lane
Gorgeous four bedroom, two and a half bathroom home located on a cul-de-sac lot in the subdivision of Cheshunt. The inviting two-story foyer welcomes you into this home offering hardwood flooring, a decorative plant ledge and a double door coat clos...
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14026 Acorn Creek Lane
Pristine three bedroom, two full bathroom ranch style home located in the sought after swim and golf community of Highland Creek. The inviting entry hall welcomes you into this home offering hardwood flooring and crown molding. The living room offer...
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