selling house with second mortgage Help & Advice ~ Sell Your Home Quickly!

Sell Your House Quickly in a Down Market - For Full Price!You have seen the ads 'We buy houses for cash', 'Sell your house for cash', 'Sell your house quickly for cash', etc. or the big yellow billboards reading: 'We buy ugly houses'. And yes, if you have to sell your house quickly, e.g. because of relocation, divorce, foreclosure, etc. this definitely looks like a perfect solution. Since those companies buy houses for cash they can close within a few days. For most sellers this method is not a viable solution though due to lack of equity. Lease-option and owner-finance are great alternatives and you can even sell your home for full price.As a general rule the maximum offer that companies that buy houses for cash will make is 60% of the home value. They then turn around and sell it to someone else who will fix it up.This way to sell your house quickly for cash is obviously only an option if you have no large mortgage on the house and you aren't willing or able to spend the money to fix it up and sell at current market value. And that is the beauty of such companies. If the house you are selling needs work, you have to weigh the cost of having that work done against selling your house quickly for cash, without having to do any work.Now how is this going to help you if you have a large mortgage on your home (on which you might face foreclosure), or if you simply don't want to lose that much equity in your home? Well, it won't. These cash offers are not going to help you and might even offend you, especially if your home is in a relative good condition. So, you want to sell your house quickly and after looking into the 'we buy ugly houses' companies you found out that the 'we buy house for cash' is not going to work out for you. You know you need to do something now to sell your house quickly! Here is the solution for you: Lease-Purchase or Owner-Finance, for FULL asking price!A lease-purchase or lease-option is simply a lease agreement combined with a purchase contract, which gives the new tenant/buyer the right to purchase your home under specific terms. During the lease term the tenant/buyer can work on credit issues or their down payment and as soon as they can qualify for a loan, they will purchase the home from you. Since the tenant/buyer is planning on buying the home, they will take care of it as if it is their own.Owner finance means that a new mortgage will be created between you and the buyer. This means that you become the bank and the seller pays their monthly mortgage payments to you. This way you receive a nice positive monthly income without the hassles of tenants. After all, would you call Wells Fargo or Bank of America when your toilet is broken???In today's market both the owner finance and lease purchase technique are great solutions to sell your house quickly AND receive your full asking price, since many potential buyers will qualify; buyers that won't qualify at a bank yet, but will qualify soon, after their credit has been repaired.

As an intelligent person I know you are aware that real estate agents are not fast or inexpensive, and banks are not exactly renowned for their lightning fast processes either, but what else can you do? Depending on your situation one solution is to sell the house quick by offering a discount to cash buyers. Remember even a well qualified buyer takes time, even months, to get a bank loan approved and get through escrow. Are the traditional methods the best or only options you have? Maybe if you knew of someone that might be able to get enough cash together to make you an offer. If only it were that simple. You might even be able to close on the deal by the end of this month! But that only happens in fantasy land, right? Actually you are in luck as real estate investors are very much in the practice of doing just that. In fact this is just one of many examples of how and when a real estate investor may be involved in any number of properties. For now we will focus on one specific scenario and that will be buying a property in cash for a quick and easy transaction. Often times when a property is going to be sold at a discount it is referred to as wholesaling. In a typical wholesale deal a real estate investor will have a contract for the property owner to sign granting the investor control over the sale of the property for a limited time. The contract will usually consist of terms which generally boil down to an agreement to sell the property for a specific price and within a specific time frame, generally thirty to sixty days.The idea of having a contract to sell your property, much less sell it at a discount, probably sounds a little scary or even strange. Be assured that these contracts are short, simple and to the point. If they were not then no one would sign them! Also keep in mind that you do not have to sign a contract before the ink is dry and there will be some time to think it over. Have it reviewed by your own legal advisor to help put your mind at ease. These short and sweet contracts will not take a legal professional much time, and subsequently not much of your money, to have it reviewed. Signing a contract provides incentive to a cash buyer as no one is going to want to put a lot of time and effort into a deal that they do not have confidence in. A signed contract means the deal is half done already and assures the buyer that the seller is serious. In this situation the buyer now knows that the property is available to them and due diligence may be conducted prior to closing the deal. The advantage of this type of a transaction to the seller is the speed. The whole process of discovery, offer, entering into a contract, performing due diligence, and final decision is most often going to be much quicker than dealing with a conventional loan and real estate agents. Both the seller and buyer score a win.