Here are 10 sure fired ways to sell your house during a recession:
1. Acquire the documents that are required to legally sell your house, such as a legal sales contract for your state, a certificate for inspection of your septic tank, if you are not on a city sewer system, and a home inspection to assure your buyers that your home has been inspected for any defects.
2. Check in your area for similar size and amenity houses that are for sale or have recently sold, to assure you that you will price your house accurately.
3. Decide on a sales price, less than comparable houses for sale in your immediate area. You could ask a real estate agent to price your home at current market value. Offer the agent a 3% commission or a flat sales fee if he/she can produce a buyer. DO NOT sign any written agreement with an agent or real estate company.
4. Determine where houses are advertised for sale on a consistent basis, your local newspaper, traders post, or local cable channel. Some weekly newspapers have a specific day of the week when agents run more ads, choose that day to run your ads.
5. Run ads that standout! ZERO DOWN! BELOW MARKET! IMMEDIATE POSSESSION! NO CLOSING COSTS! BUY THIS HOUSE PAY LESS THAN THE COST OF RENT!
6. Locate a local real estate attorney and have him/her explain what costs are involved for a specific sales price, for both you and your buyer and have them explain how much you can legally pay on behalf of the buyer to assist them in their purchase.
7. Be willing to accept a second mortgage for your equity. This is where you are willing to be paid your equity over time, or at a delayed point in time, so the buyer who wants to buy your house but hasn’t got the immediate cash required to pay your equity amount. They can do so in increments over time based on your stipulations.
8. Offer incentives to your buyer. Think about including a boat, a car, a truck, an RV, that you own, to be a part of the sale of your house. Tempt them with something extra. Recently in Wisconsin, a homeowner was willing to include 2 season tickets to all the home games of the Green Bay Packers. If you are not aware, they are sold out for years in advance.
9. Accept offers of a car, a boat, an RV, or whatever a buyer may have, that you could sell later, after the house is sold. This offer could be a down payment tool for the buyer.This could be a value toward your equity that you can liquidate later and create your equity recoup in that method.
10. Make sure you stipulate to your buyer that they show written proof from a bank or mortgage company that they are good to purchase, before drawing up a sales contract, or make it a condition of the contract, if the buyer doesn’t want someone to go ahead of them on the purchase of your house.
Keep in mind that as long as there are people getting married, getting divorced, or changing jobs, they all need a place to live and you have what someone else wants. During desperate times, desperate measures are required. Focus on the ‘have to do’, and don’t let sentimental value be a part of what must be accomplished. There will be better times and using your intelligence to let go, to move on, is the right path to take. Sell your house, lighten your burden, and make it a good decision for the times you are currently living.
Be creative, informative, and smart, he who takes on a challenge in desperate times lives to see better days ahead. Patience and persistence does pay off.