Some people think that they can sell home in several days just by listing their home with a real estate officer. The idea is pretty good if you have a lot of other things to do except selling a house.
But in this case, you should consider the agent’s commission. In most cases, if your home costs $400,000, you’ll pay about $24,000 to the agent for his activities. You are able to save this money for yourself.
But selling your home is no longer an easy task.
The number of homes listed on the market by real estate agents is all-time high. E.g. in New Jersey about 32,000 houses were on the market at the end of May 2009. The quantity of homes sold in September 2009 in general is also decreased considerably from 3,500 in 2008 to 1,700 in 2009 for the same period (September).
The recent figures show that selling property by real estate agents is not efficient any more. Foreclosures have appeared throughout the country and now every state has a wide list of foreclosed houses.
I believe, if you sell your house by owner, you have more chances to sell it out more quickly. In most markets for sale by owner properties are sold twice quicker than those listed for sale by real estate agents.
If it is necessary to sell your home quicker or you want to cope with your mortgage payments, your agent will not pay your dues and of course he will not buy your home if it isn’t selling.
Here are several useful tips for those who want to get out of the burden of your for sale by owner home (it is impossible to do them with your agent):
- Lease out your house to a lessee and sell the house to him at the end of the lease period.
- Sell your property via owner financing (e.g., through an agreement for deed or a land contract).
- Pay the buyer the real estate commission in order to assist him in qualifying.
- Purchase down the interest rate.
These tips can help you to get rid[spin] of your [spin]home quick. At present unstable times it is better to look for some ways of paying off the mortgage payments (little by little) than to allow your house to stay on the market for ages and to pump out all your money.
These ideas are not for the rich homeowners with huge amount of money and lots of options in case their property isn’t sold. This information can be useful for those who is looking for some relief from their mortgage payoffs, double payoffs, job changing or divorce. Maybe it would be better to sell house by owner and have complete control on the process.
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