Different Options that You Have as a Home Seller
What are the different options when you’re selling your home? That is a question that we get a lot. We’re getting it now a lot because the seller’s market we’re in, the seller’s market all across the country and I wanted to go over a number of the different options that a seller has when they’re selling their home. So the typical Q and A that we do. We’re actually doing on Thursday this week instead of Friday because we’re doing some market update stats tomorrow for you. New Month numbers are in.
The Options
So, seller carry-backs – let me run through them really quick, actually: seller carry-back of the note, a lease option, rent to own, cash offer, sign on the ground. Just traditional retail route. Having the traditional realty rather I should say, of the realtor, land contract, joint venture to rehab, seller carry-back, you know, full, there is partial and full where you could carry back all of the note or partial note, which is the mortgage and the financing. Then seller carry-back short term where you carry back the entire, part of the entire loan. But you only carry it for say six months or a year. Then there’s a whole other section in essence, of different problems that you could run into as a side. We’re not gonna get into sales today.
So, again, seller carrying back of the note is your seller financing, you’ll see sometimes people talk about land contracts that are financing, but what it is, is sellers carrying the financing for the investor or for the buyer coming in. Some of the rent to own, lease to own, stuff like that. The cool part about the seller financing, though and some different ways that that can be done is you have the ability to get interest on the property.
A good interest for a lesser effort
So someone comes in and takes over the property, gets it rented out, cleaned it up, rehabs it, renovates it, you know, gets tenants in there, whatever is going on, whatever they want to do, whatever they need to do. But then they’re paying you, the seller, they’re paying you interest, you’re getting cash flow on the property, yet you aren’t having to manage it. So it’s one of the biggest things that we’re running into right now. There’s a lot of say older people that are looking to get out of the real estate market and the prices are high right now, sort of trying to jump out of the market. They’ve got extra homes and investment properties.
Other Crucial Options
That’s where this other list comes in. It’s either a probate, inherited home, short sale, any kind of distress on back taxes, liens on the property, violation, the city codes, people looking at attendance.