Whether it is a rental property or primary home, selling property fast is possible. A property owner may read a “We buy houses” sign and wonder if it is possible to sell property fast. Selling property fast depends on some nontraditional tactics taken like contacting companies that buy property instead of placing it on the […]
Whether it is a rental property or primary home, selling property fast is possible. A property owner may read a “We buy houses” sign and wonder if it is possible to sell property fast. Selling property fast depends on some nontraditional tactics taken like contacting companies that buy property instead of placing it on the market.
Land Contract Instead of Selling the Property Outright
A land contract means an individual still owns the property, but not the land. Potential buyers may not be in the position to finance the property quickly. These buyers may be the only ones vying for a home. The most non-traditional way to sell property may be to allow the buyer to pay rent for the home for about three years. However, they have enough financing to purchase the land where the house is located. It is important to note that this non-traditional option does not let a property owner pay the home off but will help with current and back mortgage payments. The property owner will move out of the home and allow the new land owner to move into the property.
Property Owner Becomes a Seller Who Finances the Purchase.
A property owner who becomes a seller who finances the purchase is essentially a lender. This means the property owner gives the buyer the money to buy the home. In return, the new buyer pays the property owner and not the mortgage payments. These payments are made until the new owner completely pays off the mortgage. This is a good non-traditional option for a person who owns their property without any mortgage attached.
With this option, there must be a signed, enforceable contract between the property owner and buyer. It must include interest and principal, payment schedules and default consequences. The latter involves taking the property back and suing for the rest of the unpaid amount.
It may not be an option for those facing foreclosure or do not own the house outright. Most lenders do not allow a seller financed option to get of property. It is also not an option if the property owner doesn’t have the money to pay off the mortgage.
Selling Property to a Company
Another non-traditional option is selling property to a property-for-case business. These businesses buy foreclosed homes and other property for cash. They often provide a quicker sale than an agent.
Selling Property Doesn’t Have to Be a Full-time Job for a Property Owner
It is every property owner’s fear. The longer a property is on the housing market, the worse it is for the property homeowner. They must continue to pay for maintenance, mortgage payments and insurance on the property. Those continuous costs are for those property owners not in foreclosure. For property owners facing or in foreclosure, the process of trying to sell property is costlier. Choosing alternative ways to sell a property may be the best option depending on the housing market and current circumstances for property owners.