| The competition is fierce and there are more homes | | | | attach some sort of asset for security, check the |
| for sale in the bay area than ever before. This | | | | buyer's credit and get references both professional |
| market is different than any other market that has | | | | and personal. This strategy can work for sellers who |
| been in past years because loans are very difficult to | | | | have equity in the property and can wait for some |
| get. There are all the wrong ingredients in this | | | | time to get compensated for the balance of the |
| equation to have a completely favorable outcome. | | | | purchase price. |
| The million dollar question: How do I sell my home in a | | | | A very common approach is the option for the seller |
| down market? | | | | to help with part of or all of the buyers closing costs |
| Most of us think that the selling price and the location | | | | as an incentive to purchase a particular property. |
| are everything when it comes to selling a property. | | | | There are options of offering some sort of vacation |
| The problem that many buyers are facing today is | | | | package or even a new car if the deal closes. A |
| getting qualified for the loan and the affordability of | | | | better strategy may be to provide seller credit |
| the monthly payments. It may be helpful for sellers in | | | | toward buying down the interest rate on the loan. |
| this market to put themselves in the shoes of the | | | | This can make payments much more affordable on a |
| buyers to come up with potential solutions to their | | | | monthly basis and save hundreds of thousands |
| problems. There are some options for home sellers | | | | through the duration of the loan. The cost to buy |
| to get a fair price and help buyers enter the market | | | | down is usually one percent of the purchase price |
| place at the same time. There is the option for the | | | | per point. This can help buyers to get into the |
| seller to carry part of the note for the buyer and | | | | housing market with an affordable payment. Regular |
| charge interest on the loan for a short period. The | | | | marketing efforts will help to bring potential buyers |
| problem with this is the seller is at risk for that note | | | | but they still have to qualify for the loan and be able |
| considering they would become subordinate to the | | | | to afford the monthly payment. Contact us for more |
| primary lender. If the seller chooses to explore this as | | | | tips and pointers about selling property in a down |
| an option, they should make sure the buyer can | | | | market. |