Buy My Home – Insider-Secret to Sell Your House Fast

I have seen many ‘purchase my house’ tactics as a real estate investor. I recently witnessed a man wearing a sandwich board painted in bright red letters with “Buy My Home.” He handed flyers for real estate to anyone who walked by. I could not resist having a chat with him. What would a grown man possess, after all, to stand on a street corner in an effort to sell his home? click reference.

It seems that his ‘buy my house’ approach was influenced by a gentlemen who used a sandwich board to get work. The distraught homeowner was facing foreclosure because, one month later, his wife was diagnosed with cancer because he had lost his work. He had to choose between making his mortgage payments or paying for treatment for his wife.

Millions of homeowners are in the same boat, as tragic as his storey is. People are drowning, unemployed, uninsured, in debt, and fighting to keep their homes out of foreclosure. Few individuals are buying homes and fewer are able to secure a mortgage loan because banks are simply not lending money.

In finding ways to sell the house quickly, sellers are becoming innovative. Some provide carry-back financing for sellers to draw buyers who could not otherwise afford to buy a house. The homeowner bears all or half of the financing with the seller carrying it back. For buyers with less than ideal credit, this strategy is fantastic.

Sellers return 10- to 30-percent of the purchase price in most cases. For the remaining balance, the buyer obtains funding. They have two loans, in essence, one to the seller and one to the lender. Carrying back financing from the lender makes it easier for investors to secure financing from a bank because it seems like they have built-in real estate equity.

Seller carry back terms usually last three to five years when sellers have 100 percent financing. Buyers must receive conventional financing at the end of the term. This gives buyers time to develop equity in the house, clean up their credit, and demonstrate in a timely manner that they have made consecutive payments.

Organized bus tours are another common ‘purchase my house’ strategy used by realtors and investment groups. I have recently embarked on a Las Vegas house buying tour. In six hours, twenty investors and home buyers visited four communities and viewed almost 80 houses.

To step off a bus and be greeted by homeowners holding picket signs while shouting “buy my house, buy my house” is very surreal. As they passed out flyers advertising their homes, the carnival-like atmosphere included children offering lemonade and cookies.