Can't Sell Your Home For What It Is Worth????

Upside down on your home? Many Greater Lansing Michigan sellers, like home owners all over the country, are experiencing the frustration of out growing a home that they cannot sell for enough to clear their mortgage payoff, let alone pay brokerage fees and closing costs! We have all heard of short sales as the alternative....but what about those who do not qualify? Or those who do not wish to ding their credit in hopes to turn around and purchase? What are the alternatives when you can not price your home to compete with the many foreclosures / short sales throughout your neighborhood?

OWNER FINANCING : A growing percentage of Americans have weathered through this economic downturn with a direct negative affect to their credit score. Making for an huge spike in good hard working families across all of our communities that temporarily DO NOT qualify for traditional mortgage financing. Day after day, my office fields calls of prospects with strong income & down payment money who have fallen below the 620 credit score minimum. These buyers are looking to pay good money for land contracts, lease purchase and lease w/ options. Unfortunately, there is little to no inventory offered.

As a seller, you have pricing leverage if you are open to owner financing terms because the competition is virtually nonexistent. You usually can drive the negotiations based on this fact. Best of all, you are able to use this income, land contract and/or lease agreement as a way to free yourself up for a pre-approval and move up into another home! Of course, you need to screen candidates thoroughly and there is always some risk and a little leap of faith. Generally we advise to collect enough money up front that it will hurt quite a bit if the buyer decides to default! I strongly advise you involve a real estate professional to protect your interests and provide the appropriate provisions within the agreement. We are always here to assist and provide the options for your situation.