|
Every seller dreams of listing in a market thick with buyers, and getting a full-price offer immediately from a pre-approved buyer willing to waive a home inspection and close at the seller's convenience.
The reality is far from that, especially in a sluggish market where houses can languish for months. Market forces can't be controlled, but often the reason houses don't sell is because they're overpriced—and that's something you can control. After sprucing up your house, the best sales strategy involves being realistic about the value of your property—and finding ways to entice buyers beyond curb appeal.
Pulling Out the Stops
Try these tactics to speed your sale:
Strategy |
Rationale |
Pre-sale inspection and warranty |
A comprehensive home inspection combined with a home warranty reassures buyers that the property is in good condition and that certain repairs will be covered by insurance. Make copies of these documents for buyers to take away. |
Decorating allowance |
Offer an appropriate allowance (for re-carpeting, wallpapering, or painting) to a buyer who likes everything but your taste in decor. |
Lease option |
This allows a buyer to rent the property for a period of time with an option to buy. A percentage of the rent is set aside as the buyer's down payment, while you use the remainder to cover your mortgage. To increase the likelihood of a sale, put at least 30 percent of the rent toward a down payment. |
Seller financing |
Seller financing is most advantageous if you have substantial equity in the property. Options include buying down the mortgage rate, putting funds in escrow to cover several months of mortgage payments, and carrying back a second mortgage to help a buyer cover a down payment. Before you offer financial assistance to a buyer, consult your agent and a real estate attorney, and make sure the buyer is creditworthy. |
Closing costs |
You can offer to cover nonrecurring closing costs, such as prepaid interest charges or the first year of property taxes. Paying points is an attractive incentive that you can also use as a tax deduction. Most lenders limit the amount of closing costs you can pay, but this can make a difference for cash-short buyers. |
http://houseandhome.msn.com/selling/guides/surefireselling.aspx |
