Linda,
Smart of you to act now and not when you’re 3 months behind.
As we have learned here, there are really only two things that will trigger a sale. Price or terms. If you have no equity and can’t bring any money to the table, you need to go with terms. Lease/option, contract for deed, or PACTrust are all methods used by successful sellers. Which one you select is what you’re comfortable with doing. In my opinion, if you’re going to be moving out of state, you want to pick something that can be done long distance so you won’t have to persue the money. Try asking on the financial forum regarding structure of the paperwork. I’m sure they’ll give you some good advice.
Goodluck,
BillW.
Posted by Linda (AZ) on October 15, 2001 at 15:10:01:
I am looking for the best way to sell my house. We have only been here for a year but both my husband and I got laid off last week and are having a hard time finding a job. I am 5 months pregnant so no one will hire me, its pretty much up to him. Anyways, I have been reading this site for awhile and know some about investing but not sure how to make any money out of it because we have no equity. I was thinking about doing a wrap but unsure if this is the best way to go. Any suggestions would be appreciated. Thanks to everyone who replies! We are not behind yet but will be soon, and want to sell and move out of state.
Your best shot is to sell it yourself and save the real estate commission. Think about what is most appealing about your house. Write an ad stressing features rather than a dull recital of facts. Words like “golf course lawn” “sunset view of mountains” etc. Put a sign out front. Try to get someone to assume the mortgage. Talk to the bank as soon as possible, tell them what you are doing, and ask how to get someone to assume the mortgage. If you have little or no equity advertise “$3000 down moves you in” or whatever.
Give your address but not your phone number. This is for a reason. You want people to drive by and not bug you. Put in “Open House Saturday 2PM to 4PM”. If the ad is a grabber and it’s priced right you will have people lined up outside the door fighting to give you checks. Don’t answer the door until 5 or 10 after 2.
Make sure the house is clean, there are fresh flowers here and there, put some cookies in the oven for a homey smell. Park the kids with grandma or a friend for the afternoon. Be prepared to take deposit checks and applications but do not commit yourself to anyone until the bank approves them.