Non-Traditional Ways to Sell Your Home

It’s a pretty tough market out there, and some sellers are finding that there are some non-traditional ways to sell their home, but these measures can be risky, so being educated about your option is your first step toward selling your home and moving on to the home of your dream.

Many would be home buyers right now simply cannot get the financing they would need to be able to purchase a home.  First time home buyers are finding that they don’t have the money for a hefty down payment and those that want to move have found that their houses are upside down and won’t sell for what they need.

When a house is upside down, it can reduce the amount of money that a homeowner has to put down on another house, and that can cause financing troubles from the start.

As a home seller, you want to sell your home so you can move on.  Maybe you’ve already bought your new home, and you’re paying two mortgages, or maybe you want to move on and can’t do it until you’ve managed to unload your house.

There are some non-traditional ways to sell your home to consider, but as with anything non-traditional, it is a gamble.  However, if you need to move on, this can be an excellent way to sell your house.

Seller financed

When you offer your house for sale as a seller financed situation, you are the lender to the home buyer.  This method only works when you own your home free and clear as most lenders will not allow seller financed options.  However, if you do own your house, or do have the cash to bring to the table to pay your mortgage off, you can then offer a buyer the option of financing through you.

An agreement will be drawn up, and principal with interest will be set, payment schedules and consequences of default will also be determined in the promissory note.

Land Contract – or Rent to Own

In the case of a rent to own option, potential buyers simply are not in the position to get financing right away, but they love your home and would like to purchase it.  This is a convenient way to secure a sale for your home, but the buyer will pay you “rent” on your home for about three years in most cases, at the end of which time, they will secure financing.

It is essential to note that neither of these options offers home sellers money to pay their home off, but in the case of land contract, the mortgage payments are still made by the home owner, with money that the buyer has paid each month.

Ultimately, there are some non-traditional ways to sell your home, so depending your need to sell and ability to find traditionally qualified buyers, you might find that choosing a non-traditional sale method is your best bet.