"How To Sell A Problem Or Unwanted Property Fast ...

& Not Get Taken!"

It could be fast and real simple if you follow these steps.

1. Find out what the comparable sales (apples to apples) are in your area using Zillow.com, Trulia.com, or Realtytrac.com. Search all three sites. You can search for what you need without cost. You can also search the internet for more sites. Use the words; comparable home sales in (your city). Print out the closest 2 - 4 apples to your property for an estimate of comparable sold prices. This is mainly for Residential. For Commercial property, search the internet for those sites.

2. To find a House Buyer, search the internet; ... house buyer (your city). Be careful of the sites that charge for membership. You can find a bunch of local guys.

3. Depending if you owe a mortgage balance that is 70% - 100% or more "Loan To Value" (LTV) of the estimated value, based on the comparable sales, you may have to go another direction. (suggeston on this later) ... But, if you owe 50% or less LTV, do this to find the real players. ...

(Before I continue, I need to say; it depends on how motivated you are to get rid of the property because, I'm telling you right now, you're only going to get offers from 40% to maybe 70% of the estimated value, depending on the area, age, condition, floor plan, and other factors. Why? ... House buyers take all the risk in order to make a profit. You can do the same thing they do, if you have the money, time, knowledge, and effort it takes to repair it, rent it, or sell it, and assist the buyer with financing. Believe me, it's not easy! ... I've done well over a 1000 houses and lost money on some. ... That's not fun ... at all. So, if you just want to get rid of a property for what ever reason asap and protect yourself in doing so, continue reading.) ...

So, where were we? Oh yea, ... Call 10 or more house buyers and say the following; ... "I have a (whatever) for sale to the highest bidder." "I owe x amount on it or I own free & clear." "It needs minor or major repairs or it just needs a make ready", (whatever). ... (No need to discuss est. value, they'll do their own due dil. You might compare notes later when you get an offer)

They'll ask you why you want to sell it or what your situation is. Just answer; "I just want to sell it and here's the way we have to do it". (You'll begin to see who's good and who's not by the way they talk to you. Some have an attitude, lack respect, or are aggressive. You'll feel it.) ... Tell them; "I need you to meet me at the property". "After your inspection, give me a signed purchase contract with the following written in "Special Provisions";  1. Seller shall net $xxxxx ( whatever their offer is) ... Note: This means the buyer has to pay all closing costs, Owner's Title Policy, any back taxes, and not prorate current year's taxes. ... 2. This contract is an "AS IS, WHERE IS, ALL CASH" transaction.  (This means they agree to buy it with any and all faults for cash ... cash means; a bank wire or title co. check, no bank or mortgage co. They may get a loan from what's called a "Hard Money Lender" who does loans for house buyers and they're usually pretty quick.)

Now, tell them to not to put any contingencies or subject to clauses in the contract other than subject to clear title. (very hard to sell a property if a title company will not issue Title Policy)  Most contracts have this printed on them.

Next, tell them you want to close on or before 5 days after acceptance of said contract or whatever is best for you. A deal can be closed in 1 day, if needed. However, this has desperation written all over it and you'll get lower offers. So, if you can, do 5 days which, is a comfortable time for the title co. to do their thing. You can choose a later date, if you want. If you have to close fast, talk to the escrow officer / closer at the title co. and tell them, in confidence, your situation to confirm they can do it for you.

Lastly, (and this will really weed em out), ... tell them to bring you an Earnest Money check in the amount of $2,000.00 made payable to the title company they use. 

Now, here's "Special Provision" # 3. Upon clear title and said title company issues a Title Commitment of Owner's Title Insurance, SAID EARNEST MONEY SHALL BE "NON REFUNDABLE UPON BUYER'S DEFAULT FOR ANY REASON". "BUYER SHALL SIGN A RELEASE OF SAID CONTRACT BY 10AM OF THE NEXT BUSINESS DAY AFTER BUYER'S DEFAULT OF SAID CONTRACT OR EXPIRATION DATE OF SAID CONTRACT, WHICHEVER SOONER AND BUYER SHALL AUTHORIZE SAID TITLE COMPANY TO RELEASE SAID EARNEST MONEY TO SELLER AS LIQUIDATED DAMAGES". SELLER AND BUYER SHALL HOLD HARMLESS AND RELEASE EACH OTHER FROM SAID CONTRACT". (Make sure this is in ALL CAPS)

You'll hear all kinds of poo-poo about this like; ... We never do that, you can't do that, or no body does that! ... Here's where you'll find the real players. The ones that say yes to that are who you want to meet. Just tell the poo-poo guys thank you for their time and don't be offended if they say something rude. They are not who you want to meet !

Set up an appointment for each buyer to meet you about 1 hour apart. Some will pull a "No Show" and that's ok. ... The good guys that agreed to your terms will show up.

DO NOT SIGN anything yet. After you get 3 or 4 written contract offers, see which one you'll accept, if any, or; to get a higher price that is acceptable, you can call each buyer and tell them to give you their highest and best offer by 3pm tomorrow  and you'll call them back to let them know if you accepted or rejected their offer. If you accept an offer, again, ... DO NOT SIGN anything yet. Call their title company and set a time to meet the closer to show them the contract and ask them if the buyer has a good reputation for closing on time. ... Keep the contract and don't give it to the title company just yet.

Now, call a Real Estate Attorney (he may charge you but, it's good Insurance to cover your butt) ... go over the contract to see if it's in your best interest to execute the contract making sure you understand the whole agreement.

After you have met with the Attorney and gotten a legal opinion of the transaction and properly covered you butt and if your gut feels good, you can go ahead and sign the contract.

This is the way to sell an unwanted property yourself. And, ... yes, it will take some time, effort, and money, if you want to fix it a little or do a make ready to make it more marketable. ... However, if you don't want to mess with this and want to contact someone and be confident that your best interest is being look after, contact us. ... We'll make an offer as stated above.

We still want you to get at least 2 ... (or as many as you want) other offers so you'll get the best deal for you. ... If you get a better offer than ours, we'll tell you to go for it, subject to your Attorney's approval. We'll be a back up if you want.

Looking out for your interest and serving you best is our purpose.

We hope this information has been beneficial to you. 

Sincerely,

Barry,
info@realestatestuff.biz

PS: If you have a loan balance of 70% to 100% LTV, use the form on the "Sellers' Contact page (link to the right) give us details. You may have options.

Here's our legal disclosure and disclaimer stuff: I do not have a Real Estate license. I am not an Attorney. I am not giving legal advise in any shape, form, fashion, or otherwise. This information is for illustration purposes only and should not be relied upon for any result, expected or unexpected. Some of our partners and associates have a Real Estate license which, has to be fully disclosed, by law. If you contact us, we may contact you or one of partners or associates may contact you.