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Some Options to Sell Your Property Fast There are many offers and ads how to sell properties, from lease option to owner financing, especially when the real estate market becomes soft. During this time, property owners understand that it is now the time of buyers’ market rather than the sellers’ market, leading these owners to be creative in selling and in concessions. Sellers therefore are becoming creative in their financing solutions to face the tightening credit markets to shorten listing times, entice buyers and compensate for the situation. Their first approach is a lease option which allows a potential buyer to lease or rent the property combined with an option to later buy the property. The option money paid by the potential buyer is generally cannot be refunded, however, a part of the lease payments can also be applied on the purchase price.
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Another method that sellers would offer to help entice potential buyers is the seller financing, and this involves a property sale wherein the owner of the property agrees to finance all or part of the amount purchased on behalf of the buyer. This method is also termed as owner financing or instalment sale, where the buyer makes the payment to the seller for the agreed period of time rather than getting a bank loan or a traditional mortgage loan.
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It is also good for the seller to look at the advantages and disadvantages of these offered options. The pros cited in a seller financing method are the usual greater down payment, it is the responsibility of the buyer t pay for the real estate taxes, property insurance and upkeep, and thus the buyer would tend to act as the owner of the property having bought the it already. In this method of purchase, another pro is with regards to the greater liquidity in payments done with private mortgage rather than lease payments, and this will entice more investors to pay for cash now than future payments. Another positive effect of this kind of financing is that the seller gets interests on the amount financed. One big con in this arrangement is that if the buyer becomes delinquent on payments, the seller will have difficulty to foreclose as compared to the eviction process. The next negative side of this method is that the term or time of repayment is longer than on an instalment sale. With the lease option, the positive side of it are a faster eviction process if the buyer misses payments and that the owner of the property will gain some upside of the value of the property if there is an appreciation of real estate market and if the buyer will not push through in buying the property.