How Do You Create Interest In Hard-To-Move Real Estate?
What do you do if you're having trouble selling a piece of property? How do you make people interested in it? What steps should you take?
Determining the problem
Once you start realizing you have a hard-to-move property, start inquiring of potential buyers as to why they're not interested. You'll likely find a trend. Maybe there aren't enough bedrooms in the home, or the home's simply not in good enough condition for the price you're asking for. Whatever the reason may be, you need to find it out if you're ever going to be selling the property at the price you want.
Home improvement projects
There are some simple techniques you can use to improve your home's value at little cost to you. Once you realize what it is about the home you're selling that's causing buyers to reject you, focus on those one or two items. Talk with home improvement contractors about making some repairs. You may want to ask a realtor his opinion about whether it's worth your time and money to make the needed improvements in order to sell. Perhaps your home just needs a fresh paint job, someone to clean up the yard and plant some flowers, or install new windows. There may be some inexpensive things you can do to generate the buyers' interest.
Creative terms for the sale
By selling the property on a "FSBO" (for sale by owner) basis, money-conscious buyers know that they may pay less than if the property is being sold through a real estate agency. They'd be saving the price of commission fees.
Try selling the property on an "owner will carry" basis. The buyer would not have to be approved for mortgage loans through a bank or broker, but would pay you mortgage payments each month. You would act as the bank, and would hold the deed until the buyer entirely pays off the loan he has to you. At that time, you would then agree to give the title to the buyer. This is appealing to many buyers. You would want to make sure you trust the person buying the home that they would be able to give you a sizable down payment or that they could make their payments each month.
Find out if your mortgage loan is "assumable." If your mortgage is funded through the government, you may be able to offer your home on a "no qualifying" or "assumable" basis. This is appealing to buyers because again, they wouldn't need to be qualified for a loan. Rather, they could just assume your current mortgage, and take over the payments. Normally, sellers using this tactic ask for a sizable down payment so they can at least financially break even.