Article by Carita Kerr
One of the most popular ways to sell a house quickly is to offer the house “for sale by owner”, also known as FSBO. The reason this is so popular is that the owner does not have to pay legal fees, real estate commissions, or brokerage fees. The owner sets his own price and his own terms for the sale of his property. As the owner, all of the compensation for the successful sale of your homes goes right into your pocket or checking account. There are no fees to pay, no commissions and no brokers! The quickest way to sell your house in a slow market is to offer owner financing. Owner financing is when you agree to let the tenant purchase your home, while you grow the interest in the bank! In owner financing, the tenant and owner agree upon who gets the tax credit and who does the repairs on the home. The owner determines the down payment earnest money sum, and places it in the bank. The tenant and owner agree upon the interest rate to be charged and the terms of the loan. Most mortgages are offered for a twenty-year period. This can be a long-term income for the property owner. Advantages to offering your property FSBO is that the property will sell much faster than for someone who is waiting for bank financing. In today’s economy a lot of people have lost their jobs and are trying to economize by reducing their living expenses. If you have a smaller home that would not be desirable in a flush economy, it might be just the right property for a senior couple looking to downsize. Financing the property yourself would allow you to handpick the new tenants. When selling your own property, some rules still have to be enforced. The seller or the buyer must still pay for a home inspection, transfer, title and legal fees. In my home state of Mississippi, this total cost to transfer ownership, inspections and all would run under $ 1,000. This would be the total closing cost and would usually be paid by the seller in the down real estate market. There would be no “loan points” or origination fees because there would be no banks involved. It would be wise of the seller to require one year’s premium of taxes and insurance for the down payment. In the case of the FSBO, there needs to be protection for both the buyer and the seller in the sales contract. If a tenant misses a payment, there needs to be clear delineated financial repercussions such as a large late fee and even eviction after 90 days. For the buyer, there needs to be a clear disposal of the selling agreement if the seller dies before the loan is paid off. Of course, if the tenant or buyer dies, there can be an insurance policy to cover this event. Both the seller and the buyer need to know the responsibilities in the case of unforeseen events.
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WelcomeHomeBlog.com – Military homecoming videos, pictures & stories! In celebration of Veterans Day, we put together this “Best of” video of dogs welcoming home their owners from deployment! Enjoy as you watch these furry little creatures (Well, SOME of them are little) give their brave men and women what they deserve lots of love, hugs and kisses! Happy Veterans Day 2011 from WelcomeHomeBlog.com …
Video Rating: 4 / 5


