March 19th, 2010
How can I sell a property very fast?
Say for example I have a condo which I need to sell immediately. The condo is priced below market value but not moving on the market. Are there any options in a situation like that if one needs to sell fast. Auctions or short sell do these exisit? Any ideas?
oweing 95% of the market value. 300K prob. not behind in mortgage payments but in need of a fast sell solution. Its a new condo.
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Filed under: Sell Property
How much do you owe? Have you consulted with the bank or a financial adviser?
you could offer a buyer a lease/option, but don’t expect a RE agent to approve of this idea, because they would have to wait until the property sells for them to collect a commission. But tell them to explain the process anyway so YOU can decide. Another way is to offer a seller carryback on a second mortgage so a buyer may qualify easier (a bit risky, if the buyer defaults). A third way would be to reduce the sales price even further, but difficult to do if you have little/no equity in the property. Another avenue you may not have thought of: get a roommate to provide you with a little income and maybe allow you to keep the property and not have to sell until the market rebounds (and eventually it will). If you sell for less than you owe, you’ll still be liable for the balance, unless you can work something out with your lender–not a likely scenario under today’s market conditions. I’d do everything to keep the place–you will be rewarded down the road, financially. Good luck.
put an ad in the paper i guess.