I was reading the articles here and saw that someone gave away a free corvete to a buyer when they bought the house. What other creative ideas have you professionals used to sell your properties?
I was thinking about offering the home for sale with No mortgage payments for 1 year. The buyer would have to get a conventional loan and I would have already added in the approximate cost of what the mortgage would cost for the year to the purchase price. I would then make the mortgage payments for the 12 months. What do you think of this idea??
Also what is the best place to sell them yourself…paper…craigs list…online??
One problem with this is that if your buyer needs to improve their FICO score in order to get a conventional loan to cash you out, they will be in your house for a year without any record of systematic payments; this will NOT improve their credit.
Guess uncledaddy did not read your post correctly and was probably thinking it was a Sub 2 deal where you were carrying the paper.
See you read my article about giving a corvette away, which I find people would rather have the item upfront than waiting for it, such as one years worth of payments. Not that this a bad idea, however you will find that by dangling the carrot where they can touch and feel it immediately seems to work better.
What will you be out of pocket dollar wise if you make the payments for one year, this will give an idea of what carrot you can dangle up front.
amkkba,
I misread your post; I thought your intention was to initially carry the note and THEN later on have the buyer refi with a conventional loan…my apologies.