Do you have an approach to getting your listings attention other then just lowering the price. An old dog becoming new, is the 3-2-1 buy down. It cost a little over 4% of the mortgage amount.
Assuming a 80% loan to value. The Seller gives about a 3.2% of the sales price concession. This will buy an 80% mortgage down 3 points the first year, 2 points the second year and 1 point the third year and the 4th year goes as face rate for the remaining portion of the 30 year loan.
You can post a rider on your sign for information on getting a for example, 3% loan on this property.
If it doesn't spur a sale in will definitely get interest, buyers and hopefully deals. Not all buyers in the end take the buy down, many will take the cash credit. However, would they have come to you without it?
It is bringing ideas and value to the public. This should make you money.
The example is for illistration only check your mortgage professional, If they are not versed in it. Email me, I will give you a company that has it on there everyday rate sheet. If they are not between 4-4.5 percent for it, email me also, I will give you a name that is.
I spoke about this once before, when I did no one was doing it, as I said it was an out dog, now it is back with quite a new loud bark.
Richard
View my new homes for sale and other real estate.
