In a sluggish real estate market, which Newport RI has experienced in the past, putting up an owner financed home helps to sell the home faster. Financing a home in the form of a private mortgage is when you act as the lender and receive a monthly payment from the buyer. Selling owner financed homes has great potential with the appropriate planning and preparation. Here are some helpful tips to help you transition into selling an owner financed home.
Prep Your Home for Showings
It is important to clean up the entire house. The corners in rooms and other minor details matter to buyers and these areas will definitely be checked by them. Make sure you eliminate any and all clutter. In addition, make sure to make minor repairs as they are needed because areas that are in need of repair are bigger than they seem. This is especially true for prospective buyers in Newport, RI. It is also a good idea to perform touch ups such as exterior repainting to enhance your property’s appeal.
Contact the Local Property Tax Department
Inquire about the listed value of your property and the listed value for homes that are similar to yours in your neighborhood or community. You should also make calls to local real estate agents and request the sale price data about your owner financed home and compare this information. It is also a good idea to jot down all of these figures since they will be useful when you decide on your selling price range.
Decide on Your Selling Price Range
Use all the data you wrote down to determine a high and low selling price for your property. Set the highest price which should also be the asking value you will begin with. This amount should be around the average selling price in your area. Setting a price too high may make your property difficult to sell. Lastly, set the lowest price you are willing to settle with.
Get a Home Inspection
A home check up is an inspection of your property’s condition by a licensed housing professional. Contact the department that is responsible for home inspections to obtain a list of qualified inspectors in your area. A prospective buyer should get an inspection of the home done before making a purchase. However, having your property examined beforehand helps you to identifying problems with the home and it will give you time to make proper repairs before getting involved with any negotiation or deal.
Getting a Home Appraisal Can Also Help
This is an estimation of your property’s market value. You should contact the licensing department and request a list of licensed appraisers. Taking this extra step will surely help increase your home’s value and give you more flexibility to adjust your high and low prices.
Put Your Home on Advertising Sites
You can use traditional methods such as posters and flyers and make “owner financing available” a part of the ad. There are also several websites you can use for free advertisements in Newport RI. You can also use an agency to make your home available via their list of properties. Now you are ready to conquer the world of owner financed homes.