Selling Houses

Selling Houses 101

As the old axiom goes, you make your money when you buy the house, but you get paid when you sell it. So how do real estate professional get paid?

Selling Houses 101 | Conventional

Selling houses in a conventional manner is when the final sale requires the involvement of a mortgage company. This type of sale is most common, but due to stringent lending practices, many successful real estate professionals are looking for more creative ways to sell houses than just relying on the banking industry.

Selling Houses 101 | Realtor

Selling houses by utilizing a Realtor can be a good idea, especially if you are looking for buyers that will be acquiring a mortgage. Realtors have experience putting buyers and sellers together, will list your property on the Multiple Listings Service, and can greatly assist you with the market value of your property. Realtors’ don’t charge up front costs but do take 3-6% of the sales price as a commission.

Selling Houses 101| FSBO

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A For Sale By Owner (or FSBO) is when the home owner sells the property without the assistance of a Realtor. This seller feels that they know their property better than anyone else and is looking to save paying commission.

Selling Houses 101 | Flat fee listing

Selling houses with a flat fee listing is a great hybrid of combing using a Realtor with a FSBO strategy. With the flat fee listing, the Realtor will list the property on the MLS for a flat fee and possible a 1/2 point on the back end. The seller will show and negotiate the sale by his or herself and save money on commissions.

Selling Houses 101| Owner Financing

Selling houses with owner financing allows a buyer to purchase a home without having to qualify for bank financing, which can be very difficult to get these days. The new buyer will instead be paying a their monthly mortgage payment to the seller.

Selling Houses 101 | Lease Option

Okay, a lease option is more of a hybrid between renting and selling, but is still a popular method. Selling houses with a lease option is selling by leasing of a home to a lessee that also maintains the right to purchase the home for a specific price at any time in the length of the agreement.