With interest rates set so low now, it’s the perfect time to attract buyers and sell your unwanted house in Seattle!
Price Appropriately
Of course, setting the right price is paramount to selling unwanted property. Take a look at comparable sales in the area near your property. Examine various aspects of it that may be attractive to buyers: proximity to water or a pool, how old it is, nearby shopping and dining options, and other points of interest. When you look at recent sales to set your price, try to stay within a 6-month range. If you don’t have reliable comps to analyze, then look at nearby properties and try to adjust the expected sale price based on features that you may or may not have. Beware of pricing too low – it may scare off buyers who think something is wrong with it.
Sell to a Home Buyer
Professional home buyers can often be a great source of leads for unloading your property. They often come in with quick cash offers and may not even want to inspect the property before closing. These buyers typically are connected with a pool of investors who are interested in a wide range of properties, including yours. Once you secure the cash from a buyer like this, you can turn around and re-invest it into your next property and take advantage of the low interest rate environment.
Offer Owner Financing
One option you can use to secure a buyer is to offer owner financing to those who may not qualify for traditional bank loans but are trying to genuinely improve their situation. When you do this be sure to run a background and reference check – it’s no reflection on the buyer, but just a way for you to be cautious before proceeding. With owner financing, you can collect monthly payments over the long term, especially if you already have secured a down payment for your next house.
Find a Property
Be very thorough when you research your next property purchase, and don’t rush in just because of the attractive interest rates – you want to analyze things like access to points of interest, like grocery stores and shopping plazas; the quality of the nearby schools; entertainment options; and transportation routes and options. Do a rigorous background check on the house itself. Are the taxes paid and current? Are there any zoning issues? Is there a homeowners association (HOA), and if so, what kinds of fees do they charge and what do those fees cover? All of these items could erode any profit you make from renting the property out. Always conduct an inspection and stipulate plenty of time for it in a contract (at least 7- to 10-day window). Look for good structures (“bones”), great floor plan, and curb appeal.
Find a Mortgage
Mortgage rates are once again at a historical low point, so banks are shopping loans more aggressively than ever. Don’t settle on the first rate offered to you – do some legwork and shop around to other banks, and make sure to mention to them if there are competitive offers out there. Obviously, a great credit score helps, so use that to your advantage. Also, don’t just pay attention to the rate – also look at the length of the term and type of loan (fixed, variable, etc.). Having a pre-approved letter in hand will give you an advantage when making an offer on your new house.