Have You Or Your Agent Been Unable To Sell Your House In This Poor Housing Market?

You've heard the news on Fox, CNN, MSNBC and in the local news papers about the current state of the economy, the credit crisis and the declining housing market. The President is preaching gloom and doom an asking us all to pay higher taxes to cover his spending spree. Foreclosures are at an all time high with more to come. Unemployment is the highest it has been in decades and is only likely to increase. Housing prices are at all time lows with no bottom in sight. Even the banks are going bankrupt as are many Americans.

Because of the credit crisis, many people can't get a loan to buy a house right now, despite the low housing prices. Many sellers can't sell because they owe more than their house is worth. Many of these sellers can't even rent their house for enough to cover their mortgage payments. Even if they could, many tenants often destroy the house making it even more difficult and costly to sell. If they list their house with a real estate agent, their house will likely sit on the market for many months or years waiting and waiting to sell. Even if it does finally sell at a reduced price, the owner has to pay 6-7% commission plus the bulk of the closing costs. This often results in the seller writing a big, fat check at closing to sell their home.

So what are your alternatives if you need to sell your house fast in this depressed economy and housing market?

1. You can try to sell your house For Sale by Owner.
   
   If you don't know how to find buyers, screen out the ones with no cash or credit, help get them qualified for a new loan and handle all the purchase and sale paperwork, selling your house For Sale by Owner (FSBO) can be a verifiable nightmare.
   
   
2. You can list your house for sale with a real estate agent.
   
   If you don't choose the right real estate agent (you need a top producer with a proven track record of selling houses in this market) , your house could sit on the market indefinitely, month after month, year after year, with no marketing, no showings, no open houses and no buyers. All the while, the value of your home continues to drop like a brick due to all the other houses and foreclosures on the market.
   
   
3. You can sell your house to a local, professional home buyer.
   
   Professional local home buyers, also known as "real estate investors", buy and sell real estate for investment purposes. Depending on your house and your flexibility on price or terms, a professional home buying company may be able to buy your house in the next 7 days or less. Real estate investors can pay you all cash; pay some cash now and some cash later; take over your mortgage payments; reinstate your loan and take it over; pay off your short sale; or find some other creative way to buy your home and satisfy your lender. If you choose to sell to a real estate investor, be sure to check them out and make sure you are dealing with a reliable and trustworthy professional.

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