In the last installment we said you need to use the secret formula A.I.D. A. to sell your house fast. You also need to get the house neat and clean and find out what the competition looks like and how it is priced.
A.I.D.A. is a staple of the advertising industry and it tells how to sell everything from executive jets to flats to let. It means Attention, Interest, Desire and Action.
Today, we are going to add to the alphabet soup three new letters, U.S.P. I know it stands for United States Patent, but today the important phrase hiding behind the initials is Unique Selling Proposition. This is what will sweep the competition away and have you walking away with a sold sign under your arm.
If you watch television or listen to your neighbors at the gym, you probably know you cannot sell a house in the current market, much less fast. So hang with me a few minutes and let me tell you how we can be successful, even in this market.
Well. It is true that houses are not selling. Why? Do people not want a nice place to live? No! Of course not. They simply can’t come up with the cash for a down payment and the banks will not give them a mortgage and most folks do not have the cash in their pockets to buy a house.
If you can solve this problem for someone who likes your house, is able to afford the monthly payments and upkeep, you have just separated your house for sale from every other house in the neighborhood. You have created a Unique Selling Proposition. There will not be anyone else in the neighborhood offering this kind of benefit. At least for a while.
What we are suggesting to separate your house from the competition, at least in one manifestation, is a variation of a technique called a lease option, (specifically “the Famous Rent to Own on Steroids Program™) discussed in the book “911 for Landlords.”
You give all of the rent paid in the first year back to the buyer to become his down payment and you give the buyer a mortgage if he/she makes 12 consecutive payments on time and maintains the house as though he/she already owns it.
Now before I go any further I need to say: If you do not understand the last two paragraphs and you plan to implement this plan, it is IMPERATIVE YOU HIRE A BOARD CERTIFIED REAL ESTATE ATTORNEY to advise you. There are a number of details that are very important and this strategy is ILLEGAL in Texas. Other states may pass a law about lease options at any time. Get professional counsel.
Isn’t it funny how I know what you are thinking? Not only might it be illegal, the people I rent to might not pay. And then, what do I do?
The answer is there may be variations that will make you more comfortable and every situating is different. You have to calculate the risk you have now and the risk you will have after doing a strategy like this.
If you think creative strategies to sell your house are somehow bad and evil, this kind of buying and selling has been going on in commercial real estate for decades, if not forever. More money is involved and often hard to get, so the people in commercial have been doing things like seller financing, lease options, sandwich leases, sell and buy back, and a whole lexicon of strategies to sell property when the banks were not able or willing to carry the full load.
And if you are watching TV and talking to the folks at the gym, you know that that is where we are today with the banks. They are not able or willing to finance all the people what want and deserve a nice home.
There are creative ways to solve this and sell your house fast. If you do want to explore the creative side, get an attorney who understands the details. Or, you just might want to call a We Buy Houses guy, like me, and or course seek legal advice. Or, be one of the first ten emails at 911forlandlords@gmail.com and get a free copy of the book,
George Beardsley has written extensively about finance and business starting as a financial reporter for the Chicago Tribune, covering commodity futures, stocks, bonds, banking and other financial news. He was an editor for the financial publishing firm Dow-Jones, Irwin. He left the Tribune to work for Merrill Lynch as a commodity broker and owned a commodity brokerage firm in Florida. He was graduated from the University Of Missouri School Of Journalism with two degrees and was awarded the Bronze Star Medal for service as a combat intelligence officer in the Republic of Viet Nam. He has been buying; fixing and renting house in Florida for two decades and has just published a new eBook called “911 for Landlords.” His website is http://www.1gr8deal.com.
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