Old Time Seller Concessions Making Comeback
No doubt about it, we are definately in a Buyers Market!
In today's current market environment, sellers are now willing to provide consessions to sell their properties. This sets up a perfect opportunity for you to contact your Builders/Realtors to promote Seller paid Buy-Downs.
This market reminds me SO much of the eighties and early nineties when Buydowns were commonly utilized to market slow moving properties. If you have been in the business less than 10-15 years, this market is something you have never seen. However, for us old-timers, we are are starting to see marketing strategies that has not been in vogue for quite some time.
Over the next few weeks, I'll be publishing a series of Blogs that will further outline how to market and sell buydowns to your referral partners.
This article brings back memories. Funny how some things never change.
Seller Financing Makes Comeback
New London Day (CT) (01/12/07); Tedeschi, Bob
Seller financing has become more of a topic in potential real estate transactions, and National Association of Realtors spokesman Walter Molony says property owners appear more willing to negotiate terms that will help close a deal with a buyer who may not be able to meet the requirements of a regular mortgage lender. High lending rates in the teens made seller financing, in which the seller finances part or all of a home sale, popular in the late 1970s and early 1980s; but high residential prices today threaten to keep many prospective buyers out of the market. Some real estate and mortgage lending officials express concern about the home financing strategy if the seller is not financially stable. A homeowner who has other assets stands a better chance of not being "wiped out if the buyer is delinquent," says Raymond Bershtein, a partner with the New Haven, Conn., law firm of Bershtein, Volpe & McKeon.
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