The Five Essential Questions You Need To Ask If You Are Trying To Sell Your House

If you are trying to sell your house but are struggling to do so

, then why not speak directly to those people who are are looking to buy a house. When you find them, ask them what they need and what is stopping them from buying a house right now. There are lots of reasons why this is a sensible thing to spend some time on

1. You will quickly learn that there are people that are interested in your house but they are unable to secure a mortgage from a traditional bank or financial institution. Therefore, they believe they are unable to buy.

2. You will find out that many people have the Income and the Employment needed to purchase a house like yours but they may not have the credit score that banks are looking for.

3. Many Buyers are Self Employed - in great jobs earning great salaries but still are not eligible for a convential Mortgage.

4. Others may not quite have the 20%-25% of the Property Value needed to buy a house today.

5. What you will find is people who want to buy a house like yours and have the financial means to do so, but they are unable to find a lender to offer them a loan to do so.

What Does This Really Mean To You

Many house owners are turning to their buyers and seeing that whilst they have the ability to pay for a home, the credit is simply not there. So, the trick is when selling your home to make it most appealing to a buyer - and offer an Instalment Contract (Private Finance). In this situation, the buyer makes payments to you on a regular basis. This contract allows them to pay you each month rather than a Lender and in return, they gain ownership of the house without having to turn to a bank.

The Essential Questions You Should Ask

Before you agree to this particular situation, there are a few questions that you need to ask of Buyers before lending to them.

1. Do they have steady income? You need to make sure they can meet their monthly obligations to you.

2. Are they prepared to enter into a Legal Agremeent with you? You will need a specialist company and/or lawyer to complete the deal and ensure the correct paperwork is drawn up.

3. Why is their credit bad? Is it because of non-preventable circumstances ie: haven't live in the UK for long enough time, maybe they are Self Employed or have they had credit problems in the past?

4. How much each month can they afford to pay towards buying your house? You need to ensure that this covers all of your costs too.

5. Can they provide guarantors or Referees of previous or current landlords?

Take the time to ask these questions but do talk to these buyers. What you may find is that the right person to purchase your house is available, but is unable to do so without a bit of extra help from you through an Installment Contract.

Copyright (c) 2010 Katie Sylvester

by: Katie Sylvester

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