Why You Need a Lender to Sell Your Home

Home sellers who are prepared to help buyers find financing will sell their homes faster, and for a larger selling price. Think about your potential buyers: some of them will have already arranged for financing, but many don't know how to buy a house. By offering financing options and being able to help with buyer closing costs, you can open up new possibilities for selling your home.

This isn't as difficult as it might sound. By contacting local banks, mortgage companies, and lenders, you can easily find out what type of loans they offer. Also ask about credit scores, income and down payment requirements, special loans for first-time homebuyers, and if they allow you to contribute to a buyer's closing costs.

The Most Important Issue for You is the Lender's Appraisal

Many banks and mortgage companies employ appraisers who only work for them, but that practice can cost you money as a seller. For instance, I once sold a house to buyers who were financing through a bank that used an "in-house" appraiser, and I lost $13,000 in profit because of a low appraisal. Only later did I learn that the bank commonly understated appraisals, in order to protect themselves in the case of foreclosures.

Many appraisers use only past sales when conducting their market analysis, but in fast-moving market areas, those prior sales amounts may not reflect current sale prices. A more accurate appraisal will also take into account sales that haven't yet closed and the list prices of similar properties on the market, which will give a better reflection of a home's true sales value.

What about Buyers with "Pre-Qualified Letters?"

Before you agree to sell your home to a buyer who comes with a preset lender, make sure their bank uses accurate appraisals. Don't sign a sales contract contingent on that bank's appraisal. You don't want to end up having to reduce your sales price, based on a low appraised value. You can avoid that situation by including a firm price in your sales contract and giving your buyers a set amount of time to arrange for financing before the sales contract becomes void.

Finding a lender that offers a wide variety of loan programs and an accurate appraisal will go a long way toward selling your home quickly and at a higher price. It will also make it easier for buyers to purchase your home when you can tell them that your lender may be able to offer better financing and that you're prepared to pay a set amount of their closing costs if they'll use that lender.

(c) Copyright 2004, Jeanette J. Fisher. All rights reserved.

Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhouse fordollars.com/pages/5/index.htm

---

Flipping or Fixing Houses for Profit

Many real estate investors make $5,000 to $10,000 or more... Read More

Real Estate Bankruptcy

Although real estate bankruptcy cases no longer dominate the bankruptcy... Read More

How to Prepare Yourself for Owning a Dual Purpose Second Home

If you are thinking about buying a second home, you... Read More

Fraud in Real Estate, Are You Being Victimized? - Part II

The phone range and Peter was on the other end... Read More

Real Estate Wealth Protection Through Short Sales

Is a sharp correction in store for the real estate... Read More

Do You Need to Download a Landlord Inventory On-Line Today?

Do you need to download a Landlord Inventory on-line now?... Read More

No More Estate Agent Fees

Follow a few simple guidelines, and marketing your own home... Read More

Selling Houses: Psychological Effects of Landscaping

Buyers think they care more about the inside of the... Read More

French Property - a Buyers Guide to Purchasing Property in France

The CompromisThis document is the document you will sign agreeing... Read More

Should you Sell your Home yourself?

Should you sell your home yourself? Yes and no. Yes,... Read More

The Psyche of The Seller and The Tenant Buyer

For those of you who were not psychology majors the... Read More

Home Buying: Things To Keep In Mind

So you've decided you want to own a home and... Read More

Conversation & The Real Estate Investor

One key that makes investors is conversation or should I... Read More

Santa Visits a Just-Moved Newcomer in South Florida

Twas the night before Christmas and all through the house... Read More

Is An Old Home for You? ? The Cons

So you think you might like to buy an old... Read More

How to Make the Real Estate Market Work For You and Get The Most Money

How to make the Real Estate market work for you... Read More

Selling Houses with Curb Appeal and Design Psychology

Curb appeal is the most important challenge you'll face when... Read More

Why Average Sale Price Statistics are Misleading

One of the most common statistics used when gauging the... Read More

3 of the 5 Ways Real Estate Can Take Advantage of Blogs and RSS

Earlier this month, Realtor Magazine announced that they would be... Read More

Real Estate Internet Marketing Is The Way To Go

Real estate Internet marketing is a booming business, along with... Read More

How to Sell Your House by Lease Options

Many people buy a house then have to move within... Read More

Commercial Real Estate Industry - Is the Condo Craze Over, or Just Gaining Steam

Over the last two years there has been so much... Read More

How To Find Your Dream Home In Belize

Shopping for property in Belize is not as simple an... Read More

Transforming Doghouses into Dollhouses

Successful real estate investing depends largely on a correct assessment... Read More

Selling Houses Fast: Basics of Design & Color Psychology

Fixing up houses to ready them for sale includes a... Read More

An Estate Planning Primer

An estate plan can be designed by clients and their... Read More

Property Investors, Scrub Your Thoughts and Start Again - Brazil, Brazil, Brazil!

Brazil Property - FortalezaThe PlaceWhat to do in a place... Read More

Real Estate Investing Produces Extraordinary Profits

Imagine making $5000 a year from real estate investing without... Read More

Home Loans ? Identity Theft Protection Could Hurt Home Sales

Identity theft has been a hot topic in the news... Read More

Real Estate Investing Contracts on Toilet Paper

Even if your real estate contract has been written on... Read More

Give Your Home A Timeless Feel

In the world of real estate, there is a huge... Read More

Land Subdivision - $1.2 Billion Dollar Developer Tells You How To Do It

Land subdivision is a bit like helping Mom slice up... Read More

Is Second Home Ownership In Your Future?

According to the National Association of REALTORS® (NAR), a record... Read More