An interesting way to try and sell a house in this market

[Mr. Flopnuts]

This guy lives in the same suburbian Seattle area I do. His house is not far from mine. He's trying a "reverse auction". Here's his website. Seems like a good way to get pub I guess, it was just on the news.

http://bothellcountdown.com/

[SBK]

Here's what you do. Offer seller finance for 95% of the sales price. You would do this by creating an 80% first and a 15% second note. Then you'd go to the secondary note market and sell off the 80% first. You would then sell the note to the note investors at the same time you sell the house, it's called a simultaneous closing. This way you get your money at close and can do your purchase of your next place, that you of course bought at a very steep discount.

If the people have good credit you'd be looking at about 95-98% of your 80% note value for pricing. Then you keep the 2nd note. Say like this.

House sells $200,000
Down payment $10,000
First note $160,000
2nd $30,000

Note sells for $155,000
You net $165,000 and have a $30,000 note that pays over $40,000 over 5 years if you've created a 5 year balloon.

Since financing is the big problem these days you've created a deal in which you've sold your house for more than anyone else can get and you've put someone into the house that wouldn't have bought otherwise. And in less time....Without having to pay tons of commissions, closing costs or wait for months and months and months.

And you'd do this using professional help of course.

[Cntrygal]

:dizzy:

I'm not sure if I need a drink or shouldn't have one before I read that again....

[AndChiefs]

And here I thought our housing market was still pretty decent out here.