Author reveals Eight Ways to Save or Sell a Home in this Terrible Real Estate Market

The current Real Estate market stinks. Selling your property will require a discounted value and a long time to sell. When their is so much supply and little demand, basic economics falls into play. The current free fall of housing values, increase in foreclosures and no process to borrow has created the "Perfect Storm". The American Dream has become the American Nightmare. How can you survive in this market?

Lets examine the different approaches the homeowner can take to survive in this current economy. If you want to sell your property ,but the price of the house has declined by 10% to 30% what can you do. The conventional approach will not work, So lets examine different approaches. The Lease Option Conversion Program allows the owner to market to a potential buyer who can make payments but needs time to save up the downpayment. Example, if the rents in the area are $1,500.00, the a Lease Option will generate about $2,200.00. This amount should be enought to cover the mortgage payment, the option money would be about $5,000.00 and over a 2-3 year period the potential buyer can save up enough with credits, to exercise the contract. The Contract of Sale program allows the seller to market their property to buyers who make good income but need to repair their credit. With so many foreclosures potential buyers who need tax benefits, can purchase while they repair their credit..

Tax benefits go to the buyer and fee title stays with the seller. Under the contract the vendee/buyer pays the underlying mortgage, property taxes, insurance and all expenses. The short sale is done after all other methods to sell the property have been tried. The short sale is where the seller is either going into foreclosure or has to sell. The seller can not receive any proceeds but can stay in the house while it sells. The house sells at a discount, the homeowner is relieved of the debt and under current hardship laws is forgiven. The homeowners credit is hurt but not as bad as a foreclosure/bankruptcy. Finally, if you want to leave the house, but it cannot be sold, try to interact with the lender and offer a Deed in Lieu of foreclosure. The mortgage company might take back the house if you co-operate, rather than go through the foreclosure process. read more