Non traditional selling of real estate is fast becoming one of the most popular ways of selling homes. Decades ago buying a house was a long time proposition as an individual could at the most buy a house only once or twice in a life time. Now house ownership is more or less like a commodity as the average lifespan of home ownership has shrunk to as short as five years. Home owners can choose from non-traditional selling plans to dispose of a property. The strict bank regulations and costs of owning a home have made it difficult for the low income groups to get access to affordable mortgages. Non-traditional selling makes it a win-win situation for both the buyer and the seller of the property. This is one of the reasons why people in recent times change properties as frequently as they would change their cars.
The usual reasons to sell a property quickly through non traditional selling may vary. The property may have some issues that need immediate fixing. The owner may plan to downsize and want the extra cash for increasing his income or investment. The owner is looking to buy a bigger house and wants the sale proceeds of the current property to buy the bigger house. Some may want the cash out for meeting expenses on a family emergency like surgery or merely for a holiday tour.
The following are some of the circumstances that lead people to go for non-traditional selling:
- When people take up new jobs or when they have to relocate to a different city
- Those with part-time jobs or working casually or take up work as a contractor
- A change in personal life such as a divorce or temporary unemployment
- Not having enough savings for the deposit amount
- Inability to show records of past savings
- Too young or too old
- Not having a credit record
- Having a non traditional form of security
The non-traditional selling does not involve a real estate agent to bring potential buyers to you. You may end up paying a percentage of the sale proceeds as brokerage. In the conventional sales process, the transaction is controlled by the lending institution or bank. In non traditional selling s the seller has full control over the terms and conditions of the sale. You just have to use the ‘For Sale’ sign boards and get enquiries from interested buyers. With the advent of Internet, there are no hassles for advertising the sale of your property. You get multiple enquiries from local, national and international buyers at no cost or minimal cost.
You must make sure to understand clearly the terms of the agreement. The paperwork should be done with the help of a licensed professional. It is up to you to choose the best option in consultation with an experienced real estate expert who is well versed in the legal and financial aspects of the
non–traditional selling before getting into the transaction.