Use a vendor finance expert to help sell your house.
Vendor finance offers a number of alternatives to selling traditionally with a real estate agent. These alternative solutions can benefit you if you are in a difficult situation or if you want to make a bit more money on your property and have the time to do so.
Find a Vendor Finance Expert in your area to help you sell your house.
There a many reasons to sell your house using vendor finance.
Unwanted investment property.
Can’t afford repayments.
Too costly to repair.
There are many ways to sell your house using vendor finance.
There are no hard fast rules about how vendor finance strategies work, but there are laws that sellers must abide by. As long as all parties agree, almost anything can be written into a contract. Therefore it is vital that a good lawyer that understands vendor finance is used by each party.
Every state in Australia has different laws regarding the sale of property. So be sure to use a lawyer in the state you are selling.
A vendor finance expert will help you work out what will best suit your particular situation, and tailor a plan to achieve the best outcome for all parties.
The expert may have a real estate agent licence, but usually they are not acting in the same way a traditional agent acts, and therefore there is no commission payable. Often their services are completely free!
Vendor finance is not a quick turnaround.
But it can be a quick solution to your problem!
When you sell your house this way the vendor finance expert will find a way to make the problem go away quickly, but the property title will usually stay in your name for a lengthy period.
If you have little or no debt and want to access your cash quickly, then vendor finance may not be a good solution.
How to choose a good expert.
There are no official qualifications required for vendor finance experts to operate, however many vendor finance experts have attended courses and experience programs to learn how to do it properly.
Experts that are members of professional organisations such as the Vendor Finance Association and Finance Brokers Association are supported by these organisations and have access to resources and knowledge.
There are licencing requirements for those who sell using vendor finance as a business. These requirements vary from state to state and also depend on the type of vendor finance transaction that is employed to sell your house.
When selecting your expert, ask what licences they require to hold for their particular strategies or solutions and verify this with your solicitor.
A property owner that is not operating a vendor finance business may not be required to hold any licence at all. It is perfectly legal for anyone to sell their own home using vendor finance.
What they need to know.
Most vendor finance experts will be happy to talk with you about selling your house. But in order to help they will need to know some details that a real estate agent doesn’t. Since they are usually helping solve some kind of financial related problem, they will often need to know:
Why you need to sell your house.
How much debt you have (how much you owe the bank).
How much the property is worth in the current market.
How much your mortgage repayments are.
If you have any arrears or other debt.