Hey guys, I've got another tool for you:
When you are going out to take a listing and the seller is asking you about getting top dollar for their home, one question you can ask which relates to them getting top dollar is, can I ask you how much do you owe on your current home?
This is gonna reveal how much equity they have and how much they have left to pay off.
Some—about 30% of the people you're talking to—will own their home outright. And the vast majority will have some kind of loan. But a lot of those people have paid down their loans dramatically and they have a very small balance. What if you said something like this to them?
"I got something to ask you guys based on what you just told me:
We're in a high interest rate environment. So it's making affordability a really big issue. And because of that, when people are paying more in interest, they can't afford to pay at a higher price. But if we were able to offer an owner carry situation where somebody gave you a significant amount of down and have to pay off your first mortgage, pay off all the commissions and fees and everything else you got going on. And then give you a little bit more on top of that, and then you carry the balance just like a bank, just like a regular mortgage. And you receive a payment every month. This could be a great way to get top dollar for your home, and set you apart from the competition of the marketplace. Especially if you offered a reasonable interest rate, maybe even a little less than what the market rate is on from banks today.
So just a thought, you've gotta decide if it's, you know, right for you. Of course, we run it into an attorney, we run it through these proper channels, all the paperwork is done legally, and we have a set system for collection. We call it a collection escrow.
But if it's something you'd consider, that's sometimes a great alternative, especially when maybe if you don't need the money, what else are you gonna put it? Stock market is super volatile right now. A lot of different asset classes are kind of volatile. It's kind of nice to have a set payment every month coming into your bank account. Just a thought."
So that's the conversation I have. Believe me, there's a lot of people that would be open to this idea. Not everybody. But it just takes a few people to say yes to really change the dynamic of your listing inventory.
So give that some thought. And try it out this week!
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