My House Won't Sell - Try Vendor Finance!!
In late 2009 we realised that we needed to sell one of our homes. We owned 4 homes, 3 investment homes plus the one we lived in. We realised that negative gearing combined with a few unforseen circumstances was taking us down. So we listed a home on the market hoping for a quick sale to relieve the financial pressure.
After a while with no potential buyers, we realised our odds would be greatly increased if we listed all 3 of our investment homes. Still nobody was interested. Finally we even listed the home were were living in for sale. We reduced the prices and we advertised. Even after all of this and two years of patience, we didn't even have one single inquiry or one single interested person. Our finances had gotten so bad that we were getting phone calls from the bank every week.
Then I had a moment of revelation. If I left my homes with real estate agents (given the current economy) my homes would never sell. I had to take action - it was up to me. It was my responsiblity - so I started to investigate what other options I had. That was when I discovered instalment contracts.
I decided to try and sell one of my homes via an instalment contract. I created a little ad and placed it online, and within 1 day I had 7 enquiries. Three days later I had an open house and took 3 interested buyers through. Unfortunately I didn't sell the house yet. However enquiries kept coming. By the end of the following week I had another 4 enquiries, another open house and two days later it was SOLD. I took a deposit and 30 days later the financial pressure had lifted.
That was December 2011. It's now May 2012 and I've since sold our other 3 homes with Instalment Contracts too. It's been an amazing change. No more negative gearing - now we have 4 positively geared properties bringing in income each week. Before I thought our homes were assets, but now I realise they were liabilities because they were losing us money. NOW even though we don't own the homes anymore - they have become assets.
If you are struggling to sell your houses, and the typical method isn't working for you, then give Instalment Contracts a go. <a href="http://www.davidalley.com.au/contact">Contact me via Email</a> or call me on 0429363811 for more information and I'd be happy to help guide you through the process.