...dropping the price doesn’t always lead to a quick sale. At the same time, the seller ends up lowering the equity of their property
(PRWEB) March 15, 2014
The Bank of England and the Financial Conduct Authority found in a recent study that 264,862 homes were behind their mortgage payments in the last 3 months of 2013, (The Telegraph reported on 11 March 2014).
“I’ve always taught people that there are two main motivators for a person to sell a house. They want to get their hands on the cash bit and get rid of the debt bit. If a mortgage becomes too burdensome, then that becomes a powerful motivator to sell,” according to Rick Otton, the host of the Zero Debt Property Cashflow Bootcamp.
“Unfortunately, sellers end up dropping the price of the property for sale since many buyers don’t have the cash for a deposit. This decision, however, is not always beneficial because dropping the price doesn’t always lead to a quick sale. At the same time, the seller ends up lowering the equity of their property,” he explained.
Mr. Otton then revealed in a new interview for the Zero Debt Property Cashflow Bootcamp that seller finance strategies could help people sell houses for sale much faster so they can unburden themselves from unwanted debt.
“Rather than dropping the price to get out, sellers should lessen the fences in order to get more buyers interested in the property for sale. Remember, when you make houses easy to buy, they become easy to sell,” according to Mr. Otton.
“A popular seller finance strategy is to let the buyers take over the payments on the old mortgage that comes with the property. This way, buyers won’t have to undergo the heart breaking process of applying for new mortgages, while sellers are able to move away from their debt immediately,” he explained.
For more info on seller finance, visit http://rickotton.co.uk/conference/ to reserve your seats to Rick Otton’s Zero Debt Property Cashflow Bootcamp on 21 – 23 March 2014.
About Rick Otton
Rick Otton is a property investment professional who, over the last 23 years, has introduced innovative real estate strategies to the UK, Australian and the United States. His creative ‘low-risk, high-reward’ approach to buying and selling houses is exemplified in his own business, We Buy Houses.
This year marks the 10 year anniversary of Mr Otton introducing his strategies to the UK, and the 5 year anniversary of his innovative ‘Buy A House For A Pound’ process – one that attempted to be emulated by others. His constant process of strategy refinement, and adapting to the ever-changing real estate market, continues to place him at the forefront of property investment education.
In 2012 Rick Otton published his Australian book ‘How To Buy A House For A Dollar’ which was named in the list of Top 10 Most Popular Finance Titles for 2013. A UK version is on the drawing board for publication in 2014.
Mr Otton freely shares insights into his non-bank-loan strategies that have allowed everyday UK men and women to beat the rental cycle and have their own homes. He coaches others on how to build profitable businesses by facilitating transactions that focus on the needs of potential buyers and motivated sellers.
Access his free downloadable Power Property Profits Pack at RickOtton.co.uk, as are the details of early bird pricing for his next UK 3-day real estate training conference in March 2014. Phone enquiries in the UK are welcome on 0207 000 1027.