You are selling your home. You are not selling your house – you are selling your home.
You raised your children here. Your grandchildren had sleepovers here. You celebrated anniversaries, birthdays, and holidays here. You hosted parties with family and friends. You cried as a family when your dog died and you held a burial ceremony in the rose garden of your backyard.
You worked hard your entire life and you have been rewarded for that work. You own your home free and clear. You are “downsizing” and ready to move into your new home just a few miles away.
Your realtor has brought you a potential buyer, a young family. They love your home. They want to buy your home. But, there is a problem.
They can’t get a bank loan!
They are solid citizens, with just a little glitch here and there, like a lot of people today. Enough for the bank to say “No”. As you talk to them, you see yourself many years ago. You like them. They like you. They “see” themselves in their new home – your home.
Your mind filters your thoughts: You know everything there is to know about this home. You don’t need the cash from the sale. You have no mortgage. The income would be nice. If the worse happened and you had to take back the home, you are comfortable simply because you know the home and neighborhood so well. Plus, you are not far away.
You fit the profile of a seller who is in the optimum position to offer a seller carryback. So, you tell them you will be the bank, and you would be proud to have them raise their family in your home.
You work out terms that are very protective for you, commit your young buyers, and are fair to both parties.
Thirty days later, the transaction closes. Soon, you are settled into your new home and the invitation arrives to attend your buyers’ housewarming. New friends, new life, 2 properties sold, and the cycle of real estate continues.