The most common way to sell your house is to sell to a buyer who qualifies for a conventional loan.  This buyer will pay you cash at closing from their home loan.  You will pay off your mortgage and anything remaining is a profit for you.  If the prospective buyer doesn’t qualify for a loan, then you can’t make the sale.

Another way you can sell your house is to use a lease option, also known as rent to own.  You can ask the buyer to pay you a two to five percent non-refundable option that they will use towards buying the home from you.  They rent the house from you for a period of time, usually six months to two years, and part of their rent counts as a credit towards the home purchase.  After the lease period is over they can buy the home, using their option and rent credit towards the purchase.  The advantage to this is that you can receive the option upfront and rental income to use for paying your mortgage during the lease period.  It gives the prospective buyer time to clean up their credit and qualify for a loan.

You could also consider financing the home yourself.  In this situation you are the buyer’s lender.  You can set the interest rate and terms and how much of a down payment is required.  This can be a good option if you own your home free and clear.  Again you will need to consider your options and ask yourself if this is the best way to sell my house.

If your prospective buyer does not qualify for the entire amount of the mortgage, or is short on their down payment, you could consider doing an owner carry contract or second mortgage.  As an example, if you have $25,000 equity in your home and your buyer is $15,000 short, you could loan the buyer the $15,000 and set the terms and interest rate.   The buyer would then make payments to you as well as their regular mortgage until the loan to you is paid off.

So if you are having trouble selling your home or looking to sell your house fast, you might want to consider other financing options to get the house sold.

However, hopefully things are looking up for you and you’re looking to sell so you can buy some beachfront property!