8. You can file bankruptcy. For some people this can be a decent option, but as with everything there are good points and bad points. If you decide to go this route, do your research first. Don't expect your lawyer to tell you everything you should know. Remember, that's how they make their living and some might try to convince you that it's your best option when for most people it's probably not.
9. You can remain on the loan while still selling the property. This is a tried & true method of selling your house. If you work with someone that's honest and knows how to do this, this is almost always your best option as you don't necessarily need to discount the price, you don't have to lose your existing equity if you have any, and it can actually help improve your credit while providing you with tax benefits. The ignorant will try to tell you this is a bad idea â€“ and will probably come out of the woodwork flashing their licenses and their â€œyears of experienceâ€ when in fact what they're really telling you is they don't understand how it works. It is in fact true you could get burned, so you need to know the right information to protect yourself from that happening. Find someone that has experience doing it or there can be risk â€“ such as the buyer failing to make the payments for you as promised and then you could end up in foreclosure and your credit ruined...
10. If you own your property free & clear (or nearly so), you can also â€œbe the bankâ€, whereby the buyer makes payments to you. You might consider doing this if you have problems such as code violations, IRS or mechanics liens, unpermitted additions, inability to pay for repairs or any other problem that a typical bank financed buyer may not be able to handle. You don't even have to have any problems to sell it this way, for example you may just be tired of dealing with renters, or picky stuck-up buyers that DO qualify for bank financing and consider themselves to be in the catbird seat (which they are). You can sell it this way for any reason, or no reason at all â€“ it's up to you. Maybe you just want a good investment â€“ after all, what will you do with your money if you sell the house for a lump sum to a traditional buyer other than give half to the government? Put it in a savings account for 0.5% interest or a 1% CD? Risk losing it all in the stock market? Why not leave the money in the house, an investment you know inside & out?
11. Finally â€“ again for someone that owns their house free & clear and still has good credit - consider taking out an 80% loan and like number 9 above, let the buyer assist in making your payments, insurance, taxes, repairs, maintenance and other normal expenses. Loans are currently still tax free.
12. This list may not be complete. There may be other options available to you, these are just the ones I know about.
Please note, not everyone will have all of these options open to them for various reasons. This is not meant to be construed as advice but merely information meant to be educational in nature. Seek professional help from a knowledgeable source. Also note that just because someone has a license doesn't mean they know anything or that they're being honest with you. Remember, if they stand to make money from the transaction they have a vested interest in convincing you to do it â€œtheir wayâ€ since that's the business they're in. Be leery of those that try to steer you towards any one particular option especially when they don't tell you all of your available options. Do your own research and determine the truth and best course of action for you and your specific situation. I am a private investor and I buy properties both with and without problems. I do not have a license of any kind.