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A seller has contacted you, a licensed real estate salesperson, about selling a residential property in a remote area of California where the local economy
A seller has contacted you, a licensed real estate salesperson, about selling a residential property in a remote area of California where the local economy is distressed due to high unemployment. The property is a small home on a city lot that is typical for the town. There are no liensmortgages on the property. From your experience in the area, you know that the largest hurdle in selling a property is obtaining a qualified buyer. The most likely buyers for this property are locals who are motivated to buy, but for a variety of reasons low income, inconsistent employment, low credit scores cannot qualify for a typical mortgage from institutional lenders. You know that it will take some form of creative financing to sell the house. The most prevalent ways that local sales are financed are:seller financing with a first trust deedinstallment sales contractlease with an option to purchaseWhich of these methods would you recommend to the seller? Why?
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