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Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.
Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.
Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.
The study also included queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.
The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.
In today’s buyer’s market offering owner financing can open your home to a new area of prospective buyers, especially if you’re selling your home for sale by owner. However, there are 5 simple guidelines you should follow if you’re looking for a successful owner financing transaction.
1. Review Buyer’s Credit Reports
If you have a prospective buyer for your home, you should gain their permission to pull their credit reports before entering into a binding contract. The cost of obtaining a credit report is a small price to pay when compared with the money you could lose and the trouble you could face of having to foreclose on the house if you’re using owner financing.
2. Using a Mortgage Company
Make sure any potential home buyers are qualified to purchase your home. You can request that they be pre-qualified for the purchase price of your home through a mortgage company, even if you are going to enter into an owner financed agreement. Make sure that the home buyers have proper employment and income to afford the taxes, insurance, and payments for your home.
3. Have the Paperwork Professionally Drafted
You can use a title company, real estate attorney, or, if you’ve purchased a bundle package from a realtor designed for sale by owners, most of the time they include the preparation of the paperwork. If they do, you will still want to have any purchase agreement and/or closing papers reviewed by a real estate attorney.
4. Dealing With the Down Payment
If you are going to offer owner financing, you will want to ask for a 10 to 30 percent down payment to protect yourself in the event your buyer stops making payments and you have to foreclose on the house. The larger the down payment the more protection as a seller you have.
5. Interest Rates
You will want to charge an interest rate above the current rate the buyer could obtain if he/she went through a traditional financial lending institution. This will encourage your buyer to refinance and pay you off quicker.
Owner financing is a great way to sell your house in today’s market, regardless if you are a for sale by owner or going through a Realtor. If you opt to offer your home for sale using owner financing, you should take every reasonable attempt as outlined in this article to protect yourself and have a successful transaction.
