How this real estate agent helped his clients sell for more and avoid a bankruptcy

When Oregon real estate agent Terry Rasmussen got a call from some clients to sell their home in rural Central Point, Oregon, he was happy to walk them through it. But when he got there, he realized that the home had a lot of repairs and upgrades to be made before they would be able to sell it.

"When I explained their problem, they literally thought they might have to do a bankruptcy to alleviate the debt. And I said, 'Well wait a second, I don't think we need to go down that road...'"

Terry was able to introduce them to financing through his brokerage's HouseAmp-powered program, and they were able to get the upgrades their home needed in order to sell. Those items included a new roof, new decks, interior and exterior paint, upgraded appliances, replaced countertops and a new heat pump system.

"I told them the benefits of it, how easy it could be, no interest rate for a period of time… It was just a great solution for them and they were able to sell their home and walk away with over $100,000 in their pocket instead of going through bankruptcy."

Because of the program Terry's brokerage offered through HouseAmp, he was able to help his sellers tap into their equity and list their home for $350,000, ultimately going pending after only 6 days on market and walking away with a profit.

Here's what Terry had to say about the program after his clients sold their home and repaid the loan back:

"It's a great tool to have in your toolbox as an agent, for those clients who need to take care of some deferred maintenance and repairs to get their house ready to go on the market. It's interest-free for a period of time. You can choose the contractors you want. There's just a lot of benefits to it, and not a whole lot of downsides."