Posted by Russ Sims on October 30, 2003 at 12:38:53:
Is the seller just willing to walk away from his equity? If so you could get the home financed in 2 weeks or less through a hard money lender, that is if the market value is $270k. Hard money lenders will loan around 60 or 65% of FMV so you should be able to quickly get a loan for around $170k.
My guess is that if he has a relative willing to make his payments for him his motivation to accept a huge discount is pretty low. But you never know…If he is moving into a situation that is a vast improvement for him, he may just want to get rid of the home ASAP so he can focus on the new situation. Incidently this has happened to us more than once. Usually motivation comes from negative stuff happening in a seller’s life. But sometimes motivation comes from something happening so good to the seller, they could care less about their home because what they are moving to is so much better.
Still looking for number one deal, prefer to buy sub2 since thats what i know how to do. But my arsenal of buying techniques is small so i don’t feel confident when talking to selles when a sub 2 won’t work.
Got a call Job Transfer Jan first
listed but can get out of contract at 270k
current balance 160 - 150k
PI 1000
Says his cousins will move in and make payments on his mortgage if he has to.
I don’t know what to say to people like this i know he would not go for a sub should I pitch A L/O. The whole idea would revolve around me asking him if i could cover his payments and cash him out in the future. Correct.
Should i do anything or wait for something lower priced or a sub 2 THANKYOU
Re: 100k equity & My Small Arsenal - Posted by Doug,ky
Posted by Doug,ky on October 30, 2003 at 13:45:17:
The question is “is the seller motivated.” If he is, I can think of several ways to get into that baby and make some good money.
There is at least 3 different ways to owner finance this deal. An don’t forget about leasing with option. and how about creating a mortgage!
The key is to listen to what he says and then ask hypathical questions that might work and listen to his responds. When he said that his relation would move into the house and make the payments. You could have said something like, “What if I make your payments for you for until the house sells and I’ll even maintain the property and never call you about ordinary repairs, would you be interested in letting me lease the home instead of your cousin.” And then listen