Posted by Tony-VA on September 30, 2001 at 23:36:33:
That could very well be the beauty of it. You are open to work all the other terms but this may get the phone ringing.
This could be a good lead generator, especially for a property that is not moving well.
I would imagine that the conversation would go pretty much as usual.
We ask, “How much can you comfortably afford per month?” Most are honest and in our ballpark. If they come in too low, you hit them with a huge downpayment that provides the equivalent yield. They may baulk or they may just surprise you and say ok. Chances are the okays will be fewer but I always like these suprises.
It is food for thought on those need-to-sell-already homes. What do you have to lose? With the other terms at your disposal, it would be hard to lose on this wouldn’t it?
Posted by David (OH) on September 30, 2001 at 20:51:13:
Hi all. Just noticed an add in my local paper that caught my eye. For those who like to try different adds, here is yet another idea. If I was looking for a MH, I might call on this one.
3BR available immediately. Name your monthly payment. XXX-XXXX
Posted by David (OH) on October 01, 2001 at 08:02:28:
Thanks Tony!!
Robert, It really is very similar to “Will Finance”. The caller will ask, “What does Will Finance mean?” You have to explain it. In this add, maybe they will give some forethought to what they can afford. I just see it opportunity to get the phone ringing. If you don’t like the payment the buyer gives, you don’t have to accept it. If it is ballpark, then you can ask if they would have any type of down payment. Based on those two bits of information, you can decide if the conversation needs to continue. Now it remains to be seen whether you will get a bunch of low ball offers from good potential buyers who would otherwise be reasonable. Might work, might not. Just an idea.