Posted by Mike Daly (Atlanta) on June 14, 2002 at 09:26:08:
Yeah, I understand the general concept of selling the note at closing – it’s just their website guarantees you’ll get “more” than you would otherwise. Don’t know if the “more” includes the seller taking back a 2nd. Just wanted to know if anyone has closed a transaction with these people.
Anyone used “Easy Money” mortgage? - Posted by Mike Daly (Atlanta)
Posted by Mike Daly (Atlanta) on June 14, 2002 at 07:22:12:
I received an email solication about this – website is www.bill-bowen.com. Claims that you can sell your property with owner financing thru them and get a higher net cash price. Has anyone had success using this company?
Re: Anyone used “Easy Money” mortgage? - Posted by Mark (Annap. MD)
Posted by Mark (Annap. MD) on June 14, 2002 at 08:59:52:
The deal with this program is you go to FSBO’s and expired MLS listings or anyone else motivated to sell really quick. You try to sell them on the fact that more people will come see their home and put offers on their house if they offer “Owner Financing”.
You then turn their seller carried mortgage into cash by discounting the note through whatever sources they give you. You do this simultaneous with the sale, so instead of paying a real estate commission, they take a discount on what they carry. The problem is on non-seasoned notes that have payors with questionable or marginal credit the discount could be 20% or even more. The logic is as a “seller carry” you won’t have to discount your asking price to move the house which helps to makeup the mortgage discount.
This could work in certain situations but hard to get the average or better houses sold this way since they are moving so fast right now at or near FMV. Why would the seller agree to such a deep discount?
Just my .02, Mark
seller financing - Posted by tom bridge
Posted by tom bridge on June 14, 2002 at 08:05:02:
Mike,
my experience is ‘seller financing’ doesn’t do to much for your sales, either in price of speed of sales, in my town. in fact seller financing seems to put the skeptic face on most folks. ‘what is wrong with this place that you can’t get bank financing on it?’
with banks financing more and more high risk buyers the punch has gone out of sub prime seller financing.
unless you have pre-hud mobiles, or some other such trashy place.
best,
tom
Re: Anyone used “Easy Money” mortgage? - Posted by Wayne
Posted by Wayne on June 14, 2002 at 08:04:34:
I was wondering the same. Let me know if you here anything about this particular company.