Posted by dewCO on April 21, 2001 at 09:49:57:
With a real estate agent involved, seller carry is probably about as creative as you are going to get. Write it up and pitch it yourself to the seller if the agent seems reluctant. Many times agents don’t like to hear seller carry because they are concerned as to where their commission will come from. IF the seller doesn’t get “enogh” money up front then they figure the seller will ask the agent to carry all or part of their commission. Take this into consideration when agents are involed. By pitching your own offer to the seller I don’t mean to try and cut out the agent either, just do it to put a positive spin on the offer because the agent probably won’t—unless they see where they will get PAID sooner rather than later!
HELP!!! WE NEED CREATIVE FINANCING ADVICE - Posted by Donna
Posted by Donna on April 20, 2001 at 16:01:50:
My husband and I found a 7 unit attached duplex, each unit is 2br/1ba and approximately 645 sq ft per unit. The seller has it listed for 149,500. We made an offer for 128,000. The rents are currently 250 per unit with the possibility of getting more. The property is owned free and clear and the seller’s are anxious to sell the property. The property has been on the market for 6 months and they turned down every offers ranging 125,000 and less. We haven’t signed a contract yet, I wanted to see what would be the best way to approach this deal. The real estate agent says they probably won’t be willing to assist in the financing but I don’t want to rely on that, I wonder if we presented them with a sweet creative financing offer, would they be willing to consider. The property is in a good spot located near medical office buildings. We don’t want to use any of our equity in our other investment property to finance for the down payment nor do we want to go through any banks. What are other ways we can look at financing this property?