How can I make this deal work for me? - Posted by mawi

Posted by James Strange on November 09, 2002 at 23:37:55:

Sounds like the little old lady is the one in control here. If you can not get regular financing then you have to offer that she carry. Perhaps a two year ballon. Put it on paper if she says no you walk.

Who cares least wins. (Ray Como)

How can I make this deal work for me? - Posted by mawi

Posted by mawi on November 09, 2002 at 22:32:48:

I saw a house a week ago- it was a FSBO. The owner is an elderly widow looking to sell and move into an assisted living facility. She has a friend handling this transaction for her, so he is the one to deal with.

Though I have suspicions that the property may be overpriced, online comps do show that some homes sell for their asking price in that area. They may yet come down on the price. The home isn’t in bad shape and sits on a very large lot, which I admit I like. I’d live there myself unless something better were available.

Here’s the problem for now, though. They want 5% down, which is doable for me, but she wants to cash out because she needs the money to pay for her new residence. They’ve been calling to see if I still want the place and I finally told them that I’d rather have a land contract, L/O or some deal that would allow me to flip or live in the property and improve my credit.

Is there a way for me to get her the cash w/o having to get conventional financing? I’m unlikely to qualify for conventional at this time due to the fact that I’m recently self-employed (doing well at it so far and prefer not to get another job) and have lousy credit. I told them my situation but was assured that they could get me financing somewhere and would help with some of the closing costs.

I’m not overly attached to this deal and could walk away, as I do have other sellers interested in doing land contracts or L/O deals with me, but part of me wants this house.

Can this deal be saved? Thanks in advance for your help.

Re: How can I make this deal work for me? - Posted by Phong Le

Posted by Phong Le on November 10, 2002 at 19:14:15:

If they call you all the times, that means you could negotiate on the price. Get it to a point low enough that you could flip it or partner up with somebody with good credit and income to buy it.