Posted by RMW(FL) on November 07, 2005 at 15:10:43:
Just ask him to seller finance. If he asks why, then you can come up with a number of reasons. ie. less closing costs, have too many mortgages being reported on credit already and don’t want any more, property may not appraise(although then you should pass), it will give you a nice return on YOUR money :), if it is over 4 units explain that commercial mortgages do not have favorable terms. I am under the assumption that since he offered up financing he will not ask you why you want him to do it…GOOD LUCK!
Posted by brennan on November 07, 2005 at 08:50:23:
I am trying to buy two rental properties from a successful property owner in my town. The properties are in a college town, in great condition, and in great locations. They have annual income of around $47,000. I believe that the properties are probabaly worth $325,000. The owner has spoken to me and has told me that he is ready to sell his properties. He also asked me if I want him to hold the mortgage and seller finance. I do want him to seller finance. I haven’t yet approached him with an offer. When I do tell him that I would like him to hold the mortgage, I want to be able to give him good reasons for doing that. Most sellers like bank financing. I have to give this seller a good enough reason (legally and financially) to feel comfortable financing this sale. If anyone has legal and/or financial advice on owner financed deals, please let me know.
Thank You