Posted by Bud Branstetter on September 03, 1999 at 16:42:22:
Your ad can say “owner will help”. Of course when they ask you have to ask them what help they need. Many of the people that look for owner financing can qualify using a B/C mortgage broker. Talk to one and find out the different programs and payment amounts that it would take. Concentrate on finding out how much a month and how much down they can do. If it is close you say you may be able to work with that. Get them to look at the house, fall in love with it, and write up an app. that you or the broker can pull their credit with and evaluate if anything can work. There are things like simultaneous showings to foster competition or recorded messages detailing what is needed. Also look at it as a numbers game. You have to have people look at the house. You indicated that because you have a partner you can’t offer any terms. Are you saying even a note for some of the profit can’t come out of your end of the deal? Many times with 5-10% second a deal is made.
small question equals faster sales later. - Posted by d.henderson
Posted by d.henderson on September 03, 1999 at 14:52:44:
I think that this is really a marketing question, but we all know that is what sells some of these properties.
I have two houses 3/1 ready to sale, both in spruced up condition. Usually I do a L/O but am in one of these houses with a friend. I have never just out right sold a house. This is harder.
Question: Most of the people calling want to know about the house then the price, that’s all. I can’t really offer any terms. I do tell them about a hungry mortage broker that works with me to qualify them. I’m not getting anywhere with these people. Help! L/O’s I know something about. It would be a lot easier if I got the hang of this selling outright thing.
Thanks everyone for their help. BTW these houses are selling for 1-2K above the comps in the neighborhoods, but new carpet, paint, some little extra’s. If I can get my price will make about 12-15K on mine and spilt the same with friend.
dee-texas
do what you know : try l/o very short term to the best buyer - Posted by leslie
Posted by leslie on September 04, 1999 at 03:22:38:
3 months , 6 months?? get your l/o sales pitch in gear and go with the buyer who will qualify soonest according to you lender. 3-6 months might keep your partner happy, many l/o buyers can qual and don’t know it.
Re: small question equals faster sales later. - Posted by Ed Garcia
Posted by Ed Garcia on September 03, 1999 at 22:45:39:
d. henderson:
Different strokes for different folks.
I’m a creature of finance. To me financing can both help sell my
property, as well as buy it.
Almost every other person has good credit. Many sellers like to sell to
people with poor credit, because they feel that it’s an easier sale.
Today lenders have so much to offer. 100% financing for owner
occupied, 90% financing for none owner occupied.
Financing is the key to your deal. Hook up with a good broker to
pre-qualify your potnetial buyer for one of these programs.
Like Bud said, on a bad day, you can get a B or C program at 75%LTV.
I would run an add as follows:
( House discription) then (Why rent, when you can buy ? Seller offers
no money down, 100% financing, on approved credit.
Depending on what state your in, First Franklin offers 100% financing,
allowing the seller to pay up to 6% of the sellers cost, which should
cover it. The seller can also increase their cost the 6% as long as the
it does not exceed the appraised value.
When a buyer, even with good credit, can buy a house with no money
down and 100% jfinancing. They usually will not grind you on the price.
Re: small question equals faster sales later. - Posted by Robjan
Posted by Robjan on September 03, 1999 at 18:05:59:
We bought a house in pre-foreclosure 2 months ago. We wanted to retail and ran and ad in a major and local paper, put up signs, offered realtors a 3% commission. Lots of calls but no takers. People told us “well if you paint the outside and do a little work here and there you’ll get a better response”.The house was in good condition already. After several weeks we changed our ad to include “we will pay your moving expenses call for details”. Within a few days the house was under contract. We close on the 17th. We put a limit on the moving expenses to $1500 which we pay out of our $25,000 profit. Hope this helps…good luck.