Posted by Jim_NC on December 13, 1998 at 12:17:20:
It all really boils down to how motivated the seller is and why they are trying to sell their house. The biggest factor on whether they’ll l/o you their house is debt relief. If the seller is moving away for a job transfer and has no choice but to leave the house vacant a l/o sounds really good to them. After all, they are going to have to live somewhere else and make rent or house pmts on the residence they move to. If you don’t make the house payments for them who will? HE will. Most mortgage co. will give the seller credit towards their debt to income ratio if they have the house rented. Another good scenario is someone who owes close to what their house is worth. They are not selling expecting cash out of the deal. They just want out of the payments. It’s just a matter of convincing the seller that they will not have any problems with doing a l/o. They are not “landlords” because you take care of all the “landlording” things. If you run accross a seller who has 30K equity and wants his cash NOW to put down on their new house, he will probally not do a l/o. Move onto the next one.
It’s just a matter of “listening” to the seller. If you let him/her talk long enough, they will tell you why they are selling and what their motivating factors are. Don’t do all the talking. Just LISTEN.