Can't find qualified buyers - Posted by Matt R.

Real Estate Investing Real Estate Financing
#1

Posted by Terry (IN) on February 12, 2001 at 14:32:36:

Matt,

You could sell the properties on owner contract and then sell the notes to a note buyer at the closing table or any other time you choose. If you need help structuring a saleable note, email me.

Terry(IN)

#2

Can’t find qualified buyers - Posted by Matt R.

Posted by Matt R. on February 12, 2001 at 12:20:56:

Here’s my problem. I was able to buy several properties a deep discount. A couple of mobile homes (land included) and a couple of houses. I currently have them listed with real estate agents hoping for a conventional sale. These listing prices range from $20,000 up to $65,000, and all are located in fairly rural areas. The problem is that the people who have been interested in buying homes in this price range either don’t have enough cash for down payment, or have poor credit. What do I need to do to get these things sold. I paid cash for these homes, so there is nothing owed on them. Would like suggestions on how to get financing for these people (owner financing, hard money lender, simultaneous closing…) I’m not really interested in owner financing them over the next 15 years, buy I need IDEAS!!!

Thanks

M.Roberts

#3

Re: Can’t find qualified buyers - Posted by Mark Graham

Posted by Mark Graham on February 19, 2001 at 02:52:42:

This appears to be the classic situation where a lease-option is used. They help the would-be buyer accrue the down payment, keep the property in good shape, give the buyer time to repair credit (coach them if you have the time), and have a “decent” return if the option is not exercised. If 15 years is too long, maybe a 2 year lease option with nice stiff payments is ok for you. Be certain that the buyers have the ability to pay the larger amount and make it clear that you expect them to provide their own financing when the option is exercised (hence the credit repair time)

#4

Re: Can’t find qualified buyers - Posted by Erik Bergerud

Posted by Erik Bergerud on February 18, 2001 at 02:12:50:

Matt R.-

You should be able to offer owner financing and sell the notes at closing… “simultaneous closing.” However, you have to structure the note properly in order to get the maximum payoff. If the buyer has good credit, we can usually pay 90 to 95 cents on the dollar for the note(s). Contact me, if you’d like more details.