Posted by Jim Hansen / Sparks,Nv. on March 23, 2000 at 09:06:17:
Another resource of motivated sellers are in your local MLS Book. “Expired Listings”. Ask your agent for that list.
Hope you don’t mind me jumping in like that. This is my first Posting…Jim H.
creating paper - Posted by steve prosser
Posted by steve prosser on March 20, 2000 at 21:01:17:
Has anyone created a note for a home owner selling his home as a FSBO, giving the owner close to their asking price, then sold the note and made a profit?
Any help on this subject will be appreciated.
Steve
Re: creating paper - Posted by Gino_AZ
Posted by Gino_AZ on March 28, 2000 at 17:40:59:
Do it all the time stud. Its the only way to fly…good luck and email me when you have a note to sell.
I have a whole system for this exact transaction by the way…emial me if your interested.
Gino_AZ
Re: creating paper - Posted by Craig
Posted by Craig on March 25, 2000 at 13:37:51:
Steve: I personally know of one group that has done this on a nationwide basis for several years. The FSBO takes back a note that is cashed out at closing. When they added " Owner Will Carry, Credit problems OK " to their classified ad…their phone rang off the hook. I have spoken with them and often learned they sold in two weeks. It was win-win for FSBO, the Buyer, and for the Company purchasing the note.
Target Motivated & Flexible Sellers - Posted by Michael Morrongiello
Posted by Michael Morrongiello on March 20, 2000 at 23:05:00:
Steve:
This technique is done all the time. Our firm has purchased hundreds of these type deals. However FSBO’s may not be the only or best audience to utilize this technique. We have found the FSBO’s are historically “cheap” and wish to save money by selling their home themselves. Unless there is some REAL strong underlying motivation to sell NOW rather than wait they are usually not to receptive to taking much in the way of discount.
The KEY then is to target those situations where there is distress. A lease option buyer who wants to purchase & a seller who wishes to sell but they have been shut out of the traditional financing market, a divorce situation, a seller who is behind in their payments or carry two mortgage payments since they have vacated one of their unsold homes, etc.
The situations will dictate the degree of motivation and flexibility. The KEY emotion you will find if you locate these type of sellers or they locate you will be someone who wishes to SELL FAST. Seller financing is one of best ways to move a property FAST.
Michael Morrongiello
Normally… - Posted by Sean
Posted by Sean on March 20, 2000 at 21:39:42:
…the Seller of the home walks away from the deal with the note. Thus any “profit” made by selling the note goes into the pocket of the Seller.