Posted by Eric - GA on October 13, 2003 at 10:00:56:
NT
Creative strategy for paid off homes - Posted by Nate - MI
Posted by Nate - MI on October 13, 2003 at 09:52:48:
Most all of the info I read about creative real estate deals have in some way to do with deailing with owners who are in some sort of trouble with a lender. Are there any good techniques you can use for homes that are paid off? An example would be a home on the market for some time but no offers as of yet.
Thanks,
Nate - MI
Re: Creative strategy for paid off homes - Posted by Clair-MO
Posted by Clair-MO on October 13, 2003 at 14:57:16:
Nate, If the home is free and clear…There are several methods in purchasing it. The 1st method is knowing what the seller is asking price wise then ask if his asking price is negotiable? If he says “yes” then suggest that you would be willing to pay for an appraisal for the home When you get the appraisal sit down and figure what is a fair and reasonable price to pay for it. Don’t try to take advantage of the seller because you can not afford to be known as a “Con-artist” taking advantage of folks. Create a friendship with the seller! Know this factor, friends will sell to other friends if the seller trust you to do what you say before they will sell to a total stranger. 2ndly, you can offer to do a lease option for a period of time, maybe 24 months and 3rdly do an owner financing for 15 to 20 years. But if the owner needs to sell quickly suggest to him to refinance the property himself and allow you to take over his payments through a third party,an escrow company or attorney to pay his monthly payments. Just a few ideas for you to think about.