Posted by Gene on July 18, 2007 at 07:35:02:
Just keep in mind that usually small seconds like the one you talk about have very little value on the secondary market.
And there is still a lot of risk that they will walk away if prices drop.
Current Buyer’s Market - Posted by Peter
Posted by Peter on July 16, 2007 at 22:39:23:
In this current slow buyer’s market since there ae few buyers, would it be feasible to market to first time home buyers, offering rent-to-own?
If they do not pre-qual for a loan one could setup a 6-12 month credit repair program for the T/B. Then the T/B would be able to purchase and cash you out in 6-12 months while they are now renting-to-own the house.
Is this strategy feasible in this buyer’s market?
Re: Current Buyer’s Market - Posted by James
Posted by James on July 17, 2007 at 10:01:38:
Peter:
It’s feasable in every market. Gene has a point too.
Does this fit in with what you are doing? If so, great. If not, try something else.
LeaseOption upfront makes them more apt to purchase in the end. (well, their money deposit does anyway)
James
Re: Current Buyer’s Market - Posted by Gene
Posted by Gene on July 17, 2007 at 08:44:07:
If prices continue to drop…wouldn’t they walk away at the end of the term instead of buying?
Re: Current Buyer’s Market - Posted by Peter
Posted by Peter on July 17, 2007 at 13:04:19:
I see your point. Well then what about this…getting potential RTO buyers looking to RTO that can pre-qual for a mortgage now into a house now, Take back a small second to help them get the loan and into homeownership now.