Re: Diffrence in Opinion - Posted by Jim IL
Posted by Jim IL on May 06, 1999 at 12:23:15:
Your situation can go two ways…depending on time.
How much time do you have until close?
If there is enough time, run an ad, and offer terms.
Price the house above $55k, maybe $60k and offer to “assist” in financing.
Carry back a second for the downpayment.
Many people can get 80-90% purchase mortgages, and you can carry back paper for the remaining amount.
If you carry back 20%, then they new buyer only needs a $48k loan. You make $9k now, and get a cash flow to boot on the other 20%.
Offer 10% down, you carry 10% back and they get a new mortgage for the remaining amount.
run two ads:
below market value
3BD 2BA 2CAR GARAGE FIN BSMNT, NEW KIT.
No banks needed
In the second ad, you take money down, carry a note for the remainder, and sell it at close to a note buyer. Of course there is a discount, but you get the downpayment and the note proceeds to close your end. ($39k)
Just get some kind of ad running and get a buyer NOW!!
Also, call some mortgage brokers. Tell them you have a nice home for sale, and you are willing to carry paper to cover the downpayment. They most likely have someone qualified for the 80-90%, but no dwn money.
If you have to, offer a small “referal” fee to the broker for sending you a client. (only as a last resort though, because remember, they get paid to get your buyer a mortgage)