Help Please!!! - Posted by KC in NC

Posted by KC in NC on February 23, 2001 at 19:49:39:

OK I’ll give it a try with the broker.

Thanks Dave,

Help Please!!! - Posted by KC in NC

Posted by KC in NC on February 23, 2001 at 16:45:37:

Hello everyone!! I hope someone can help me with some advice. I would really like to present an offer on a house that is listed for about 275k. I am a teacher and my wife is a stay at home mom. so I know we could not qualify for a loan.( We do have a few rentals but I am not crazy about cashing out to come up with a hugh downpayment. It is that cash flow that allows my wife to be able to stay home with our 2 year old daughter)
I know for a fact the seller of this particular house has moved to another city and first tried to sell FSBO. The market is quite saturated around here and when the owner had no luck selling himself, He listed with a broker. My question is this. Should I present a lease option offer through the realtor or should I try to contact the out of town owners myself or even wait until the agreement between the broker and seller expires before I contact them?

Any advice would be greatly appreciated.
Thank You

Re: Help Please!!! - Posted by stan

Posted by stan on February 24, 2001 at 22:55:55:

try a letter of intent…in your letter offer 3 or 4 scenarios as to how you might like to purchase the house…be general this is not a binding offer only a way to feel out the seller to see if he is flexible…id suggest offering a lease option…a contract for deed…a partial owner financing…and a discounted sales price…briefly explain each so the seller can decide which fits his needs at this time…GOOD LUCK

Re: Help Please!!! - Posted by Dave Mckee

Posted by Dave Mckee on February 23, 2001 at 19:01:41:

I wouldn’t “go around” the broker. Two reasons. First It’s not ethical. If you work with the broker, you have a chance to buy it NOW before someone else makes a deal. Second, If you intend to continue in Real estate in your area, your reputation is worth more than any commission you might save. Besides, I have found that I can buy property for the same price with or without a realtor involved. Since the seller pays them anyway, take advantage of their services. Just be ready to sell the realtor AND the seller on the advantage of selling you an option.

Good luck!