How can I get this FSBO w/no money down. - Posted by James Jackson

Posted by Lou on October 22, 2003 at 22:51:36:

Ask! Tell them you want to buy the house. Your next step will depend on their motivation. If they really want to move they will be flexible. If they are not motivated you have little chance they will work with you. I would offer to buy it on contract for deed. Guarantee their payments and refinance it with in three years. You dont need a down payment for a refi.

They are happy cause their payments are made and they get to move. You get in no money down and have a place of your own. The terms all depend on what you can negotiate. I have done similar, with ten down for balance of mortgage when I pay off. I mirrored their payments with a 5 yr balloon. I made payments directly to the bank so I know they were made.

Good luck

How can I get this FSBO w/no money down. - Posted by James Jackson

Posted by James Jackson on October 22, 2003 at 17:47:55:

I have a house that I am getting financing for 90-95% of the sellers asking price of $110,000 thi shouse Is really under value for the area. The owners alreaady have another house built and wan to be moved in my december.

I can make the mortgage payments but I cant cover the remaining 10 -5 % of the selling price.

Are there any techniques that I can use to get this for no money down without getting another loan for the remaining 10-5%.

NOTE:This is really a personal situation and I am a non experienced REI an I know you guy use creative REI techniques here. So if you can help I would really appreciate it.

James Jackson

Re: How can I get this FSBO w/no money down. - Posted by js-Indianapolis

Posted by js-Indianapolis on October 22, 2003 at 19:55:12:

There are lots of ways. How about you let us know what the person’s underlying mortgage consists of. You could get it lease option, contract for deed, or Subject to if the mortgage was right.

Or, maybe the seller would be willing to take a hold a second mortgage for you to get in no money down?

Lots of possibilities, tell us more about the NUMBERS and owner’s circumstances. Mainly, do they NEED the $$ now, what’s your price vs fair market value (don’t care about asking price), what’s repairs, after repaired value, etc, etc, etc. Anything you can let us know along those lines, and you’ll get some good responses.