I made my first call :) - Posted by Jeanne

Posted by Jeanne on October 22, 2003 at 15:32:58:

yep, I’d choose Maui, too! :slight_smile: (although I do love Boston…)

I think the market may be softening a bit, as there seems to be LOTS for sale all of a sudden…

Thanks for everyone’s input here…I really appreciate it. What if he wants to pull a credit report or something? GADS. We’re not nearly that far, but just thinking ahead… I can provide great personal and business references, but my credit is indeed shot for the time being.

I made my first call :slight_smile: - Posted by Jeanne

Posted by Jeanne on October 22, 2003 at 13:06:57:

Hi, I’m new to this…have posted before. I am in a difficult financial situation (have posted below “I want a house”, if you want particulars.

I pass a for sale by owner home everyday on my way to work…
and today I called on it! I spoke with the owner who had bought it for his son and daughter in law, who’ve moved out of state. It is sitting vacant. Price is set at $260-something (good for Massachusetts!) and he might be willing to consider a lease purchase with between 3 and 5k down. He said he would call me back or that I should call him back tomorrow. Sounded like a nice guy.

My questions is…if this should go further…should I be blatantly honest and disclose my financial situation to him? I would like to. (Had bankruptcy, etc…) I actually had to sell my home of 17 years last December out from underneath a foreclosure. Any thoughts on this? If everything proceeded according to plan, I would offer him 3k now, 2 years to secure the mtg and complete the purchase…and X amount for rent, with X amount going toward our down-payment every month. Would offer him asking price as incentive. Yes, I know lots of variables.

Any thoughts on what if anything I should tell the seller(s) about my financial situation. Thanks.

Re: I made my first call :slight_smile: - Posted by John P. (Maui, HI)

Posted by John P. (Maui, HI) on October 22, 2003 at 15:22:03:

Hello Jeanne,

First of all, Congrats! You’ve shown the initiative & taken the first step. See what happens when you ask?

I remember the first time I asked a seller if they would take back a note & they replied “yes”…I was amazed.

I’ve been hearing that the Massachusetts market is softening a bit…is it true? My wife & I recently moved to Maui…we are originally from the immediate Boston area.

Anyways, your deal sounds good. You’re going in the right direction. Just don’t offer information if not necessary. But on the other hand, be sure that you can satisfy the financial terms…i.e–You can afford it.

Good luck!

Best Regards,
–John P.
Maui, HI

Re: I made my first call :slight_smile: - Posted by Doug Pretorius

Posted by Doug Pretorius on October 22, 2003 at 15:10:05:

Do NOT put any money down on an L/O purchase. If he wants security, pay a few months in advance. And for heavens sake, don’t volunteer that you went bankrupt and were almost foreclosed on! If he asks (which he won’t) then be honest as Randy suggests.

Re: I made my first call :slight_smile: - Posted by Randy (SD)

Posted by Randy (SD) on October 22, 2003 at 13:39:46:

I think you want to be honest and forthright with the seller to a degree? I wouldn?t provide more information than required. If he asks tell him, and explain the scenario that caused the problem and what you have done to remedy it and why it will not reoccur. Most sellers offering terms understand there is a reason you?re looking for ?terms?, if you were an ?A? credit buyer paying cash you would most likely be looking for a discount that is not the case ? right? I don?t feel you have an obligation to tell me why I should not sell to you, now if I ask and you lie or withhold pertinent facts now we have a problem.