Posted by SAS (OR) on May 17, 1999 at 09:22:05:
Weak offers mean very low, or other investors asking for a contract with little down. Basically the offers have not had the ingredients to solve my problem.
SAS
I need a fresh perspective… - Posted by SAS (OR)
Posted by SAS (OR) on May 17, 1999 at 24:14:52:
Hello,
I would like some new strategies to accomplish my goal of netting between $18,000 and $20,000 on my home. It is on the market and has had a lot of lookers and a few weak offers. We have bought another one and would like cash to offset our remodeling costs. We owe $84,000 and the house will appraise for $105,000. We have it listed for $109,000. Our agent has been great, but the listing ends June,11 (90 days) and I probably will not re-list it. I am planning to try to sell it or L\O myself. Time is of the essence. I really have the brain burnout going on! Please send me some fresh things to think about! Thanks in advance.
SAS
Re: I need a fresh perspective… - Posted by mike
Posted by mike on May 17, 1999 at 22:28:36:
give your equity to a contractor in trade for remodeling. find a partner who can use your equity. find an exchange that needs your equity. trade for a boat full of bananas if you can get rid of them easier. give your equity away for some other indirect use, come in the back door with your remodeling money…
Re: I need a fresh perspective… - Posted by hkCA
Posted by hkCA on May 17, 1999 at 12:47:31:
You didn’t say whether you are offering any owner financing or not. If you aren’t, then pricing the house above what it’s worth is not going to get people standing in line to buy. I understand your wanting to meet your goals, but now is the time to re-evaluate them. If you’ve had a lot of lookers but only a few “weak” offers, then something is out of whack. Have you tried to determine why none of the lookers were buyers? What’s the problem? Is it something you can fix? Or is it simply too high a price? If time is of the essence, as you say, then maybe you should price your house reasonably or offer an incentive such as financing.
If you need the money, then lease/optioning probably won’t solve your problems. Cut the price on this one and move on to the next deal with the knowledge you gained.
hkCA
Re: I need a fresh perspective… - Posted by Ed Garcia
Posted by Ed Garcia on May 17, 1999 at 01:00:28:
SAS:
Financing is the Key?
What I would do if it were I, is contact a mortgage broker in your area.
I would ask him to write me the terms of a 100% financing on a
$109,000 purchase.
I would then run an ad saying Why rent, when you can buy ?
no money down, 100% financing, on approved credit,
with the payment being PI, not PITI.
SAS, there are more people with good credit, than there are with money.
I would keep the mortgage broker who structured the prospective loan,
available to package the deal, when I think I have a potential buyer.
The broker can pre-qualify the potential buyer for me, allowing me to
know if I have a deal or not. If the buyer, does not qualify for 100%
financing, then I can work the deal on a L/O, or structure it with a seller
carry back.
Ed Garcia
Re: I need a fresh perspective… - Posted by PBoone
Posted by PBoone on May 17, 1999 at 24:24:15:
What does “Weak” Offers Mean?
Pat (or)