Posted by Felix on December 01, 1999 at 22:22:40:
Don’t give up. Your current scenario is why we haven’t tried to work with listed properties yet. Something that works for us is to ask the seller how to make this deal work. Then you fix it the way you want.
There are two keys point we always bring up when we run into the “I don’t know if” stall.
- You could always lease the home, afterall it is your property. But what is your goal: to keep this property an out of town rental or to sell this home? If the tenants tear up the property who is responsible for the repairs? What about guaranteed vacancies? (Keep an eye on the realtor to see how they react.)
- What other offers have you received? Of course, you do not have to accept my offer. However, I am commiting to make your payment today.
This approach may sound rough, but we have learned. We look for the “motivated” seller. If they do not go forward with our offer (after we address ALL their concerns), then move on. The bottom line: There are other deals and, besides, this mortgage is not our obligation if we don’t have a signed contract.