Posted by JohnBoy on June 16, 2000 at 13:24:53:
One way is to get the seller to refinance and pull their cash out so they have the money for the next home purchase. Also, WHY do they need the money for the new home purchase? Is it to lower their payment? Do they just THINK they will have to put more money down to get another loan? What if they could get financing where they wouldn’t need all the cash they THINK they need, would that interest them? What if you can get them 100% financing on the new home and show them how they could still have a lower payment than if they put a lot of cash down, would that interest them? You can show them that by collecting payments from you at x amount on the old property would offset x amount on the new property’s payment where the new payment works out to be lower. In the end they would be money ahead. That’s assuming they have good credit where they can get a lower interest rate and depends on the cost of the new property vs. the selling price of the old property. You will need to run some numbers to see if that would work.
If you realize they’re NOT MOTIVATED, then nothing you offer would work for them. The bottom line is, they MUST BE MOTIVATED! Otherwise, NNNNNEEEEEEXXXT!!!