Posted by Michael Morrongiello on May 05, 2000 at 20:42:20:
Neal:
You are working with the buyer who obviously is motivated to acquire a place of her own since she has no credit and that would be wonderful.
However most simulatneous closing transactions take place because the SELLERS are motivated and willing to be flexible in order to move their property NOW.
Find out if the sellers understand that by taking back a contract or a wrap around mortgage they still may be able to sell that mortgage and generate enough cash to pay off their existing debt and then some.
If they don’t want to play or are not comfortable then move on.
Michael Morrongiello
My First Call - Posted by ChampNY
Posted by ChampNY on May 05, 2000 at 13:05:00:
Hello to all. I have been sitting back as a casual observer for several months. I have now decided that I want to get in the game. I started with a marketing letter to a group of realtors in my area and just today I got my first call. I would like some input as to what I should do next to try to help this girl. She is a 22 year old single mother of two with no credit. She is currently residing as a tenant in a house that she would like to purchase. She put in an offer on a land contract, but was turned down because the owners are in the middle of a divorce and need to cash out to pay off the existing mortgage. Oh ye of infinite wisdom on the CREOnline Board, what should I do next to try to help this damsel in distress? I am going to return her call and get specifics on her, the home, current financing and the owners, but any thoughts on available methods for helping her put a deal together would be appreciated. Thanks to all who respond.
Neal