Need help selling rehab! - Posted by Tom

Posted by CurtNY on May 10, 2000 at 12:25:43:

If your t/b’s have the option money then lease/option it to them. If they can’t buy it later thats there problem. You’ll be able to make a couple of bucks until you find a qualified buyer or the market improves. At least you won’t have such a burden. This isn’t a solution more like a band aid. I’ve been there and there’s nothing worse than having a vacant home draining your pockets. Good Luck!

Need help selling rehab! - Posted by Tom

Posted by Tom on May 10, 2000 at 11:34:51:

I have 2 homes that I just can’t sell. I am offering a seller carryback on both of them. The other home needs minimal work and I am offering money for the repairs. But, the only calls I get are from people with bad credit. And I mean bad, all of them have foreclosures and car repos. How can I get a qualified buyer? I also have it listed with a realtor. He tells me the market is slow, but yet I see houses selling. I have also offered to do a lease option. But, the problem is, they will never be able to buy. Any help would be greatly appreciated. Thanks.

SELL NOW and then “age” your paper - Posted by Michael Morrongiello

Posted by Michael Morrongiello on May 10, 2000 at 12:39:41:

I am not sure WHY your homes are not selling? It could be their location, condition, pricing, market conditions, etc. - however carrying debt service on vacant properties is no fun in the park.
You’ve got to stop the bleeding…

You say you have tried to sell with owner financing and the only interested parties had blemished credit. Well that does not necessarily stop you from STILL selling to them and financing them. You can use a contract for deed, or a wrap around type instrument to sell to them. You then “age” or season the financing for a period of time which will vary from 3 months to 12 months depending on the severity of their credit. If they demostrate that they can pay you timely then you can acheive cash liquidity for your paper. Make SURE you can document the payment history clearly and conclusively.

Michael Morrongiello