Re: Not your Bread and Butter Neighborhood. - Posted by Laure
Posted by Laure on October 29, 2000 at 09:16:03:
I do some of both neighborhoods.
For starters, I’ve found that the “lower end” home deals are a little demoralizing for me. The callers are mostly in debt up to their shirt collars, have no down payment, have no verifyable rent payment history, have bad credit, and are working as hard as they can to put food on the table. I find it depressing, personally.
You will wait a long time for a cash buyer, if you find one at all. You will have to help them fix their credit, you will go to the bank with each payment and convert cash into a cashiers check to prove payment later in the loan process. You will have to give them a large rent credit to establish a down payment. I have even driven a buyer all over town to pay off old debt to get a loan processed. And that’s IF they don’t change their mind, get a DUI, get arrested for wife beating. LOL… Sincerely, dealing in these neighborhoods just makes me feel bad. I am too empathetic and it hurts me. Not bad enough to throw them out for non-payment though ! LOL
I will still do deals in lower priced neighborhoods simply because deals are slow to find in my favorite neighborhoods.