Re: Over Encumbered - Posted by Jim FL
Posted by Jim FL on July 05, 2003 at 22:11:09:
One thing you said that I do disagree with, as witnessed in my own local market, and a few others where I’ve helped work deals.
“And by the way, every LO buyer asks about down payment, and monthly payments. They don’t care about he price of a home in the end.”
This used to be the case.
However, over the last 2 years or so, I’ve had most potential T/B’ers calling and asking what the price is first.
Not really, these are the same folks getting courted by every mortgage broker in town.
The real buyers, the ones with cash money upfront, and not so good credit, still have options.
They are seeing all the houses for sale, and at least in my area, there is an abundance of “owner finance”, and “rent to own” homes for sale.
Even some builders are doing that here, because I’ve had a couple offer to sell me houses with lease options…for full market value, no thanks!
The reason my houses have still outsold others in the area, is due to the fact that they are nicer than most, (I don’t buy ugly), and I make it REAL easy for people to get in.
My mortgage broker works wonders, and has some GREAT programs to help fix blemished credit.
My end buying has certainly gone to more than the usual 18 months, now they average at 24, which is fine…if you buy right in the first place.
Anyway, just wanted to clarify that it is not always the case, where potential tenant buyers care only about “How much upfront? and how much per month?”
These certainly are the main concerns, but I’ve been getting more upfront than most, by selling nice properties, for current market value, because I buy right.