Re: OWNER FINANCING…HELP! - Posted by Dan/ Mass
Posted by Dan/ Mass on May 29, 2000 at 13:06:20:
First off, My name is Dan, I am a REI in Massachusettes, also considered a Seller’s Market.
The first thing I would do is talk to the seller and find out if he IS motivated to sell at all, or is he just “testing the market”, times like this it is common for this to happen, prices are high…NEVER assume the Seller is motivated, this can shut the door to future offers, and be very deflating to your ego…
Next, if you haven’t done this already, meet with the seller let him/her get a feel for who you are, You MUST come across as Confident,Secure,a Good risk, Seller’s HATE risk… Now remember I am talking without knowing the facts and #'s on this.
As far as seller financing , for down payments a good mark is 24-48 months, try for 5 yrs, but I haven’t been able to get one yet. The numbers are the most important thing here, if the seller will take a note over 24 months he will probably ask for a high intrest rate, do the #'s to find out high you can go.You could try securing it with a 2nd on the house, or with equity on your current HOME…
** The MAIN problem I see here is it sounds as though you are emotionally attached to this property… BIG MISTAKE… in this case try Carleton’s way, emotion makes that hard, almost impossible, you may be better off using a realtor, Look for a Buyers Agent, they work for you…