Posted by Shenesa on May 25, 2000 at 09:21:51:
Hi Teedi!
Please turn your cap key off when posting. This makes it very difficult to read and it comes across as shouting. Just something I learned also as a newbie while posting on this site.
Much Success!!!
OWNER FINANCING…HELP! - Posted by Teedi
Posted by Teedi on May 23, 2000 at 20:28:46:
I TRIED TO POST THIS BEFORE. ILL TRY IT AGAIN. I DID SOMETHING WRONG.
OWNER TO FINANCE A FOUR BEDROOM, THREE BATHE, THREE CAR GARAGE ON 1/4 ACRE. NO SELLING PRICE MENTIONED.
WANTS $12,500 DOWN. I WOULD LIKE THIS AS A PRIMARY
RESIDENCE AND THEN RENT OUT MY CURRENT HOME.
ANY SUGGESTIONS ON HOW I CAN STRUCTURE THE CONVERSATION SO AS TO SUGGEST TO THE SELLER THAT THEY TAKE A NOTE FOR THE DOWN PAYMENT? HOW LONG IS A GOOD TIME LINE FOR MAKING GOOD ON THAT? SHOULD I ASSUME THAT THE OWNER IS FLEXABLE AND WOULD KNOW A LITTLE SOMETHING ABOUT CREATIVE WAYS TO ACQUIRE PROPERTY?
I DO NOT WANT TO BOTCH THIS FROM THE JUMP AND IM SO
NEW AT THIS THAT I AM AFRAID I MIGHT DO JUST THAT.
HELP
TEEDI
Re: OWNER FINANCING…HELP! - Posted by Dan/ Mass
Posted by Dan/ Mass on May 29, 2000 at 13:06:20:
Hi Teedi,
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…
Good Luck
Dan