Re: What about getting financing? - Posted by Lynn (AL)
Posted by Lynn (AL) on April 25, 1999 at 17:00:02:
I’m not referring to an all cash, no contingency offer. And it’s not a situation where I alreadly have potential buyers lined up. I’m referring to an offer on a property that I would really rather just option, but the owner won’t go for that. He wants something a little more concrete. So I’d say something like: “OK, I’ll buy your house, close in 60 days, contingent on full inspection and me getting financing.” (Don’t worry, my offer is, at the most, 85% of FMV.)
I heard this idea from a note buyer who says he has investors using this concept. If they can’t find a buyer to flip to, he writes a letter on company letter head saying that they will not approve his loan. Have you (or anyone) ever heard of this strategy?
I guess the flip side would be, sign with a 15 day inspection clause, have an “open house”, and try to find a qualified buyer during that time. If nothing pans out, walk at the end of the 15 days.
Any other suggestions and/or comments?