Posted by Tim Fierro (Tacoma, WA) on July 11, 2002 at 11:42:26:
I don’t know your area, but I would make sure that the buyers in your area of housing would have $20k sitting idle waiting on a house purchase. With the interest rates as low as they are, many loan programs with 3% or 5% down, you are asking for over 10% down. You don’t say what type of interest rate you want to charge either, and that may come into play.
Is it feasible? Sure, if the right buyer comes along. I have to wonder that if someone had $20k sitting in the bank to buy a house, they probably have some idea of how to handle their money and are looking to get in with a low interest rate and/or low down.
It’s your area and your neighborhood, so you will know if it will work or not based on the response to the advertising. If folks are not calling, something is wrong. If people keep saying they only have $10k to put down, then you may not be able to get that $20k you want. You can only get what the buyers are willing to spend, or should I say, are able to spend.