I’m looking at a manufactured home on an acre in a great school district. The seller is getting frustrated because they have had so many scheduled showings with no-shows. They are also looking for another bigger home in the same school district.
Is there a way to find out how much they still owe on their mortgage and what their payments are, or would you just ask them? I’m thinking that if I can get a contract stating that after they have their new home (which I hope to find and sell to them also), that they will make three more pymnts, (giving me time to find a renter/buyer), and then I will take over their payments until x amount is paid. (This is if the payment is low enough under what I can rent it for, if not, this wouldn’t work unless they were willing to refi, I believe.) This will allow them to use their time to look for another home without the worry of having to sell their old one.
Any tips/advice on something like this? Thanks everyone!!
Another worry is if this would affect them being able to get another home loan. Unless I found a home they wanted that I could also get on seller financing, which is really what I’m hoping to do, so I could get it and turn it to them, or another renter/buyer.
First I’d just tell S that before you can even seriously consider buying you have to know details of the liens on the property…and since you’d not buy w/o a full title report he might as well get it now and get you a full copy.
You posted: "I’m thinking that if I can get a contract stating that after they have their new home (which I hope to find and sell to them also), "
This sounds to me like you are a real estate agent seeking to better your position…WATCH OUT…you could be in a conflict of interest and get burned.
Best to be up front, ask them as John says…see what their motivation is…tell them that you are possibly interested…work on a deal with all the details on the table…etc.
I talked with them today, and they were very generous with any details I wanted to know. I told them my thoughts on finding something on seller financing and how I am looking for rental properties. I also told them that I am keeping an eye out for anything I think they might be interested in.
They owe 84,000 with no liens, payments with escrow are $700. Current loan rates would drop it to $550 according to their agent. I figured rental payments would be around $750. They don’t think they can get preapproved for a loan until this house sells (meaning no seller financing), so this might not be one to work out. Thoughts?