Posted by Brent_IL on January 30, 2001 at 13:24:31:
The seller can’t sign a contract using voice mail. A verbal offer is unenforceable. Personally, I never make an offer unless I’m in front of everyone on title, so they can sign off. Good luck with your seller.
Seller financing help - Posted by Brad (SavGA)
Posted by Brad (SavGA) on January 30, 2001 at 06:29:47:
Found owner that owns house free and clear. I’m gonna offer to purchase all cash, thru hard money, but I want to try and see if they will owner finance with balloon in a year. (Mother died and three children are on deed)
The house is in move in condition and the owners currently think its worth about 10K less than comparables.
My first thought was to lease purchase for one year and sell immediately. But I think they just want a quick out.
What documents are needed to owner finance? Do I have to go through a Title company? (If so, then I guess they can do everything for me)
Thanks!
Re: Seller financing help - Posted by Brent_IL
Posted by Brent_IL on January 30, 2001 at 12:36:20:
$10,000 isn’t a lot to play with. Unless it’s a $20,000 property, the one-year balloon is a killer. Know where the payoff is coming from. Start looking for refinance money the day you sign the contract.
Re: Seller financing help - Posted by Brad (SavGA)
Posted by Brad (SavGA) on January 30, 2001 at 13:00:31:
Here’s the numbers:
Comps 40-42K
Repairs 2-3K
Owner thinks the house is worth 30K.
I’m going to offer 20K, if I can get in touch with him. Have you ever left an offer on a voice mail? I can’t imagine!
Good guess with the 20K. Thanks!