Posted by Paul_MA on January 24, 2001 at 05:46:39:
…if you give her 20k (assuming you had it), now there’s only 20k equity left? Sounds a bit tight.
This seller APPEARS to be motivated.
Offer to take over the payments only, maybe some moving costs, IN WRITING, leave your business card and walk.
Seller Objections - Posted by Kent
Posted by Kent on January 23, 2001 at 23:05:22:
I have a seller willing to let me take the house subject to, or lease option or whatever! She wants out because she can’t afford 2 payments anymore. She has approx $40K in equity and when I asked if she would take a small down payment and accept monthly’s on a 2nd she agreed.
Problem is when I asked what the least she would accept down she replied $20K!!!
Now I don’t have $20K and even if I did I don’t want to put that much down!
How do we address this to the seller?
Remember…She is very much needing out of this house by Feb.
Thanks
Kent
Re: Seller Objections - Posted by phil fernandez
Posted by phil fernandez on January 24, 2001 at 08:14:25:
I’d agree with Paul below. In this situation, I would have never asked “what the least she would take”, that would be what she WANTS, not neccesarily what she NEEDS. It sounds at this point that what she really needs is relief from the second mortgage payment. And you are there to relieve her of just that problem.
I would try to just take over the payments. If you do have to give her some, and I wouldn’t do anything near $20,000, I’d structure the deal in a way that you would pay her the X amount in one lump sum in the form of a 10 year balloon, no interest and no monthly paymentsor something similar.