Selling Home FSBO, Would You Do This Deal? - Posted by Jeremy
Posted by Jeremy on April 08, 2006 at 20:47:56:
I am selling my current home FSBO. It’s been on the market three weeks, and we finally received our first offer. The list price is $259,900. The couple that wants to purchase the home was prepared to pay full asking price since I am priced $10,000 or more below any other home in the neighborhood. When their financing came back, they were only pre-approved for $245,000. They’ve gone to a couple other brokers/banks, and 245k is the best they can get. Should I consider seller financing a second mortgage to cover what they are missing with the first, (about 20k with closing costs included), or should I just dump this deal and look elsewhere? I am in the metro Orlando area, and the market is really strange here right now. The home prices shot up so rapidly that people are having a really difficult time getting financing, and I wonder that this would just come up again with future offers. Anybody have comments on this scenario?