Posted by B.L.Renfrow on November 03, 2000 at 18:45:08:
If that works for you, in your market, great!
If I blew off every potential buyer without a minimum 10% down, I’d sell maybe two houses a year. Can’t be quite so picky in a town of 8000.
Brian (NY)
Suggestions Before Sale - Posted by Henry V
Posted by Henry V on November 02, 2000 at 20:09:30:
Hi Guys!
Just picked up a beauty “Subject To” I told seller I would pay them $7K at closing, when I close and have allowed myself 30 days to do so with their approval of course. Ok the house comps at about $152K and I want to offer up “Owner Financing” , sell with a contract for deed.
What is the minimum I should get down on this? I know my objective is to get every dime I can, but what is a good figure to shoot for with a house of this magnitude?
My asking price with the Owner Financing is $165K
Buyers down payment should be?_________________________
Re: Suggestions Before Sale - Posted by B.L.Renfrow
Posted by B.L.Renfrow on November 03, 2000 at 08:34:09:
That’s one of the advantages of selling on a land contract (contract for deed)…the downpayment can be whatever YOU want it to be.
I usually look for somewhere between 5 and 10 percent as a downpayment…depending, of course, on the strength of the proposed buyer, their credit, rental history, etc. I never take less than five percent on a land contract. If they don’t have at least five percent, then I will do a lease option until they establish a history with me.
Brian (NY)
Ummmmm…BL Renfrow - Posted by Phillip A
Posted by Phillip A on November 03, 2000 at 17:59:53:
5% ! What are you…On Dope!
My buyers pay at least 10% with a land contract or they’re out of here! I just say NEXT… Someone will come along with the iron!
Phillip A