What Should I Offer? - Posted by Billy

Posted by Benny on June 17, 2000 at 14:13:00:

Either a L/O, owner financing, or a co-signer are likely your only options. If you have home equity, an extra car, boat, etc., you could be liquidate/leverage if you want the property badly enough. Analyze your credit situation. WHY is it bad? Are your job or personal circumstances better now than before? Have you seriously approached financial institutions with your situation? Do you have good character references? If so, maybe a bank or the seller won’t think your credit is as bad as you do. If seller financing is your only option, youl also have to convince the seller that you will take care of the place so he has no repair expenses if you default.

Offer $65,000 with zero down seller financing at 12% to possibly as high as 14% (the price you’ll pay to repair your credit), owner covering the closing costs, and you accepting the property as is. He’s got some good cushion if you default assuming you’re in a liquid market and you improve the property. You could offer the same on #2 if say $2000 OVER her asking price is still within market value. Hang in there, keep talking to people. You’ll get it if you want it badly enough. BG

What Should I Offer? - Posted by Billy

Posted by Billy on June 16, 2000 at 12:44:43:

Here is the situation for 2 properties:

Property #1: FSBO, Appraised for $65,000, asking $58,900, 1st mortgage is $27,000 non assumable at 9.25%. Seller is fairly flexible in terms but not in price. It has been vacant since January 2000. He would consider a L/O, but would rather have cash for his equity.

Property #2: Asking $54,500, owned free and clear; Listed by a Broker, older lady owns the house, mint condition, vacant, been on the market since the end of April 2000; Not sure on flexibility.

My situation: No money; Bad credit

You shouldn’t . . . - Posted by JoeKaiser

Posted by JoeKaiser on June 17, 2000 at 21:00:36:

Instead of looking for properties, look for motivated sellers who are eager to get someone to take their problem property off their hands.

When you find one, you’ll know what to offer.



Re: What Should I Offer? - Posted by Billy

Posted by Billy on June 17, 2000 at 11:14:05:

Any suggestions out there? HELP!