What would you do? (long) - Posted by nb(ID)
Posted by nb(ID) on January 29, 2000 at 16:51:37:
As a teacher I’m one of the higher paid members of the community, so you know it’s very rural. People would not be happy to see me make money in real estate transactions–even if it was only $50, so I need to be very discreet. The local title company will do simultaneous closes so that is the way I will probably need to conduct business.
People are contacting me (from a sign I’ve put up)rather than a realtor for whatever reasons. I’ve found a realtor that will work with me as an investor and I’ll need that since the majority of the homes are listed.
The clients with good income streams and perfect credit can probably qualify for a low or no down payment just as my husband and I did when we moved into our current residence. Some of the clients will qualify because of many children and low income. Anyway, I’m willing to work with these people and help them fill out the forms, etc. because of the personal satisfaction as well as the monetary reward.
The seller wins because he/she sells a home that has been on the market for months–maybe years. The buyer wins because I’m getting them qualified for a loan they didn’t think they could get and they can quit renting. The realtor wins because they’ll receive their commission (somewhat slowly from the seller as they receive their payments from the buyer). I win because I’ll receive whatever the difference is between what the buyer will pay and the seller will sell for.
Does this sound like an honorable way to handle business? I don’t want to cheat or mislead anybody. I want to make an honest income thinking of creative ways to help people who think they can’t become home owners do just that.