Re: Will an owner carry if you have bad credit? - Posted by jeff
Posted by jeff on April 21, 2002 at 10:17:31:
you shouldnt need much more than 75% anyway. surely yuor not about to give full price for a property are you??? if they wont take less than full price, then they are nowhere near motivated enough. you can buy any house at full price. if it was that easy, wed all be rich. the money isnt made on houses you buy at full price, the money is made on the purchase not the sell. selling only gratifies that amount. buying as far below FMV as possible is the way to make money.
if your only talking abuot a couple grand, try to “simplify” things for the seller. show them how they wont have that money anyway, even if they dont sell to you. show them what a realtor costs, there goes a few grand right off the top. show them title insurance and other costs that are paid by sellers. if yuor a flipper, yuo wont really need title insurance if you dont put down alot of money. add up all the little costs and show them that they wont be losing money by letting you “take” the property off their hands. if they are nmot using a realtor then remind them how much advertising costs and how long they are gonna have to make payments on the house while they try to sell it on the market themselves. try to overwhelm them and maybe scare them out of the house if nothing else works.
BUT whatever you do, DO NOT pay full price.