Hey Everyone! We have a contract signed and it's in attorney review. We have a buyer but, he needs to get a mortgage. He called us yesterday and told us he is having trouble getting the mortgage because the company wants him to have a tenant in the house before they will give him a mortgage. So, he asked us if the seller would hold the note. We asked her that a while ago because we wanted this house for ourselves and she said no.
My issue is that I think this buyer should sign the assignment contract with us and then he can deal directly with the seller and work out his issues. Why should we be in the middle of that? We have a $1000 earnest money out on this and I don't want to lose it because he is screwing around. Am I wrong on this?
Thoughts please? How would you handle this?
Allen & Denise
Denal Enterprises
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(Fort Lee, NJ)
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your time will run out waiting in this guy. should have qualified buyer
ALWAYS have several buyers to fight over your deals
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
We had several buyers interested in this deal and then they slowly came up with excuses. One said if you got it for less money, we'd take it. So, we asked for a price reduction. Got it and then that buyer said, "Sorry, we're not interested." Then another buyer asked for this exact deal in his criteria and then turned around and said he didn't like what was next door. He also asked for a price reduction and when we got it he never responded yes or no.
So, we kind of got stuck with this mortgage buyer. He was definitely not our first choice. We are working on making calls to other buyers who called us on this property but, nothing yet.
Allen & Denise
Denal Enterprises
the bank wants an existing tenant in the house to approve the mortgage??? They generally add the rental into the income portion.
Sellers holding notes is not big in the NJ/NY area; i'd steer clear of that as an option
I would tell any potential buyers you have that you have a contract on the property direct from the owner and its not listed. Its true and you're not lying. To make it worth your while, nothing less than $5k should be your fee.
Good luck