OfflineGood morning everyone. I have been looking into a property that is for sale in San Elizario, Texas. I have been doing some research and unfortunately there is not much information about this property. A house was built recently sometime this year because it is not appraised by the city yet only the land with a property tax value of $50. I haven't been able to get comps on it. I called the person who wants to sell this home and it is a for sale by owner, no agents as of yet. She is asking $100,000 with $5,000 down and about $950 per month. She wants to sell because she is no longer living in the area. The land measures 780 sq ft. What do you guys think about this? Oh by the way it is a 4 bedroom house.
__________________
How is she selling it?
Sounds like she is wanting to seller finance it or lease option it.
Is that right?
Have you spoke with an agent as far as getting comps, opinions, fair market rent on this property?
What would be you're plan of attack on this property?
-Harold
She wants to seller finance. I haven't spoken to any agent yet because I had stopped for a while due to personal issues with the family. But I want to come back and start all over. I haven't talked to my agent in about 6 months now. My plan of attack on this property is to get it and rent it. I will send him an email asap and see if the agent I had is still wanting to work with me. Another issue is that I do not have any credit for financing options. My fiance is willing to help me in that way.
I have already sent him an email, will just wait for a response and as soon as I get it, either I will send him the info I have or I will have to look for another agent asap.
I may be off my mark here but does the owner have a building permit for this property? or a Mortgage? or any other paperwork? can you get a title search? It just seems unreal that a 4 bedroom house could be put up in less than a year for just $100,000 or less.
The great thing about seller finance is that you can gain control without ownership, it can be an investors dream.
Usually, depending on the sellers requirements; bad credit wont be a problem. The seller is acting as the bank & generally wont go the the procedure of qualifying you through credit.
Do you have an idea on the length of the seller fiance agreement the seller is willing to do?
Do you have cash for 5k for down payment? You could even try offering less of a down payment if needs be.
But yes get in touch with an agent to get a good idea of the fair value & fair market rent on this property.
I called the lady again just to verify what she had said at the beginning. Here is "her" deal...she wants $5,000 down, selling it for $100,000, $950 per month + $200 per month for property taxes for 20 years...she is not willing to negotiate and is not willing to be paid in cash! San Elizario is a subcity of El Paso and no permit needed to build. She does not want to show the inside of the house unless I have the down payment in hand. This lady does not want to negotiate what-so-ever, so I'm thinking it is just a waste of my time...what do you guys think?
oh by the way...she also said that she does not accept any other financing institution...only she will finance the house and no cash accepted for the full price of the house.