We had made a offer of $ 48K on on 2/2/2, 1600 sq. ft. house that was listed for $ 80K. It was rejected. A month later there was a REO across the street that got listed for $ 50,350. I called the agent on the 1st house & offered $ 55K to her property, & I would pay all closing costs, doc stamps, title ins., real estate commission, & taxes, if the seller would do 100 % financing. I said I would even have my lawyer draw up the mortgage(this way I could control the language & make it totally assumable). Because of the $ 7K increase on the offer & 6% APR on the loan,(30 yr amorization with balance due in full in 5 yrs.) they went for it...the best part is I can sell it with owner financing and let any buyer assume it...now that's a great marketing tool ! As Dean's always says, be creative & make it a win, win situation. Gary & Jill
We had made a offer of $ 48K on on 2/2/2, 1600 sq. ft. house that was listed for $ 80K. It was rejected. A month later there was a REO across the street that got listed for $ 50,350. I called the agent on the 1st house & offered $ 55K to her property, & I would pay all closing costs, doc stamps, title ins., real estate commission, & taxes, if the seller would do 100 % financing. I said I would even have my lawyer draw up the mortgage(this way I could control the language & make it totally assumable). Because of the $ 7K increase on the offer & 6% APR on the loan,(30 yr amorization with balance due in full in 5 yrs.) they went for it...the best part is I can sell it with owner financing and let any buyer assume it...now that's a great marketing tool ! As Dean's always says, be creative & make it a win, win situation. Gary & Jill