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50% seller financing

Posted on: Mon, 03/07/2011 - 14:31
50% seller financing

I found a property for 24k the seller is willing to carry back 50% to do the deal with approved funds. But I don't have the funds I mean the other half of the 24k does anyone have any really good ideas to help me get this deal done? Its a 2 bedroom, 1 bath house. Haven't drove by it yet but its near a college I'm sure of that. So it would probably be a pretty decent deal. Its REO home any information would be greatly appreciated.

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My youngest son and I.


Posted on: Mon, 03/07/2011 - 14:43 #1
skatr38

I don't understand you said seller is willing to finance 50%, but then you said it's an REO. REO means that it is bank owned, which is it.

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Posted on: Mon, 03/07/2011 - 14:45 #2
50% seller financing

The ad says REO-seller will finance 50%.

__________________

My youngest son and I.


Posted on: Mon, 03/07/2011 - 15:13 #3
I'm willing to bet that they

I'm willing to bet that they are in the same position as you and they put an offer in at 30-45% of what they are offering it for sale and need the 50% to cover the purchase and their upfront profit. REOs are Bank owned and they do not finance 50%.

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http://kendrickpropertymanagement.com/

http://rochesterapartmentrentals.com/?page_id=10


Posted on: Mon, 03/07/2011 - 15:59 #4
seller finance

Right I called the number its with an equity company that sells destressed houses, what should I do? I would offer a little less because I'm sure it needs work.

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My youngest son and I.


Posted on: Mon, 03/07/2011 - 16:39 #5
Equity company?

Do they own this house or are they wholesalers like you? I would find out all the info about this property 1st, so yo ucan choose if it's a good investment or not. (Comps, ARV, repairs, etc.)

skutr38 wrote:
Right I called the number its with an equity company that sells destressed houses, what should I do? I would offer a little less because I'm sure it needs work.


Posted on: Mon, 03/07/2011 - 21:12 #6
DO NOTHING

Till you do your home work. What are the taxes, Insurance. True comps in the area. Are you going to be be renting. Flipping. Once you get all this togather than see if its a deal. Don't forget about holding cost.

Randy

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Posted on: Mon, 03/07/2011 - 21:39 #7
Holding costs

add up quickly and are often overlooked.

Hey Randy- keep 'em straight now

Mike

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Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Posted on: Tue, 03/08/2011 - 22:55 #8
what is an equity co

I know you can get an equity loan but I never heard of a co that sells distressed propertys as described . what city and state is this co in sounds like there may be opertunity there {not trying to step on toes or steal the deal } just want to know what to look for in my area


Posted on: Fri, 05/27/2011 - 11:24 #9
Private Money Bank

Hi Skutr38:

I'm a Real Estate Financing Specialist and we specialize in funding residential and commercial properties. Please visit are web site at http://www.privatemoneybank.com/kwilliams today for quick funding for full details and on line submission; and please tell a friend.