OfflineHello everyone out there! I have a qusetion, I found a home way below market value and thr reason the owner is selling is because he got an arm mortgage and it shot sky high. He has untill july to do a short sale on his house or it goes in foreclosure. When I checked on zillow it was zestimated at $70,500. He has it listed at $49,900 and said that he would take lower than that, he just wants to sell the house. So the question that I have is do you think this is a deal or should I walk away. I don't know how to negociate this deal an am worried about what he owes. He owes 109,000
an advice is very apprecited.
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First the seller would not be allowed to sell his property for less than is owed. It would have to be approved by the bank. There would be a short sale package that they would send out and you have to go through the process. It is very involved. Talk to your agent and see how they have worked with short sales before and learn all you can before you try to tackle it. If the seller is trying to sell his property for less than he owes then he is misinformed. The bank is the primary lien holder so he can't. Just do your homework, research, and be careful. Good luck.
Richard
Bothell, WA
Know what truely matters in life, consume yourself with that, and you shall never be disappointed, afraid, or alone. Give your gratitude always, give respect to everyone, and you shall never be anything less than what matters the most. Give praise to the Lord, forgive yourself and others, and with all of this together you will get a taste of what heavens lie ahead.
Thank You Richard!!!
Hello I am Jamie and I have been trying to get this thing going. I have been doing a lot of back and forth marketing on craiglist with buyer or renters and home owners looking to sell. I ask renters would they be willing to buy? A lot of them said yes, or on a rent to own, or land contract. I ask seller would they be willing to rent to own or land contract? A lot of them said yes with a down payment. I was amazed at the responses. The problem I am having is talking to sellers. I don't know how to approach them or negociate especially negociating. I freeze up when its time to go look at a property because I don't know what to say. If anyone out there can help me or give me some advice,or tell me about their first experience that you went through. I WOULD REALLY REALLY REALLY APPRECIATE ANY ADVICE.
THANKS!!!
1st-Get a buyers list together of tenants that want rent to own; see how down payment/deposit they have & how monthly they can afford.
2nd-Get to the sellers, see what the circumstances are; are they behind on their mortgage payments, & if so how much; did they just lose a job & that's why they want to leave; how much, if anything do they want as a down payment;
3rd-Match the sellers with tenant buyers...if a seller has a $ 500/month payment & is behind 3 months; then find a tenant buyer that has $ 2000 down & can $ 700/month. You pay off the delinquent payments of $ 1500 & pocket $ 500.
Then each month you collect $ 700 rent & make the mortgage payment of $ 500 & pocket $ 200/month.
This a a classic Greg Murphy sandwich lease ...
Yes, I love those, just did one and if I had 15 more props. I would have rented them all this month!!
Thanks Greg that help me out a lot.