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Author Topic: 100 seller financing?  (Read 9660 times)

Offline Rich_in_CT

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Re:100 seller financing?
« Reply #15 on: January 03, 2007, 08:52:20 am »
When you do sseller financing, do you report the payment history to the credit bureau?  If yes, how do you get that started?

Denise
As a regular joe you can't directly report to bureaus, I think you need a minimum of like 500 active accounts to report to them or something like that.

Offline Iron Range

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Re:100 seller financing?
« Reply #16 on: January 03, 2007, 11:06:33 pm »
I put a bid on a property today with seller financing. I low balled my offer and asked for 100% seller financing. I think what I'm finding is that you can get price or terms, but its difficult to get price and terms.  So you can get seller financing but you can't usually low ball at the same time.

If she seller finances then she wants full asking price (still very cheap) but she will seller finance the SFH.
Great Tenants are an Investors Greatest Asset

Offline Stjepan

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Re:100 seller financing?
« Reply #17 on: January 03, 2007, 11:29:16 pm »
Iron Range, your right.  There will be exceptions but when you find seller financing odds are you offer is not going to be the only one.  

Don't get me wrong, if you have to lower your offer for it to make sense then thats what you have to do.  However You are fighting an uphill battle trying to lowball a seller financed home.  They are probably going to have a few offers within the week.  Unless they overpriced the home, but you mention it was already cheap.

If your looking for homes with seller financing feel free to check out my website,  I add homes there all the time with terms.  They usually don't last very long, so don't try to lowball   :(  Or do it may be fun.  :)
Steve Blazevic
480-248-3868
http://www.BlazevicFunding.com

Offline Iron Range

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Re:100 seller financing?
« Reply #18 on: January 04, 2007, 06:57:25 am »
The price is still for very low, so its not a big deal. There's just something pretty GREAT when you can through a low, low bid down on place and actually get it.  Orginially she wanted more then the asking price if she seller financed the entire note.  But that isn't happening on my watch.  
Great Tenants are an Investors Greatest Asset

Offline real estate 001

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Re:100 seller financing?
« Reply #19 on: January 04, 2007, 10:09:40 am »
 8) IRON  you say the house is still cheap >>>>> what is cheap 70% or less than the apprasial ??  IF so why do you not take the deal and then re sell it for the full 100% apprasial value  and make some money and then sell your note  and pay the whole deal off with your seller and move on to the next deal ?????

Offline Iron Range

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Re:100 seller financing?
« Reply #20 on: January 04, 2007, 11:59:57 am »
It is 60% of the appraised value.  Reselling it is a good idea, but I actually want it to rent it out.  But since I have very little closing costs involved in this deal, reselling isn't too bad of an idea.

Would a lender have a problem with a buyer purchasing it right after I purchased the property???
Great Tenants are an Investors Greatest Asset

Offline Stjepan

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Re:100 seller financing?
« Reply #21 on: January 04, 2007, 12:40:21 pm »
Why would you lowball a already great deal?  Is the seller not marketing the property?  If this were me and they flat out offered it at 60% below appraised value + it cash flowed + seller financing I would have been more concerned about the seller signing the contract before they changed their mind rather than trying to see how much lower it would go.
Steve Blazevic
480-248-3868
http://www.BlazevicFunding.com

Offline Iron Range

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Re:100 seller financing?
« Reply #22 on: January 04, 2007, 12:59:22 pm »
Experience is why.  Wait until you have a bunch of places, then you won't want anything unless it is a great deal.  Also because I don't want to leave anything on the table.  I put a bunch of bids in this week, all very low.  I wait and see who bits and then go from there.  

If this were a million dollar property at 60% of market value then I probably wouldn't play around.  But this is a little SFH that is for rental property. There aren't any big stakes here.  

You really want to understand how critical it is in your real estate career to buy only GREAT DEALS.  
Great Tenants are an Investors Greatest Asset

Offline Stjepan

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Re:100 seller financing?
« Reply #23 on: January 04, 2007, 01:11:59 pm »
I've been in this 20+ years (just a FYI)  

my opinion is you have it backwards.  Those MM + deals are very easy to find at <60% appraised value.  Hell you could check the ARMLS and without getting a agressive realtor  find 10 or so avialable.  

I do agree with you 100% about only buying great deals,  I'm just saying you already have one and seems like you just got a little greedy.

By the way Iron,  I wasn't slamming you, was just curious.
Steve Blazevic
480-248-3868
http://www.BlazevicFunding.com

Offline Iron Range

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Re:100 seller financing?
« Reply #24 on: January 04, 2007, 01:23:52 pm »
I gave in and accepted her requirement for full asking price.  I just wanted to see if there was any play room in the price. What I found out was that there wasn't any room in the price.  But I don't regret putting the bid, even if I would have lost it to another buyer.  

I guess in the end what I want is only Super Deals or nothing.  A lot of the time it will end up being nothing, but my risk is so low when I only put very low bids in that it is more then worth the effort.  I always find out where a seller stands, what is there lowest possible point.

Some investors (not you) are affraid to low ball, it is a weakness that will limit there potential and increases their risk.  

I shouldn't have assumed you were new.  Sorry!
« Last Edit: January 04, 2007, 01:30:18 pm by Iron Range »
Great Tenants are an Investors Greatest Asset

 




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