Hi I have a manufactured home that was just appraised last month for 128k and I owe 62k, is it possible to pay someone say 15k to buy my home?
What I would do and you tell me if this will work is find someone who will pay full appraised price on the home and out of the equity check give $15,000 to somone for purchasing the home. Does this sound like it will work or should I pay a bit more or less?
I don’t understand what your trying to accomplish. Just drop the price 15k in the beginning. Any buyer who doesn’t want to deal with an overcompliated situation would say the same thing. Perhaps I don’t understand the logic of issuing a rebate to the buyer.
This makes as much sense as government employees getting taxed by the same government who paid them.
it sounds like you want someone to purchase your home with financing and then you give the borrower $15K in cash outside of the transaction. If that is what you are asking, no you cannot do that, it is considered loan fraud.
why dont you offer 15k in closing cost or down payment assistance that should get some buyers.
Are you suggesting that someone buy your house for full value and you pay them 15k so they can use it as a down-payment?
Do a lease option on it.Ask 2%-3 down payment. Do not discount .Manufactured will be a good investment… Wait and see.Some baby boomer will want your home.Manufactured lenders I work with are looking to expand.That tells me growth. Why are you selling?
Very simple. You should be allowed to pay a premium to a buyer but not from the loan proceeds. If they put up a down payment that exceeds the lender’s down payment requirement, you are free to rebate this to the buyer after the closing for deferred maintenance, etc.
What are you trying to accomplish that lowering the selling price would not?
If you are looking for gimmicks to get buyers, offer a free car, a Harley motorcycle or flat-screen TV or something. For some reason, people LOVE their TVs. You could easily buy a used Corvette or something else flashy for the amount of money you are suggesting. You could even go as far as befriending a used car guy, source a used Corvette, borrow it for the same day you have an open house and stick a big bow on it during the open house. Just ideas for ya…
Just don’t put it in your purchase contract because the buyer’s lender (if there is one) will deduct the extra perks you are giving away from their loan amount.
Ok if I put an ad in paper offering a free car or big screen tv how should I word it so that it does not get me in trouble. And do I need to buy the car or tv ahead of time?
I like this approach as it is kinda a new idea that has not been tried to a degree.
Just say something like “Free TV with purchase: 4bed/2bath, 1500sf…” There is no right or wrong way, just make sure you phrase it and make sure you tell people that this is a free gift upon closing on the house.
I don’t think you need to buy the item first. However, scope out what it is you are going to give away, and have pictures or model numbers or other details on it. If you are doing an open house, make a little display of the item, like on poster board or on a flyer.
For dramatic effect, have the item before hand. For instance, if your buddy is trying to unload a Harley Sportster for 5 grand and that is the gift you want to use, borrow it for the day of the open house, park it in the front yard next to your Open House sign, and make a big-arse red bow and slap it on the bike, with some kind of signage that says free with purchase of the house. Your directional signs that you put up in your neighborhood could also say something like “Open House, Free Harley Motorcycle, 123 Main Street”…
Good luck.
I use the same technique to help sell my houses.
I offer a FREE 61" DLP Plasma Projection TV
OR
Free lawn care for a full year
OR
1 Free Carpet Cleaning.
On 15K profit spread houses, you don’t care if you give up 1K do you?
yes I can buy new TV’s for 1K that are easily worth 4 5K
My question is how long does it take you to sell the houses while giving away a tv set? and are you getting full asking price or are you discounting the price a bit too.
My investment was appraised at 128k had to throw 10k into the home after purchasing it for 62k should I or could I expect to get the appraised value or should I drop the price as well.?
You need to decide your bottom dollar for the property. Forget the gimmicks. People like cash and they like to think they saved some when the deal is done. Negotiate the price with any prospective buyers, down to your minimum if you have to. Tell them you will discount half of the real estate comission because you are selling it yourself. I don’t know what your holding cost are but it looks like you have over 50K to play with. Lets get this one sold and move on to the next money making deal.
Why offer anything? No t.v. no vette NOTHING!! Offer to do 20% owner finance! There are so many people out there that need a 10-20 even 30% owner carry to buy a house… Use that 15k to sell the house bump up the price and carry the note!
That is what I do.
Robb
Why would I offer 20% owner finance, when I already offer 100% owner financing?
Your hilarious!!!
I offer 100% owner financing with foreclosure, bankruptcy and collections with credit as low as 500.
I use other peoples money for my mortgages and never invest a single dollar of my own money on any property I buy OR sell.
I have a guy who gets TV’s from Aarons or Circuit City for 300 bucks and would happily sell the TV to me for 1000.
Whats 1,000 of a 50K profit spread? Chump change. If it sells the house, WHO CARES???
I read your post…you say nothing about 100% financing - just:
“I offer a FREE 61” DLP Plasma Projection TV OR Free lawn care for a full year OR 1 Free Carpet Cleaning."
Maybe I’m missing something…? It’s your only other post in the thread.
Keith
BTW - please read your Private Messages! KDH
On the other hand if you are using O.P.M. to invest why not get the lower score buyer to get an 80% note and free up that money to do more deals… Unless you are talking about doing SUB-2. If you read what the poster was asking it was if he could offer 15k to a buyer… Why not keep your T.V. and your $$ and offer something to bring more people in the door. I really don’t recall where this post was about what you are doing I thought it was about what he was trying to do.
Also do not post your web-site or contact info in the body of your message…
Thanks,
Robb
^^ ??? That looks like a website
I was simply saying why offer owner financing if I already offer it. Were throwing out suggestions here. Feed and be fed and we all benefit.
I totally agree with this post… works great!
I was talking about your post that I deleted that was nothing more then your website. REMEMBER?