I am just looking for some creative offer ideas on a home for sale. I have been talking with the owner who ownes the home free and clear. He states he is firm on getting his price of 80k and dosen’t have to sell. He says he’s retired and just wants to wait to get his price He may even rent it. Currently its vacant. I think the market value is 85k. After talking with him I feel he could be flexible on his price. I am not willing to pay that close to market value. I am looking for some ideas that I may present to him. Your thoughts would be appreciated. Thanks, Joe.
Joe,
My thoughts would be to file his name and number and give him a call about one a month until he becomes motivated. There are too many sellers that really Want to sell that you should focus on. When someone tells you they want almost full market, they have the time to wait and get it, and they may even rent it … that is zero motivation right now.
Follow up and maybe one day it will be worth spending time on if his situation changes… today isn’t that day though.
Hope this helps,
Heather Zaal
You may have a deal here if you can buy 10 to 15 % below market or maybe a little more. The seller may be willing to owner carry a second giving you a possible zero down deal. If you can rent it or l/o for enough to make some cash flow you may have a good deal.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
I agree with TedJr,
You may have a deal there if the seller is willing to finance you with zero down. If you amortize the finance charges out a few years and lump on top of those the direct cash out of pocket for a down payment, you may be able to come out ahead. By having established a relationship with the seller, you have some amount of trust and favor. Without spending all of your time, talk to the seller and ask what would be reasonable without a downpayment. Maybe he/she will be willing to give you control of the house for zero down and 4% interest to sweaten the deal. It is up to you to see the possibilities and present them to the seller, if this is your chosing. As an earlier poster mentioned, at present the seller isn’t very motivated and I personally wouldn’t spend alot of time on it but, hey, if during my downtime if I can concoct a deal that is acceptable the we both win!
Good Luck!
Ern
This deal…
Should have never made it across your desk…
As Heather said… Where’s the motivation?
Now that it did… You still have work to do…
You need to ask more questions… find out more info…
This is where structure comes into play…
For instance…
The other day we negotiated with a seller on a house…
House worth about 135k… seller owes 44k at 5%…
House needs no work… He wanted No Less than… 110k…
As we talked and said things like… lets just leave your loan in place… and talk about how to make this work… How much cash do you need to get to… If we could, maybe, could, sorta, do something like… give you some of it now… and the rest later…
Repeat after me… "I will never, ever… NEVER… mention payments or interest again…
Why, because if you don’t… they won’t…
Now, He quickly went down to… I need 40k plus my loan…
Then he later backed out… but, we are still negotiating and will meet again early next week…
He’s stuck on price… so, I figure we’ll settle somewhere around 95k… with my goal to be 22,500 now and 22,500 later… How much later… depends on the negotiation… I strive for a minimum of 3 years… and start at 10…
David Alexander
Thanks all for the advice. I feel I know more about how to handle this particular situation. I will be back in contact with him. However, if I don’t feel the motivation I will be moving on. Thanks again, Joe.