im going to tell the owner of a home thats been on market for some time now, that the answer to his salution is to sell it to me for 50%off fmv then i control the deed then i look for a renter i tell the renter that he can buy from me only if he has $7000 down and $900.00 a month under a 3 year contract. with that $7000 i give primary seller $6000.00 i keep $1000.00 experts out there give me some advise is this right or wrong
I don’t have any advice. I’ve never had this work for me.
Good Luck. It can’t hurt to try. All they can say is no, and if they do so what?
Actually it could hurt a little. He may blow a potentially good deal by firing off a strange offer like that, with no basis in what the seller needs. I don’t believe in just shooting offers from the hip. I didn’t read anything where he mentioned actually prescreening the seller. IMO he should find out the circumstances with the house, the financing, and the seller first, then create 2 or 3 offers for the seller to choose from based on those facts. The chances of success will rise dramatically.
For example, if the house is listed for at or near market value it’s probably not a junker…in which case the seller may sell for somewhat of a discount, but 50%??? Good luck with that. And what if the seller is 90% leveraged? How would he know? He will look like someone who just finished a home study course who doesn’t know what he’s doing if he offers 50% off FMV without finding out the situation first, then crafting the offer around that.
Right now, you are you’re own worst enemy. You know just enough to be dangerous to yourself.
I agree with most of the comments here, what your trying to do will turn off the seller, and chances are once you do that, they wont deal with you after that. What you are trying to do is assign the purchase contract which is a lease option. I would recommend that you research the process of assigning lease options on this website and even You Tube and get your contracts in order before you make an offer.
Also nsu1997 is correct. You cant just fire off a 50% of MV offer unless you know that its even do-able as the seller may owe way more than that. Also there has to be real justification for an offer of that level.
Keep in mind that you can control a property, make spread on the down, spread on the monthly payment, and spread on the balloon payment and still give the seller MV or fairly close to it…go seek your education before you get an education from the school of hard knocks.
I will second that with another :shocked
This method may or may not work for you, but you need to pre-screen then first and find out the details. Build rapor with the selle firstr, and go from there. You can’t just waltz over to someone and tell them what to do ~ It’s like bossing them around. Not good!
Great feedback guys. Learned alot. John, did you screen the seller?