Updated over 11 years ago on . Most recent reply
FSBO Motivated Seller
Hi All. So while I wait for my first direct mail campaign to hit their recipients, I decided to get some "phone" practice in and call a few FSBO listings for potential leads and get the hang of speaking about properties over the phone.
So this one I contacted today is very motivated; Her work commute is very far and the house is a lot bigger than what she needs and it's tough for her to maintain, so she wants out. The problem is, she owes on her mortgage pretty much what the comps are coming in for. She may even be a bit underwater.
I'm a rookie wholesaler here in Miami, FL so the easier deals for me at this point are those with some equity (meat on the bones). But before I move on to the next lead or pass these on, I'd like the input of those more experienced becasue if I can actaully help her somehow, someway, i think i'd be off to a good start both from a customer satisfaction standpoint as well as educational... Would seller financing be an option? Thoughts?
Most Popular Reply
I think she is better off doing subject to current financing if she is close or a little under water. There are some folks out there with low or bad credits for whatever reasons that can not qualify for a loan. They are more willing to put some money down and take better care of the house than a tenant would. The new owners would be responsible for all maintenance, insurance, etc. If they stop paying she can take the house back. You will not make any money, but at least you can show her an option to get out. Search the forum for lease to own or subject to if you need more clarification.