I'm finally ready to sell my first real estate purchase. It is an older (early 80's) single wide mobile home on 2.66 acres. There is also a junky house on the property that may or may not need torn down> I am promoting it as a mobile with land for $25K
MY QUESTIONS : I kind of planned on whomever buys it paying cash, but am afraid that I'll be bombarded with people who THINK they will be getting a bank loan, and in the end will not be able to because of the mobile home factor or the condition (its decent, but will still need some work).
How do I avoid having to show it to people who fall into this category? What should I write in my ad to let people know that it will not pass bank financing? Or what would I say to people when the ask to come see it to make sure that they have a way to get the money...I've written "NO RENT TO OWN" , and "PLEASE DO NOT ASK TO VIEW THE PROPERTY IF YOU DON'T HAVE THE MONEY or HAVE NO WAY OF GETTING IT" ..I'm soooo busy and I have quite a few appointments to show it, but I do NOT want to be wasting my time.
What if someone says " Ok, I'll take it" ... What if they plan to obtain financing, and then can't get it? I understand that many real estate contracts are contingent on financing, but I'm just saying that i don't want to be waiting around for weeks to find out that they can't get it, and then start over with another person in the same position...
There's nothing wrong with saying cash only in your ad. Maybe say it two or three times. The impression that gives is that it's a great deal, and actually it does sound like a really good deal with a livable house on acreage for only $25,000. Ask for proof of funds.
As @Jon Klaus mentions, simply include "cash only" in your description. You might also say "this property is not financeable" or "offer subject to financing will not be considered".
If the home is on a permanent foundation though, it might not be the house that makes it hard to finance, but rather the lower purchase price....at least here banks won't make home loans under $25k typically.
Thank you ! :)
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