Investor · Yonkers, NY · Member since 2014 · 84 posts · 20 votes
Hello fellow BPers
I'm an investor in the NY Westchester area looking for serious buyers that want to get in on the discounted deals I come across. If your interested please inbox me your buying criteria so I won't waste yours or my time sending you deals you don't want.
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
9y
I believe serious buyer will appear when you have a serious deal - and it is promoted right, the best way I've found those serious buyers is to create a deal with terms and potential profit that really looks great.
I use the auction method of marketing.
A great deal will come with ----- buyer incentives - I like to call it CONTRACT CANDY - anytime you can offer sellers something that will get their attention you will have more buyers.
some owner financing or 100% owner financing
when maketing a property - highlight the benefits - below market price, seller take back - show comps - make your deal so attractive that you will attract buyers.
At our auction company we call it "Bidder Buyer Bonus" - it works
cash back at settlement
all the furniture in the house - or the car in the garage
a delayed settlement
possession before settlement (so buyer can get in there - clean it up and start marketing it to a potential assignee's)
On owner financing you should consider some clauses that will help your deal - Stutter clause (able to miss one payment a year), first right of refusal, early pay off discount, substitution of collateral (right to move the lien to another property if you sell the one that is secured by owner financing), interest rate at prime, a principal mortgage (that is one without interest) fully assumable without qualification and with release of liability is assumed.