FSBO/ First time home buyer

[Keyjonn Velaz]

Hello, the Bigger Pocket crew. I am new to the group and have a question / require advice. I have been exchanging conversations with an owner of a Texas property. Home only 2 to 3 years old in a nice area. He is looking to sell, or he will be getting a realtor next week. However, he requested 100k down, and the remaining mortgage is 269,000.  I understand this is way too much, 100k down. He replied send me an offer, and I will review it. Requiring advice on what the offer should look like reasonably? 

[Josh Edelman]

I end up listing homes from sellers attempting FSBO. More times than not, FSBO do not have an understanding of the market and believe their property to be much more higher than what it really is valued. Additionally, they end up with lots of concerns and questions throughout the process that could have been mitigated by having a professional agent handle it.

Not to say that there aren't competent FSBOs out their - just a word of caution. Putting $100k down is a lot and depends on your financials and goals. What does he need? Does he need to cash out right away or would a seller financing option or assumable deal work? I assume he wants to sell and liquidate but if not, could be a possible option. 

If getting a loan makes the deal work for you, I would recommend looking at that route to save you cash down.