All Forum Posts by: Keyjonn Velaz

Welcome to BiggerPockets!

This doesn't sound like an owner-financing deal...

With asking that much down, it would be better to leverage your money with a loan. I say this without seeing the details of the deal and property.

To provide a better response, please share the details of the deal and the home features.

Just remember, every "deal" isn't a deal for you. It's okay to walk away when the numbers don't work for you.

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. 

Are you getting $20k off the true value? After all that’s how much he’ll have to pay the realtors. Is he offering a much lower than the banks interest rate to make you not use the banks with 1/3rd the cash? This sounds like it might be one of your first deals, I think you’re better off waiting until they get a realtor and then get your own.