Making An Offer Today!
I am realatively new here again but need help. I have a home that I am interested in buying fo a residence and have less than pef credit. I have been Pre app for a loan thru a mortgage co and I would like to L/O this home for a period of a year or two. I have the NMD course from CS and was going to use the forms in the course to make an offer. Details:
Home asking 87k
offer 81.5k L/O
3k option consideration contingent on acceptance ofL/O
FMV 85k -90k
Home has new everything ie; windows, furnace, water heater, A/C, roof, Paint
I plan on making offer today. Anything anyone can contribute would be great....
Sassykid,
I just responded to your previous post and then saw this one.
I would certainly get my offer ready (forms I would be using to put the home under contract). I would then sit down with the owner and find out why he/she is "really" selling and see if I had a motivated seller.
Just offering to L/O is not as effective as being proficient in getting the seller to understand what benefits an L/O will have for him/her. Good Luck.
Dave
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Thanks for the reply. I submitted a contract and a Letter of intent with a date to accept by. I kinda did do as you suggested when I looked at the house . She/ owner is wanting to relocate to an area close by and is in no real hurry . i also am working with a local mortgage company to try conv financing. Owner owes nothing on th ehouse and am hopeful I can get it. I have my fingers crossed.
Also, Is it possible that I could find an investor to buy the home then L/O it to me should I be unable to finance it or the owner is unwilling to.
SassyKid,
I'm confused. In a previous post you stated that you were pre-approved for a mortgage loan. Is the problem that they won't give you the full amount you need to make the deal work?
Why not go back to the owner and show her your pre-approval and be upfront with her as to the situation. Then ask if she may be interested in carrying the note at the same interest rate as the mortgage company if you offered a little more for the house. You may be able to get her interested if you tell her that you would only be interested in her carrying the note for a period of, let's say, five years with the balance to be paid at the end of that five year period.
One thing concerns me in this deal. I question whether you have a motivated buyer as you stated that she wants to relocate close by but is in no hurry. Good Luck.
Dave
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