New To The Site
Hi all,
Great site! I'm interested in approaching FSBO's...I'm not sure how to go about doing this.
I've been reading up on "subject to" and lease optioning.
There are a lot of FSBO's whose homes go unsold over 90 DOM.
What is the best way to approach these homeowners?
Thanks!
I suggest calling the seller, find out all you can about the seller and the property. Why are they selling? How long have they lived there? What kind of loan do they currently have? Is it an assumable mortgage? Would they consider carrying a second? Would they consider a lease option? Would they consider a Subject 2? These are just some of the questions you could ask a seller to find out if this is a property you can acquire.
You might also consider purchasing one of the courses on this site as a primer, but don't get stuck overanalyzing and over learning either.
HTH,
Robert
[addsig]
Hi Robertt,
Thanks so much...I'm still learning. Can you explain the part about the "seller carrying a second"?
Thanks again!
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Quote:
On 2004-06-03 00:23, robertt wrote:
I suggest calling the seller, find out all you can about the seller and the property. Why are they selling? How long have they lived there? What kind of loan do they currently have? Is it an assumable mortgage? Would they consider carrying a second? Would they consider a lease option? Would they consider a Subject 2? These are just some of the questions you could ask a seller to find out if this is a property you can acquire.
You might also consider purchasing one of the courses on this site as a primer, but don't get stuck overanalyzing and over learning either.
HTH,
Robert
DM:
The seller carrying a second refers to you offering a certain amount towards the purchase of the house directly to him in cash, with him (the seller) 'lending" you the rest, i.e., you would be making monthly payments to the seller directly (instead of to a bank or lender) for the balance. Also known as a carryback, or seller carryback.
Andy
Hey thanks a lot arytkatz.
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quote]
On 2004-06-03 16:37, arytkatz wrote:
DM:
The seller carrying a second refers to you offering a certain amount towards the purchase of the house directly to him in cash, with him (the seller) 'lending" you the rest, i.e., you would be making monthly payments to the seller directly (instead of to a bank or lender) for the balance. Also known as a carryback, or seller carryback.
Andy
[/quote]
I would add just a few items to the list given by robertt. Ask why they are selling. This will give you a handle on how motivated they are and also might help guide your offer(s). Also ask what they need from the sale. Almost everyone answers cash, however, at that point ask what they are going to do with the cash.
I once found an owner that was selling because he wanted to purchase a mobile home near his wife's sister. I got him to agree to accept a mobile home as a down payment that I could buy at a deep discount. The deal that we came to did not include the mobile home since an appropriate one could not be found, however, he was willing to accept one.
I hope this is of some help.
Regards,
Ed