South Florida Is Just Too Hot For A Newbie?
I live in South East Florida (West Palm Beach) and here the market is going up so fast that every seller has equity in their property. So when you buy subject to the existing financing and the seller knows that there’s a good chance is going to get 100% of is asking price, how do you convince them to hold a second for the remaining of their equity? Or is the market in South Florida is just too hot for a newbie? Also, how do I word it when I write my contract to make an offer?
Thanks for your help,
Louis
The market on that coast is very good at the moment. You should explain to them that they will make over 100% of the asking price by taking a second because of the interest they will make on the loan. Also make sure your letter of intent to purchase includes a "contingent upon financing" clause. This way you can get out of it if it cant be financed. Also make sure that any deposits are refundable.
Good Luck,
Kyle