Subject To Average Time On The Market?
Please share with your experience:
Guys, how long does it usually take you to sell the house you took Sub2 or Lease-Optioned from the seller. I mean conventional and creative financing. Did you have people calling you with VERY reasonable deposits just to get that FAMOUS non-qualifying financing, especially now, wneh virtually anybody can qualify for a loan?
Any info appreciated.
ibh,
In reading your post I was trying to figure out whether you were asking a question or already making an assumption with your last statement.
Q. Guys, how long does it usually take you to sell the house you took Sub2 or Lease-Optioned from the seller. I mean conventional and creative financing.
A. If you run some demographics of the area you are selling the home in, a rule of thumb is if the houses in the area are selling in a 90 day period conventionally, then selling creatively should take no longer than 30 days, providing you market the property correctly.
Q. Did you have people calling you with VERY reasonable deposits just to get that FAMOUS non-qualifying financing, especially now, wneh virtually anybody can qualify for a loan?
A. In looking at your area statistics 50% of the people who applied for a home loan where turned down. This does not mean they are bad people, they may have some hiccup in their credit that eliminated them from purchasing.
Do not assume that people who are unable to qualify conventionally do not have money to purchase a property creatively. They may have money saved up or help from a relative to purchase, there are numerous ways to get the down.
I personally, here again depending on the home, have received from $4K to $30K down. You would be surprised at the various ways credit challenged buyers find the down when they want the American Dream.
You will also find that when it comes time for your buyer to refinance if they have made the payments on time, this goes along way in a lenders eyes for approving a new loan to cash you out.
John $Cash$ Locke
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Hi John, i was wondering whats the best way to research my local areas housing statistics like the ones you posted above, ive looked on-line and all the info is mostly out-dated. is their a certain web-site that has recent info, or should i just stop by my local realtors and ask them? thanks.
lukabrasi,
Glad to meet you.
Your local realtor will have the information on the time on market of properties.
I use a pay service because I need more in depth information that helps me find the deals, so that I can purchase right and sell right.
John $Cash$ Locke
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