Results 1 to 10 of 10

Thread: Instant Real Estate Advice, Please

  1. #1
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Instant Real Estate Advice, Please

    There is this land that I was watching on the internet all winter. It was 39k, then. By the time I was ready to look at it, it was down to 32k, but the agent was an asshole and wanted me to pay $100 to look at it so I never got there. A few days ago I checked on it again and it's down down into the 20's. I got my mom to call the asshole agent, and... lo and behold the owner will be coming up here on Saturday and I can go out with him to look at it! I called him and he's showing it to some other people, but I'm the first, so presumably if I make him an offer right then and there I get it.

    So, the complicated part. There are a lot of properties up here that aren't exactly financable. They aren't on the road system or the construction is rather alternative or whatever. This is one of them. So if the owner wants to sell it, he has no choice but to finance it or hold out for someone who has that much cash.

    I have 10k. I think if I could offer him 20k cash he might take it, because he's been trying to sell it for like a year now. But I don't have 20k, I have 10k.

    Should I be like, "look, I'm a stripper, and I'm going to go to town and work my ass off and pay you at least 2k a month, but probably more, until it's paid off, with interest?" (but that would suck for me, because I don't want to be in town that much)

    Or should I go for low payments so that I can go to town and work for a few weeks and have my payments saved up for the year? I'm worried that the other people looking at it might be able to give him a bigger down or have cash upfront, tho.

    When something's owner financed like that, is there a way to have a third party administer the loan, so that when you make extra payments to the interest it's all calculated right?



  2. #2
    God/dess VegasPrincess's Avatar
    Joined
    Aug 2006
    Location
    MKE
    Posts
    4,660
    Thanks
    2
    Thanked 182 Times in 40 Posts

    Default Re: Instant Real Estate Advice, Please

    ^^^

    First of all that agent is an ASS. But anyway my boyfriend's an agent so I'll have him post a response for you when he gets home. I have NEVER heard of charging a fee to look at a property...they might ask you if you are "pre approved" for a loan but that's about the worst of it. So, gimme a couple hours and you'll have an answer.
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

  3. #3
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Re: Instant Real Estate Advice, Please

    The agent wasn't even going to show me the property. He wanted me to pay his friend who has a boat a hundred dollars to take me there, but I was like, nooo, I have a friend with a boat just a couple miles from there, and I can just give him a few dollars for gas, give me the key, and he wouldn't.



  4. #4
    God/dess VegasPrincess's Avatar
    Joined
    Aug 2006
    Location
    MKE
    Posts
    4,660
    Thanks
    2
    Thanked 182 Times in 40 Posts

    Default Re: Instant Real Estate Advice, Please

    ^^^

    Yeah that's totally rediculous. I understand not wanting to show such a far off property to just anybody because itd be such a massive waste of time, but that's a bit much. I'll have my man tell you what he thinks when he gets back from work for sure!
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

  5. #5
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: Instant Real Estate Advice, Please

    I'm in the process of selling an investment property with owner financing. We agreed on a price, how much down, interest rate and length of loan on our own. We have an agent helping us with the paperwork. It's really not that hard to do owner financing. At first I was hesitant but if he defaults, I still own the property. Just like a foreclosure except the owner is the bank. It made sense to do it for me and it may be for the owner of the property you want too. He probably never considered the option either, like me.

  6. #6
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Re: Instant Real Estate Advice, Please

    Oh, he's definitely considered it because it's probably his only option. What kind of agent helps you with the paperwork? A real estate agent? Bank agent?



  7. #7
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 28 Times in 23 Posts

    Default Re: Instant Real Estate Advice, Please

    Ask him if he'll be willing to take a land contract (owner financing). Offer him $20,000 with 30% down and you'll pay the rest at 8% over however many years you two agree on (calculate out what payments will come to that is comfortable for you).

    He'd be stupid not to take that offer. And, you don't want to part with ALL of your cash.

    Make sure it's on a contract for deed and that it gets recorded at the county courthouse.

    I can send you a blank contract for deed if you need it.

    Good luck!!

  8. #8
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Instant Real Estate Advice, Please

    Seller financing is getting to be a very popular option as banks continue tighten up creditworthiness requirements and down payment requirements for borrowers, and as banks become ever more insistent that any loan must 'conform' to standards needed for resale to FNM or private 'secondary market'. Seller financing can be an excellent deal for the buyer ... and lately the ONLY deal for some buyers !

    However, for the seller who is accepting the financing, there ARE risks. Yes if the borrower defaults on the loan the seller still holds title to the property. However, since this is a legal sale just like a bank financed sale, federal and state laws do apply to the seller in their role as lender. These can include mandatory time delays for eviction and/or foreclosure in the event of loan default. These can include legal issues and an inability to evict and foreclose if the buyer goes bankrupt and claims 'homestead' protection. These can include being forced to accept a court ordered 'cram-down' on the outstanding loan balancei.e. a property that was sold for $50k with $10k down (thus $40k outstanding balance) being transferred to the buyer in exchange for a $30k payment to the seller instead of the $40k owed. These can include the inability to recoup costs of damages caused by the defaulting buyer. The bottom line with seller financing is to be sure to sell at a high enough price or with a high enough interest rate to cover your true risks if the buyer / borrower defaults.

  9. #9
    God/dess VegasPrincess's Avatar
    Joined
    Aug 2006
    Location
    MKE
    Posts
    4,660
    Thanks
    2
    Thanked 182 Times in 40 Posts

    Default Re: Instant Real Estate Advice, Please

    VegasPrincess's BF here.

    first of all, I think it would be in your best interest to get your own real estate agent. Realtors can work for buyers and sellers, if you get your own agent they will be able to handle the leg work, and work as a buffer in the negotiating process, and represent your best interests not the seller like the agent you have been talking to. They will also handle all your paper work.

    All this and at no cost to you. buyer's agents are paid by the seller.

    It does npot matter what company you choose, as all realtors work together. But i would recomend finding a seasoned agent, with a reputable company.

    hope that helps.
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

  10. #10
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 28 Times in 23 Posts

    Default Re: Instant Real Estate Advice, Please

    ^ At the same time...being that the seller will have to pay all of the realtor's costs...he may not take a "lesser" amount of money while having to shell out more to sell the place.

    The only person you REALLY need is a Real Estate Lawyer. A good one will cost you $200 (about) and can do offers, contracts, etc and read all the fine print to make sure that what you are signing is in your best interest and that it's all on the up and up and legal.

Similar Threads

  1. real estate
    By cheetahchick in forum The Lounge
    Replies: 14
    Last Post: 06-01-2018, 09:18 PM
  2. How many strippers have gone into real estate.
    By brendalee in forum Other Work
    Replies: 38
    Last Post: 07-17-2007, 12:56 PM
  3. Real Estate 4 Sale
    By cash777 in forum For Sale & Wanted
    Replies: 0
    Last Post: 07-09-2007, 06:04 PM
  4. so much for a real estate 'bottom' ...
    By Melonie in forum Dollar Den
    Replies: 0
    Last Post: 03-20-2007, 01:56 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •