As good as the financing can be these days, there are still good buyers who fall through the cracks. Here is an email from one:
“Dear Dawn —
We are looking to buy a modest property in Evansville, IN (about $100-120K). We have a 10% down payment, a solid income, and have been told that our credit would qualify us for a VA loan in about one year.
We recently sold our home in Indian Wells, CA — no foreclosure, no bankruptcy, although plenty of delinquents the past three years due to a medical crisis. We had a tax lien and judgment lien, and those were satisfied at the time we sold our home.
“Seller financing” is not well-understood out here. Right now, we’re looking at a couple of homes that are 50% more expensive than the type of house we want and need only because those are the only ones where the Seller — out of desperation — is willing to carry for a year.
Any chance that you know of anyone who would be interested in buying the note in a seller-financed transaction here in Indiana that would allow us to get a house we REALLY want that is far cheaper than what we may have to settle on?
Thank you, Ren”
Dear Ren,
What are your FICO scores? If above 600, then there may be a simultaneous note sale program that you would qualify for. There would still be some educating to do, as all parties involved usually need some guidance and clarification, but it’s possible to create and then sell the note created with minimum discount (.85 on the dollar).
Once you have a property in mind, you will need to present an offer for the seller to consider, and you will need to see if you qualify for the simo program by turning in a 1003 and paying for credit reports.
Alternatively, if you find a seller who has great underlying financing, you may want to leave it in place by using the title holding land trust transfer.
I am available to consult with you regarding your individual situation by the hour or by flat fee. The flat fee of $495 covers you until you successfully consummate a transaction, including talking to all parties involved until everyone is on board.
Best wishes,
Dawn