Don’t Bypass Real Estate Agents
to get seller's to finance for me is called the Equity Holding Land Trust™ . SIMPLY ASK the seller if they can leave their name on the mortgage for 2 years or so...And also if they can afford to keep some or all of their Equity in the property for that same time period...
If they say Yes/Maybe...EXPLAIN that you will GUARANTEE 100% payment on their current obligations on this home (Principle, Interest, Taxes, & Insurance)
IF THEY ASK 'Who' will be in the home during this time?
Tell 'em that your 'PARTNER' will live in the home, keep up all the maintenance and/or repairs (if any) so at the end of 2 Years they will refinance to pay you off.
If they say OK - then have them give you a 45 Day non-exclusive Option to Purchase...Once you have this you can confidently Mkt. for a new ‘lessee-buyer’ for the home without violating the listing agreement...
BENEFITS TO THE REALTOR: Tell the REA what you plan to do and then offer them either:
• A 'FINDER'S FEE' (I normally pay $500 to locate a ‘Lessee-Buyer’) and/or
• A 'SPLIT' (%) in the FUTURE transaction because it's not really a True SALE until 2 Years down the road.
I find that if the REA is ‘Sharp’ and knows what's up your sleeve...they can become a great A$$et in terms of finding 'Don't-Wanter' properties with Sellers motivated to get out from under a 2nd mortgage payment, foreclosure, divorce, etc.
And I kind of like having the odds in my favor...all the REA can do is say NO but then again you’ve already told them you next move!
Best of the Best to you and I hope this Helps!
Derrick Ali
If they say Yes/Maybe...EXPLAIN that you will GUARANTEE 100% payment on their current obligations on this home (Principle, Interest, Taxes, & Insurance)
IF THEY ASK 'Who' will be in the home during this time?
Tell 'em that your 'PARTNER' will live in the home, keep up all the maintenance and/or repairs (if any) so at the end of 2 Years they will refinance to pay you off.
If they say OK - then have them give you a 45 Day non-exclusive Option to Purchase...Once you have this you can confidently Mkt. for a new ‘lessee-buyer’ for the home without violating the listing agreement...
BENEFITS TO THE REALTOR: Tell the REA what you plan to do and then offer them either:
• A 'FINDER'S FEE' (I normally pay $500 to locate a ‘Lessee-Buyer’) and/or
• A 'SPLIT' (%) in the FUTURE transaction because it's not really a True SALE until 2 Years down the road.
I find that if the REA is ‘Sharp’ and knows what's up your sleeve...they can become a great A$$et in terms of finding 'Don't-Wanter' properties with Sellers motivated to get out from under a 2nd mortgage payment, foreclosure, divorce, etc.
And I kind of like having the odds in my favor...all the REA can do is say NO but then again you’ve already told them you next move!
Best of the Best to you and I hope this Helps!
Derrick Ali
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