Replies

1. 
   Scott_R | Jan 29, 2002 09:47pm | #1

   *
   Vincer, Where is it? I'll buy it!!

   If you would be willing to sell it on a Contract for Deed (aka, land contract) or let me lease it with an option to purchase.

   If you think I'm yanking your chain I'm not!

   Scott R.

1. 
   The_Tennis_Court_Builder_...on_t | Jan 29, 2002 11:58pm | #2

   *Scott... Last night there was an add on tv about buying homes with bad credit...lease to buy. Yours and blues new game is going nationwide quick.back to the stream,aj

1. 
   TLE_ | Jan 30, 2002 04:59am | #3

   *I have attended some land and home auctions.For the seller, other than getting the sale over with quickly, the risk seems too great.Typically the seller will have a minimum reserve amount, that at the start of the auction, only the auctioneer knows. If the highest bid received is less then that reserve, the seller can either allow the sale to go through or withdraw the house from bidding.If he pulls it from bidding, the seller still owes the auctioneer his percentage (usually 10%)of the sale just as if it went through.I have seen at least one land auction that went way higher than it would have through a real estate agent, but most seem to go to the bargain hunters (that's why I show up at them).Terry

1. 
   blue_eyed_devil_ | Jan 30, 2002 06:25am | #4

   *Scott, don't fret about too many people learning about buying on contract for deed, or lease options. If 100 people buy Carlton Sheets products, very few will actually listen. A lot less will ever make an offer. You've just made a general offer...I'm not sure why.What's your plans with this house? What's the offer?I'll try one.Vincer, I'll pay you your full asking price (the 80% fmv) price right now if you'll give me a five year option. The option consideration will be $1. The deal is contingent upon me finding a sub-lease option tenant and a competent local rental manager. It is also contingent upon a property inspection. I'm going to want a clear title. I'll figure out a monthly rent as soon as I research your rental market.Yeah Scott, 80% will work. But only if its a true fair market analysis with current comps. A lot of realtors/mortgage companies rig the comps thus skewing the FMV values.Oh yeah, VIncer, I'll take Contract for Deed too. blue

1. 
   blue_eyed_devil_ | Jan 30, 2002 06:28am | #5

   *I've been to one auction. It was a total disaster. No offers. No buyers. The "auctioneer" was thoroughly disgusted. He later called me and after a brief discussion, offered to release the contract and allow me to deal direct with the owners.That was about a month or two ago....it's time to drive by and see what's happening over there again....blue

2. 
   Vincer_ | Jan 30, 2002 07:11am | #6

   *The appraisal was done by a certified company out of my pocket, it is an fmv. $122,000 I have to have $93,000 that's $29,000 instant equity. Thus a contract sale is out of the question.I'm thinking the auction will probably bring more, and a full cash sale. I'm receiving several offers thru the Realtor {I have it listed till the 8th of Feb}but they all want time to sell their existing property. With auction percentage It'll have to bring $100,000

3. 
   Anthony_Colman | Jan 30, 2002 09:51am | #7

   *Sell it on Ebay.

4. 
   blue_eyed_devil_ | Jan 30, 2002 01:57pm | #8

   *Vincer, why are you willing to give up significant equity, instead of taking a full price offer on contingency?Take a contingency offer, but make sure it's quality offer. Find out the facts about the buyer. Check that their house isn't overpriced. If it's priced right, it'll sell, unless you're in a dead market.blue

5. 
   Vincer_ | Jan 30, 2002 04:09pm | #9

   *Time is my enemy. I know that even with a contingent offer, the buyer can still back out at the last minute.As I stated earlier, my family and I are living in a pole barn until the new house is built. I am losing about $2,000 a month in 1st and 2nd mortages and other interest payments.The market is actually very good here, we are coming out of the slow season, and with the interest rates down like this, property is moving again.

6. 
   Tim_Mooney | Jan 30, 2002 05:10pm | #10

   *I guess Im the unofficial auction guy.Blue;I wish I could enjoy an auction with no one there. I make about one a week. Most of the time there is someone there to give more than my 70 percent to value bid. The only times I get my house is when its so bad no one else wants it. That is repo sales done on the court house steps with only a notice in the back of the paper as advertising. I go to a lot of real estate auctions that are advertised by the auctioneer;done first class. I cant touch them. Sounds like in your case they had a set in bid that didn't match the sale. I dont bother going to those either!!Vincer;order"How to Sell Your Home in 5 days" by Bill Efforts. No risk and no investment. Also you can auction your own house with no risk. Please order the book first. Its pretty cool.

7. 
   Scott_R | Jan 30, 2002 06:06pm | #11

   *Well Vincer I see you don't want to sell it to me… [crying]How would you like to get more than fair market value for your property, have a positive monthly cash flow and keep your tax benefits? If you like the way this sounds then lease it with an option to purchase like Blue and myself are talking about. There is too much information to get into about lease options on this message board, but with nearly 30k in equity, your staring a cash cow right in the face. If advertised correctly you will have people nocking your door down for this deal. Your real estate agent will advise you it's not a good idea. If they broker the deal they don't get commission until the option is executed (two-three years). I truly believe once you start receiving a couple hundred dollars a month in positive cash flow you'll hope the tenant/buyer NEVER exercises their option to buy. For more info about lease options check out http://www.lease2purchase.com Jeff is my neighbor, be sure to tell him Scott R. sent you. (No kickbacks to me!)Also a contract for Deed is not out of the question [wink, wink]Scott R.

8. 
   Scott_R | Jan 30, 2002 06:49pm | #12

   *> You've just made a general offer...I'm not sure why. What's your plans with this house? What's the offer?Blue, My offer is/was to relieve him of his burden. By saying "I'll buy it. If…." Put me first in line to deal on this property after I learn more about his situation. As an example your first offer had a contingency. Later you learned he has turned down offers with contingencies. I want my first offer to be the one he takes!My plans are the same as yours a sandwiched L/O.I'm done busting your chops. (lol) I knew you wouldn't be far behind once I posted. The point of post (other than to make you think I beat you to a deal) was to start the discussion about creative selling options.But hey, I was hoping the property was in SE Michigan. ;-)Scott R.

9. 
   Vincer_ | Jan 31, 2002 07:58am | #13

   *I believe Carolton Sheets has made a bundle in this area, when I had it for sale by owner the lease options and contract offers drove me nuts!I fully understand what you are saying and thank you for the input. I just have to "cash out" to make my plans work.Thanks Tim, I think I've heard of that book and I will get it!

10. 
    The_Tennis_Court_Builder_...on_t | Jan 31, 2002 09:32pm | #14

    *Vincer...i "Blaming violence on guns is like blaming fat on spoons"How bout...bullets found lodged in dead people...Kinda hard to do well without a gun. So I blame having guns around as being at least a minor factor.near the stream,ajSame goes for spoons with piles of fat in close proximity. keep the fridge full of air.

11. 
    Vincer_ | Feb 01, 2002 07:08am | #15

    *Gee thanks 1 on the mountain.You have opened my eyes! I just got rid of all my firearms, I sold them to Heraldo Rivera and that pork chop, "Rosie".

12. 
    Scott_R | Feb 01, 2002 04:36pm | #16

    *Vincer... LOL

13. 
    The_Tennis_Court_Builder_...on_t | Feb 01, 2002 05:45pm | #17

    *Whaaat bout the spoon!?

14. 
    Vincer_ | Feb 03, 2002 09:47am | #18

    *Ok you got me there, I am an insecure,paranoid,can't cope with it maladjusted individual, I gotta have my spoon to give me a sense of power!

15. 
    mdf_user_ | Feb 06, 2002 04:44am | #19

    *When buying realestate, I go by the assessed value, not the appraised value. From what I can tell, assessed/appraised is like the difference between bid/ask in the stock market. For me, you can get a relataive feel of realestate by using assesments. Then, if you are into this sort of thing, compare actual sales price at the court house and build a multiplier for your area (with a distribution if you are inclined) for selling vs appraised. In the end, you have a cheap reliable method of appraisal that while it may be only approximately correct, it is not precisely wrong.MDF_user