Well if you have read any of my other post they you know that I am a firm believer in ASKING. So here goes.
How To Ask For Owner Financing.
After you find a property, sit down and talk with the owner. Even if they have a realtor, tell the realtor you would like to make an offer on the property but you insist on meeting the owners first.
If they say no, then you can always look the owner up from court records and contact them that way. But once you get face to face with them just talk. Dont go in trying to be the big time real estate investor spouting off about their property and what you can do for them.
Go in as a buyer with limited but stable ability to pay but tell the truth. At this point it will be your personality and sincerity and honesty to sell yourself to the owners. Just be yourself.
Ask them why they are selling, find out how long they have had it, ask about the kids and how they will feel about them selling their family home. Tell them about you. Tell them you have a really great job or are self employed but maybe when you were younger or due to divorce, your credit got shot, but you can pay. Yu just need a chance.
Speak plain and don't try using real estate terms. Tell them you can afford the payment comfortably but you do not have money for the down and/or closing cost. Tell them that if they would be willing to raise the price to cover the amount of the down:
Down Payment 10K
That would mean they raise the price to 103K and they pay the closing cost at escrow, then you would be willing to pay a slightly higher that going interest rate:
6.85% Current Interest Rate
7.5% - 10% With Owner Finance
You would be surprised at how simply asking works so well, as opposed to trying to wheel and deal and out thinking them works.
Well thats all on this for now. Give it a try on a FSBO and see how it goes.
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"FAILURE IS NOT AN OPTION"