This is what I planned on emailing to an agent about a house I was interested in. If I'm telling too much information or not really phrasing it right please let me know. The reason that I give a breakdown near the end of what I was going to do is because the agent is, well, aged. 82 I believe. So anyways please, if I'm doin something wrong tell me!!
After carefully considering options I.ve come about with an offer of $$$$$$
Here is how I came to that amount:
I liked how big the lot actually is but in that area of town it's most definitely going to need some fencing.
The siding needs replaced
The deck needs repair/replaced
Living Room floor needs repair/replaced
Kitchen needs Cabinets
Most areas in the house need carpeting
Attic Stairs need repair/replaced
Since your selling AS-IS I propose this I'd like to sign a Contract for Deed with these terms:
Owner holds the note
$$$$$$ with interest based on prime rate (3.25%) for 5 years.
Payments of $$$$ Monthly (Includes Interest)
Earnest money will be equal to commission for agent and shall be due upon refinancing of the house
Upon refinancing of the home the remainder of what is due on house shall be paid.
If ever defaulted, all payments are forfeited and deed returns to Note Owner.
No reimbursement for repairs made.
Basically, I'd like the owner to hold the note and if I ever default on the payments then he takes the house back as long as he owns the note, with it any repairs I made and I don't get reimbursed for them. The commission for the agent shall be payed upon refinancing of the home. I do plan on renting the house out again, however it's a different situation because I don't intend on relying on the renters to pay the rent. Payments come out of my pocket first. Worst comes to worst for the owner, they get the house back in better condition then they originally sold it as. I plan on refinancing the house as soon as it's up to shape and a renter is in place. I figure it should take no longer then 3-6 months. So a little under a year the owner can get the remainder of what is due plus the interest until that becomes a reality.
If the owner is satisfied with these terms, I can have a contract written up within the week.
Thanks again for your time, and please!!! CRITICIZE!!!
Knowledge is Power
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”