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About half my mortgages have been seller carry backs.
A win/win for all concerned.
Have one left with less than 3 years on a 15 year note... each month, I swing by the retirement home and drop off my 2007.77 check to the elderly couple who are the envy of their friends because my sellers still get 4% and their friends are lucky to average around 1%... (Loan started at 5% and I was going to pay it off and they suggested going to 4% and I said OK.
Funny thing is their friends were all told by the Realtors not to accept anything other than all cash at closing.
My couple took my 40% downpayment and carried 60%...
Sometimes you need to think outside the box...
My Banking or more specifically Mortgage Broker experience has left a bad taste and I simply try to avoid at all cost... Credit Union is a much better option for me if I need it.
On a side note... a foreclosure near me was offered at 550k... started a feeding frenzy... could hardly get home from all the traffic... sold for 800k cash and then the bank tells the 80 year old couple they would like to finance up to the conforming limit... this couple was paying all cash and the bank insisted on making a loan... almost no paperwork and NO fees for a 15 year fixed at 2.85%
Now the couple keeps the home for 18 months and sells for 1,250,000 and so the story goes... cleared nearly 400k and this is how they make their living.
On a side note... a foreclosure near me was offered at 550k... started a feeding frenzy... could hardly get home from all the traffic... sold for 800k cash and then the bank tells the 80 year old couple they would like to finance up to the conforming limit... this couple was paying all cash and the bank insisted on making a loan... almost no paperwork and NO fees for a 15 year fixed at 2.85%
Now the couple keeps the home for 18 months and sells for 1,250,000 and so the story goes... cleared nearly 400k and this is how they make their living.
OMG! Just curious, but where the heck IS this market? I thought RE in NoCal was crazy (a relative just sold a serious fixer for 50K over asking with multiple offers), but this is just nuts. Can real people afford to buy a house any more? Banks begging to loan money? It sounds like the bad old days of a decade ago --.
The home that sold for $1,250 is 10 years old and was a foreclosure in 2012 from Wells Fargo in Oakland, 4 bd and 2.5 ba and sold for 800k then...
I actually made an offer to Wells when it was listed... Wells came back and invited the 14 or 15 people that made offers to come back with their highest offer and I dropped out...
There were a lot of disappointed people and I had 30 to 40 in my driveway during the showing phase asking about the neighborhood... my home is half the size and built in 1958.
There have been several more East Bay properties I have been following... another sold for 1.3 and later at 2m... really spectacular on 5 acres that is rural and only minutes from Pleasanton or Castro Valley or Sunol...
There are a lot of people with money here... tech sector, foreign money and just those deciding interest rates make it worth while to jump in...
Last edited by Ultrarunner; 12-07-2014 at 11:20 AM..
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