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I'm with you Mindy..scary! Maybe if we were younger, maybe if we actually had money, haha...but I think buyers now think everyone is desperate. There's too many things that can go wrong with a deal like that. We talked last night and if it was a lease option for no more than a year we might consider it, but no, not carrying the loan...
I am still thinking they want the house and will find a way to come up with a loan..I just have a feeling...not too many sellers that will do a deal lik that!
If you were to do it the 6% is way too low for an owner finance.
Most people will not get 6% from a lender right now let alone owner finance.
I would want at least 8% interest and 10% down.
Here is the BUT. they want us to carry the note for 3 years. Asking price 499,000 which they will pay, plus 6% interest. .oh they only want to put 10,000 down, which is not going to cut it...at least 25,000...they can't put more, they say, because they need to turn the office into a bedroom, and want to put in a pool.
And I want a Ferrari for my birthday.
I wouldn't take this deal on a bet. These people are dreamers! I'm sorry, people who can't afford a decent downpayment and can't get a mortgage on their own (red flag!) have no business even looking at houses in your price range, never mind talk to you about lowballing you on the downpayment because they want to install a pool. A lot can happen in 3 years, like a family of 7 with 5 active kids trashing your house. Just MHO --- run, do not walk, away from this deal
We ran, did not walk...when they come in with a loan we will talk again...
That's the first thing I could see FIVE kids trashing my house... I never let my own boys trash the house when they were little...no no no
Good for you. You need what you need, which is the equity from your home in a lump sum to put on your next. Well, onward and upward.
Someone on CD said that your first offer is the best !!! think not
LOL!!!
Don't feel bad dogmom. When we had our other house for sale we had at least 3 people want to do the same thing. NOT!!! If they can not afford it now what on God's green earth makes them think they can in 3 years. Afterall this house is LARGER than where they live now which means HIGHER property taxes (that YOU will still be ultimately responsible for) and HIGHER utility bills, DUH! If they can't save the money now for a down payment how can they possibley by then AND have good credit. One of our "buyers" even wanted us to do a contingency and when I drove by their house it was not even for sale yet and looked like total CRAPOLA! Our house was 3x's the size of theirs and a mansion in comparison.
BTW, some states have put an end to these lease to own deals. Some agents in Texas have even been told to NOT deal w/ them. I only know of ONE "lease to own" where the buyers did finally "buy" the house. The rest have walked by the time the lease was up if not before.
Yep, those "first offers" are "always the best". LOL!!!!
I would never in my life do something like that. 3 years..... where will you be in 3 years and what will be left of your house and what if they change their minds... Sounds to me as waiting for lawsuits to happen.
Someone on CD said that your first offer is the best !!! think not
Keep waiting millie. I'm sure you'll get an offer close to asking on your overpriced taj mahal. You've only waited 7 months, right?
And I'm sure momof2dfw's advice was right on target!
"As I've stated before, not ALL of us are in areas that are seeing declines. The OP is in one such and her area is NOT going down. In fact the city she lives in has one of the highest appreciation rates in our state and still seeing growth (good growth). This is also a state that has always had slow and steady appreciation rates and not the runups in other areas that you have experienced. She HAS priced her house accordingly and actually LOWER than what she probably REALLY could get for it."
"Lower than what she can get for it?"? REAL sound advice for the OP....
come back to planet Earth already.
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. Asking price 499,000 which they will pay, plus 6% interest. .oh they only want to put 10,000 down, which is not going to cut it...at least 25,000...they can't put more, they say, because they need to turn the office into a bedroom, and want to put in a pool.
