Creative Solutions for this?

[Jared Haxton]

Hello! I am wondering if anyone has some creative finance input for my situation. Here it is!

We own 3 residential properties and want to make an offer on a fourth but don't have the down payment and can't or don't want to afford it at the current rates. It is a 4-bed, 3 bath house in a premium neighborhood and has an attached Casita. It has been on the market for 280 days (possibly due to a sewer pump setup??). The owner is a trust representative and might live out of state. Previous owner possibly passed away. Price started at $849k and is down to $699k now.

My wife is an agent but I want to go to the listing agent and say, "I will hire you to represent us so you get the full commission. Can you convince the seller to let us take over the mortgage and finance the remainder of the price interest only with a 10-year balloon payment?" Or some variation on that.

Not sure how to pay the agent commission in this scenario but does anyone have any thoughts or tweaks on how to take this property down? Thank you!!

[Zane Cress]

Their brokerage may not allow dual agency, that would be the first question. Assume your wife would know if she is an agent as well. Your wife could still represent the buying side and forfeit her commission. If the listing expires you could also try to contact the seller directly and offer the seller financing plan. The current agent may not understand this technique or be comfortable/capable of presenting it properly. The BP podcast just had a great interview drop with Pace Morby that is all about Sub2 deals, give it a listen.