Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago, 08/02/2017

User Stats

5
Posts
0
Votes
Becky Engel
  • Investor
  • Bellefontaine, OH
0
Votes |
5
Posts

Need creative financing ideas to sell my condo in OHio

Becky Engel
  • Investor
  • Bellefontaine, OH
Posted

I'm trying to sell my lovely condominium in Ohio. I had an offer of $115K but the buyer was unable to get financing at the last minute. He had wanted to move in on closing day. I was notified 2.5 days before closing that he couldn't get financing. Ugh. By then, my house was virtually empty and I decided to move forward with leaving the state as planned. 

So, my condo is now back on the market. I have it listed for $114,900 which is a very reasonable and comparable price. If anything, I'm UNDER market value because of the size and amenities my condo offers. I'm now out of state and have had several low-ball offers. The latest one is still $15K under my asking price. Instead of giving it away, does anyone have any creative financing ideas that I can suggest to the buyer for a way for her to buy it? I came up with these two scenarios: 1) mom and dad finance her down payment ($20K) so her loan is only for the difference of $95K. Her budget is $100K max. 

Another possible scenario: 2) she somehow does her basic loan with the bank and I finance the rest as a land contract. I'm not excited about this because I need to get the equity out now so I can get on with my own life. 

Help! I don't want to lose another deal nor do I want to hang on to the condo for months on end because I don't have any offers. This is a retail sale not an investment deal.

Loading replies...