All Forum Posts by: Ethan Bowen

@Cameron Lee Awesome man, welcome.

As Andy M said, SLREIA is a great place to meet people, wither you're looking for advise, someone to help you out, find buyers for your list, or at the very least learn from the speakers. Coincidentally SLREIA is having their monthly meeting tonight in Sandy at 6:00. I hope to see you there and look forward to meeting you!

Awesome Ward,

Unfortunately I don't know any agents in Vernal. I'm wondering if you could find recently flipped properties that sold in that area and then contact the seller's agent on those?

Just out of curiosity, what type of financing is it? Full term or is there a balloon payment? 

First off, ANY time you have an opportunity to purchase a property "subject to the existing financing" (financing must be good i.e. not adjustable rate) take it! This is all but giving a house away. 

Like @Josh James said, get this thing locked up into a contract to ensure that it's your deal. In the contract, make sure you include that the purchase is subject to the existing financing. Also make sure you give enough time for the title company to get the mess worked out when coming up with a deadline. If you need to, you can make the appropriate addendum's to prolong the contract should it take even longer to get things worked out.

Don't rely on the seller to do YOUR due diligence. After you have it under contract, contact a trusted title company ( I would contact the title company he is supposedly working with first), give them everything you know on the situation and let them advise you on what to do next. 

P.S.

**Include "seller must convey clear and marketable title to buyer" in your contract.**

@Randon B. 

The best thing for you to do is call a local title company and speak to a seasoned escrow officer. They deal with this stuff ALL the time, will know the state laws, and know exactly how to handle your situation. 

That's weird about the deadline. Here in Utah we had no problem opening a probate for someone that past away 10 years ago.

@Mark Parratt 

Congrats! Let me know if you ever have any title related questions.

I'm also interested in the Bigger Pockets meet up.

The only UVREIA events that happen during the day are the luncheons and those don't require a membership. The meetings are held every 4th Thursday of the month at 6:30 pm. 

 I can appreciate what you said about being prepared for the situation at hand. Though,  I'm not going to come right off the bat offering them a down payment. If I can get the deal with out a down payment, that just means bigger margins for me =)

@Mitch Coluzzi 

Your assumption is right, and that was what I was trying to portray by saying that they are moving into a bigger house. Their motivation is to get out and get in the new bigger and more expensive house. Their new lender is waiting for them to sell this house before they approve them for the new loan.

I would be looking for them to fully amortize. 

I like what you said about being fluent. Its essential to always have a contract on you ready to be signed.

I really appreciate your input here. Thank you!

@Ned Carey Thank you for your input too!

@Joe Villeneuve 

Hey thanks! I thing that pretty much answers my question.

I looked at an amortization calculator and compared the differences and it would equate to them spending about the same amount each month.

Unless... I pay them more interest then they are paying on their new mortgage.

So I'm going to look at a house tomorrow. Here's the scoop:

The seller is selling the house they are living in to move into a bigger house. The prospect property is owned free and clear.

My task:

• Talk the seller into financing. 

With the given information (and only this information), how would you illustrate to the seller that carrying will benefit them? 

I'm looking for basic statements and generic strategies specifically in regards to talking them into financing. Consider this a hypothetical question. Please no questions back like "Why don't you just offer them cash". 

Thanks!!!

Nice job @Andy M., I'd like to see Matt top that presentation!!

Thanks talking about ALS and reminding people what this is all for. ALS has to be one of the worst imaginable experiences for a person and their family/close ones to go through. I wouldn't wish it on my worst enemy.