All Forum Posts by: Joe Edwards-Hoff

So, I am looking at a house that the owners know needs some work. In tune of $12k. That said, neither the sellers nor myself have that kind of money on hand currently. What I wondered is if anyone had any experience working the repairs into the sale so that they would happened after the house closed? The seller owns it outright, so once they have the cash, they could easily write a check for the work. 

Has anyone done anything similar to this? Is there another route that might work? I'd do the repairs myself as long as I had the cash for the materials. Can you write an offer where the seller gifts you cash after closing? I'm trying to get creative to make this work. 

Thanks, 

Joe

Very true, but this house happens to be for me. I am waiting back to hear if they have accepted my casual offer. I.e. I wrote down the basics of what I could offer, but it was not an official written offer. I hope to hear back that they will work with me.

As far as terms go, I've decided that I'd be willing to pay a bit more, namely because I would be saving on mortgage insurance as well as closing costs. Now, I didn't tell them that, but I am keeping it in mind. This may be a home that we actually live in the rest of our lives. It is at least on par with what we' see ourselves in long term, and it kind of dropped in our laps. It sounds like the other guy is offering a larger down payment than I can, but wants the house at a lower price. One of the two owners said that it is lower than they'd like, but he also seems to be the one less in control. Sounds like big sister has the final say.

Don't leave me hanging Rick...

Better?

FWIW I'm in WA state and we also use title companies.

Ok, so my new question(s)...

I've never done this without a bank NOR a realtor. If I make an official offer, and it gets accepted, I'll then get all of the inspections and stuff done. Assuming that all is good, do we just find a template seller financing form and fill it out and then I have an attorny look it over?

Obviously I shall google that, but I'll admit that promissory notes are something I've heard tossed around, but I've never read into them. Is it much different? Is it basically a way to contractually have me commit to paying them, but a loophole so that it does not interfere with the new seller financing laws?

Much appreciated and a good start!

I think this guy might carry a full 30 year loan. He offered at 4% interest too... Sounds like he is laid back and just wants to get paid.

No real estate agents. I'll try to check on all of those things.

Oooh. Just did some reading-

clintcoons.wordpress.com/2013/10/16/seller-financing-is-about-to-get-ugly-on-january-10/?utm_source=Coach+Carson's+E-Newsletter&utm_campaign=d4d7a6f657-Enewsletter_3_practical_tips_grumpy_old_pro&utm_medium=email&utm_term=0_ff82b2a4cc-d4d7a6f657-317307093

Does this meant hat I cannot offer a balloon payment with these new rules? Hmmm...

Long story short (details to come if need be). I had a sudden need to move 80 miles away. Right off the bat I lucked out and found a house that was very close to my ideal home, and the seller wants to do seller financing. Sadly, I wasn't prepared to be buying a house and recently paid off some student loans, so I'm short on cash. Only after a short phonecall it sounds like he'd consider a couple of balloon payments instead of a larger down payment, which I'm fine and capable of. He just inherited the house. They're asking the amount that the taxes are assessed for, but zillow values it at about 20% more than that.

Anyway, if I go ahead with seller financing, is there much that I need to "look out for"? I've read/listened to a lot about it in real estate investing materials, but wasn't expecting it to be in my reality so soon. He seems laid back. He's ok with a bank loan. My only fear, which now seems unlikely, was that he would be against it being paid off early. So, anything that I'd need to think about or consider with seller financing that I wouldn't normally worry about when doing conventional? I'd still get it inspected. We'd have to discuss terms for taxes and insurance. Etc...