All Forum Posts by: LeJon Ratchford

Thanks for everyones respond. These homes seem to be bought by some one in bulk and now they are trying to liquidate on them fast. Looks like I will have to walk away, if anyone has any ideas, please let me know. Or if some one would like to partner and know of legal creative way to get this donem, I would also be up for that.
LeJonR

Jawsette, i thought of that idea but was not sure if my buyers would fill comfortable doing so.

Peter no they simply told me who ever has the cash in escrow first has the home, they said the contract means nothing, I imagine they have a clause in their contract stating this,

Justin they said the contract means nothing if they come across a cash buyer before me . i don't know if this makes a difference but some of the homes still have taxes owed.

I might go Jawsetts route, any more ideas would be more then welcome.
LeJonR

I have a number of houses that a seller is looking to sell. I was trying to whole sale one of them, but they will not allow me put it under contract so I could present them to my buyers. I am afraid to show the home to buyers and present them with all the information. I am afraid they will go around me. I think it is time for me to walk away. Any suggestions on how to handle this situation?
LeJonR

Without credit I would imagine your down payment would be much larger then 20% down. Not saying it can not be done, The sellers main concern is "Is this guy going to default?" For more information, I would contact an experienced RE Note investor, my area is in Brokering RE Notes. Hopefully I helped you out some!!!
LeJonR

Also how does seller financing work?

This is what he asked in a previous post so I just gave him some in site on how it works. Along with what steps a FSBO would want to take in order to seller finance. Say you would need to sell that note, Very important that it is marketable to RE Note Buyers, just in case a circumstance comes up. Now I am not saying sell, I would suggest holding onto the note. I would suggest getting professional help when constructing a note from a attorney so you follow all the laws in your area and you get the return you are looking for on your investment.
LeJonR

The more your buyer puts down the more likely he /she will not walk away from the deal. Say they put down $5,000 on a $100,000 home. The LTV would be 95/5 or 90/10 it is not secure. You want to make sure they think twice before they walk away from the home. that's why you typically want a LTV of 80/20. Not to many people want to walk away from $20,000 if they don't have to. Also you have to perform your due diligence, and check their previous rental history, job situation (make sure their company does not plans to skip town in the next year) this all is covered in the book I mentioned.

I apologize what I meant to say is a good experienced lawyer. I would simply ask them if they have ever dealt with seller financing.
LeJonR

Seller financing is when you sell your home you care the financing instead of the buyer going to a lender. Their are a number of things to take into consideration such as the buyer credit. Generally it should be 600 or better. You want a down payment of typically of 20% down. You also want to make sure the home you own is either free and clear of loans or enough equity in it that you can seller finance. I would suggest visiting the forum geared toward Real Estate notes for more information. You would do all this with a good real estate lawyer. I would also purchase Eddie Speeds Book "Street Wise Seller Financing"
LeJonR

I was looking real estate investors in my local area. I have house I am looking to sell in Dayton and a few in Columbus just looking for Rehab buyer looking to purchase houses Cheap and to become colleagues with.
LeJonR

Thanks Jim for the solid advice.
LeJonR

Yes she does, She has other properties, I was also planning to help her with a land contract, shes looking to liquidate on. Thanks for the advice Jon.
LeJonR