All Forum Posts by: Lydia S.

@Bob Ross

Bear in mind, many Realtors and agents will see an offer with a hard money loan as, well, a loan offer, not a cash offer.

The had money Lender still has to approve the deal, so it is still based upon loan approval by a ‘lender’.

@Michael Lightwood

I didn’t get the impression this will be an investment property.   

Regardless of whether it will be your home or an investment, everything can be done while you’re out of State.

Viewings can be done on FaceTime or Zoom, same with the summary by your inspectors and any other walkthrough.

Document signatures can all be done electronically up until closing, which requires notarized documents sent back overnight by mail.

All funding can be wired, earnest money and closing amount, but ALWAYS confirm wiring instructions verbally with a contact person via a confirmed phone number.

You just need to figure out who will hold your keys and possibly check on the property until you move in, or arrange property management and rent it out.

@Jesse Aaron

One thought I have is that your Realtor is trying for grab the attention of cash buyers, because you moved the manufactured home and whether or not it's on a permanent foundation, it won't qualify for buyers using an FHA loan.

Manufactured homes can only qualify for an FHA loan if they have seen one move- dealership to a destination, and are on a permanent foundation. (Plus a few other criteria such as being a double wide or more, having a deactivated title and younger than 1976 I believe).

So I suspect you may be needing a cash buyer.

@Nathaniel J Mott

If you’re ever fortunate enough to get a seller financing deal with 0% interest, good for you!  It is often at least the interest rate  seen elsewhere in the market, sometimes more in order to entice someone to entertain seller financing over an immediate sale.

@Andy Brown

Very kind of you!  Does he have one of those dash mounts for his cell phone?

Changed my world when I got one and could visually follow GPS directions and talk hands-free without ever looking away from the road.

I also have a fast mobile charger in the car which is a life saver.  My regular one could barely keep up on a day full of showings or activity which required heavy use of the phone while I was on the move.

@Neel P.

If your financing fell through and you provided the lender letter indicating as much within the timeframe on your contract, why is there mention of the ‘seller not signing an extension’?

At that point, you would all be signing a termination agreement along with whatever earnest money release form is applicable in your State.

@Dan H.

I suspect you mean mediation, which typically comes before arbitration.

@Michael Greer

There are some great responses about why a seller may or may not accept seller financing, but you stated that the Realtor responded in a negative way in response to the discussion about commission.  

I am not clear why there was a discussion about commission as that has nothing to do with making an offer for seller financing.  
The Realtor would still be owed a commission as agreed by the seller.  Unless you were suggesting they reduce their commission?

Seller financing deals are down significantly in our market over the past couple years due to the seller’s market.

@Joe Norman since the agent is the owner, this is a FSBO, so no listing agreement and therefore no violation of Clear cooperation would apply I believe.

@Ezra Shami

Basically connect with both the Realtor and Lender early on, although your Realtor can likely suggest some trusted Lenders for you that they’ve worked with previously and know can get the job done properly.