All Forum Posts by: Timothy Albright

Hello all,

  I’m looking to sell my starter home, my short question would be… should I hire an agent or try to find a buyer for myself? 

I do appreciate all the replies. I’m meeting tomorrow to discuss and hopefully wrap this up.  I guess, at this point, I’m looking for the main talking points to finalize the deal.  The seller and I have a good relationship and he has stated we can make this work for the both of us, he’s not really concerned with the lawyer’s input.  

Quote from @Steve Vaughan:

What state is this in?  Different states have different methods of conveyance like land contracts, contracts for deed or hybrids that still put title in your name that better protect the seller. 

I sold several with SF.  After a default of 90 days, I get the property back with a simple notice of forfeiture.  Do more research on your states' options. 

Steve, this is in KY

Quote from @David M.:

@Timothy Albright

The seller is just another lender...  Either you are unwilling or unable to get a loan through more conventional channels.  So you, have the "convince" this lender/seller and this lawyer, who I think is doing his due dliligence, that you are a good prospect.  

I know right now "seller finance" is touted as the miracle path, but why should somebody extend you so much credit to purchase their property?  Have they done their due diligence and underwritten you?  Perhaps foreclosure is a likely event (i know nothing about you)..  Even the risk/realized of one foreclosure will effectively wipe out a regular homeowner.  

So, at best see what terms you can offer that can alleviate the risk.  Good luck.

This is a unique situation, the owner approached me about buying the property and offered to finance.  Things got a little muddy when his lawyer got involved to finalize. He mentioned to the seller the lease option would be less messy. Terms are unbeatable, he’s offering an extremely great deal. It’s the lawyer that has him thinking lease option would be the best route for us.  I’m going to hold my ground on seller financing, I want the deed. Even if I wasn’t able to pay, I’m walking into a good amount of equity, so a sell would get him paid and I’d walk away with some cash also.  I really don’t see a losing route for anyone. Property value in this area is some of the higher prices around, I really don’t see that changing.  

 I have the seller talked into seller financing until he talked to his lawyer, his lawyer is trying to push the lease option because foreclosure would be too messy. I understand the difference between the two and I really do not want to go the lease route.  Seller financing is definitely my preferred route, I’m just trying to get all my ducks in a row for that conversation 

Quote from @Joe Homs:

@Timothy Albright yes it would go into foreclosure.  You can always try and negotiate a "deed in lieu" of foreclosure.

Good Investing...

Joe, thank you for the reply.  

in this situation I would be the buyer… the seller is worried about the foreclosure process in the event that happens. He now talking about lease with the option to buy because of this worry.  I would assume it’s as easy as the original owner takes back the property. 

 Quick question about seller financing. 

 Let’s say the property is free and clear nothing owed, owner decides to seller finance, at some point the buyer stops paying for property. 

 Would this property go into foreclosure? Does the property automatically go back to the original owner that is providing the financing?

Quote from @Timothy Albright:

Owner has agreed to finance, mentioned possibly paying off the balance owned, I can get a much better rate going through the seller.  

I mean a better rate going thought the owner. 

Owner has agreed to finance, mentioned possibly paying off the balance owned, I can get a much better rate going through the seller.  

Good morning all,

I have a potential deal. Home plus 10 arches total deal is $450,000.00. I’ll be using this as my primary residence. A few years ago the owner borrowed against the property and currently owes around $100,000. Owner is open to any type of creative financing, but sees the current balance as an obstacle. I’m currently informing myself on subject to’s. My question is what are my options? I’m thinking about interest only with a ballon in 10 years, I still need to know how to get past the current balance.

Thank you for your time in advance.