All Forum Posts by: T.J. Isaacs

@T.J. Isaacs

Lenders will order their own appraisal

Same may do a desktop avm depending on the area and age of the home and some will do a full appraisal

Varies by how much you want, total cltv and location

Only way to find out is to reach out to slme lenders

First, I'm going to guess that MIL is mother in law?  I'd have her set up a meeting with the seller.  Have coffee at the kitchen table, and explain the benefits for them selling to you directly.  Let them know you are an investor, and the way you prefer to buy is with the seller being the bank.

I wouldn't even mention interest at first.  They may look for straight pay off--stranger things have happened.  Go for the stars and maybe hit the moon.

Also, don't run the condition down, but let them know you'll have about $XXX in repair costs.  You can also mention their possible tax benefits in selling to you with them holding the note.

One last comment--let them know if you go to contract, the property will close on time--the best time for them.  

Oops--one more 'last' point--if there is a small mortgage left, let that be you down payment.  Otherwise, don't mention down payment--if they hold the note, you'll be improving the property with your rehab.

Hope you get the drift.  Good luck.

The beauty in seller financing is you can make up whatever terms work for you and the seller.  I've asked for seller financing may times before, typically I offer 5-10% down, 4-5% interest/yr, 2-5 year balloon payment, 20 year amortization.  But again, it's whatever works for you.  One thing I will say just looking at your numbers, are you sure that's a good deal?   $1,100 rent on $150K purchase that needs rehab doesn't sound like a deal to me, but could just be differences in our markets!