All Forum Posts by: Travis McCarthy

 I've been though a bunch, haven't gotten any legit offers yet. 

I own a property in cash that I got an offer on, but the buyer wants seller financing or rent to buy while they build up their credit. I don't really want to offer either, I just want to sell the property and move on. Is there any companies that buy these kinds of mortgages off a seller? So if I had a deal set up to sell a house with financing attached, is there any way I could sell this to lender, or offer financing through another company to the buyer? Can anyone suggest any other options I have to sell this if the buyer can't get financing on their own? Thanks

I built a house on a large plot of land that could easily accommodate multiple homes. Originally we wanted to build multiple homes on it but only got approval to build one. Now that it has been built, is there any chance we could get approval for another, even though we were denied before? Does anyone have any tips or tricks on this? Is there any kind of expert that could help me with this?

Thanks!

It looks as though the SAFE Act would require me to be licensed to be the lender? Under that it appears as though I would have to apply and would probably qualify. However the Dodd-Frank Act states that the seller can not be the one who constructed the home. But it looks like changes were made since it originally was approved. How can I find out definitively if I would be allowed to provide financing in MA, I'm going in circles looking at links online. Thanks!

Did some research and understand this now, very compelling idea, thanks Jeremy for suggesting it! I'm discussing it with my partner and broker. If anyone has any other ideas too please keep them coming, I'm open to any ideas. What about marketing to other out of the area co-brokers myself with a higher co-broker split or bonus, ect.? Is that worth doing? Thanks!

So is there any kind of marketing that I can do on my own to try and find a buyer? Such as mailing postcard to other brokers with the property details and the higher co-broker split. What about marketing to foreign buyers? Or any other ideas?

Thanks, these are the kinds of ideas I was looking for. I was a newbie that just acted as a partner with the money. I trusted the wrong person to make decisions and now I'm in this situation. We are at our break even point now because of the overages, taxes, carrying costs while it's been on the market. I'm at the point where I'm willing to accept some losses, I just can't tell what the number would be that would move this. 

Bare with me, I'm still a little confused over the specifics of the deal. I don't quite understand how the two types of loans come in to play? Am I offering one to the buyer and taking one myself? What is the name of this kind of sale if I wanted to google it for more info?

What are the risks to me if they don't make payments?

Do I get my money out of the property when I do this?

Thanks, much appreciated!

 Listed for $889k, easily a $1.2mil+ property in another part of town. No loan whatsoever. 

 Thanks for the response. I'm a little confused though, can you give me an example of what you are referring to doing exactly? Thanks

I got involved with a new construction deal. The overages have been far beyond anything I expected. Also, my partner’s spending on materials has been very high. He’s built a very high end luxury property in a neighborhood that is hard to justify the price we have it listed for. It’s an amazing property that would sell very quickly at our current or even a higher price if it were even a few blocks down the street, but I don’t see any local buyers buying it.
We’ve done price drops but nothing is attracting buyers. I think we need to attract foreign buyers or someone looking at luxury property in other towns who would see this as a value. We’ve been through multiple brokers and no bites yet. 

Does anyone have any advice on what things I can do on my end to try and attract a buyer? I'm tired of sitting and waiting for the broker to produce results and want to take things into my own hands. I’m not sure if another price drop or a different broker is going to help or not, I think we’re just not getting the right eyes on the property. The broker is willing to give a higher split to a co-broker. Is there anything I can do to market this to other brokers with the higher split mention, specially ones that specialize in luxury properties? And if so, how do I find the right ones?

Since it is a challenging property to sell because of the location, I’m looking for any ideas at all on how I can move this property faster without just sitting and waiting for my broker to sell it. Any suggestions would be appreciated.
Thanks!