- Joined
- Jan 31, 2022
- Messages
- 1
Hey Members! I am meeting a seller to discuss an off-market deal. I am looking to work with this seller on trying to do a seller finance type deal.
I can pay the seller more so the seller avoids real estate fees and potentially mortgage penalties of course. I am new to REIN and to Agreement for sale style deals so I am looking for some advice.
Here is some info
House asking $477,000 (this is too high, been on MLS for 45 days), house is rented for $1975 per month, mortgage term is up in July.
My plan is to get more information about the current mortgage and offer to pay the mortgage payments plus a fee to the seller until the current term is up, until I can then take over the title.
I know not all off market deals are a "deal" per se, but anyone who has done a Agreement for sale deal that could offer some advice would be great. Even if this deal doesn't work out, I will learn lots for the next one.
Questions I have.
Is there a calculation or model anyone uses for seller finance deals?
Once the mortgage term is up, should I enter into a sale price or option to buy from this seller?
Does one need to have access to financing to take over the mortgage and obtain the title once the agreement is up? (I have 5 doors already so I am close to tapped out)
Thank you so much,
Curtis
I can pay the seller more so the seller avoids real estate fees and potentially mortgage penalties of course. I am new to REIN and to Agreement for sale style deals so I am looking for some advice.
Here is some info
House asking $477,000 (this is too high, been on MLS for 45 days), house is rented for $1975 per month, mortgage term is up in July.
My plan is to get more information about the current mortgage and offer to pay the mortgage payments plus a fee to the seller until the current term is up, until I can then take over the title.
I know not all off market deals are a "deal" per se, but anyone who has done a Agreement for sale deal that could offer some advice would be great. Even if this deal doesn't work out, I will learn lots for the next one.
Questions I have.
Is there a calculation or model anyone uses for seller finance deals?
Once the mortgage term is up, should I enter into a sale price or option to buy from this seller?
Does one need to have access to financing to take over the mortgage and obtain the title once the agreement is up? (I have 5 doors already so I am close to tapped out)
Thank you so much,
Curtis
