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Just because it is hard for buyers to get financing, it does not mean that all buyers have suddenly dried up. There are plenty of good people ( with money and fairly good FICO scores) who WANT to buy a house TODAY.
You can help them ( and take their money) by:
1. get an option on a house where the seller will sell with seller financing ( this could be a subject to deal that you wrap) – sell with a highest bidder sale for
a. the highest price wins
b. the highest down payment wins.2. Buy Subject to then sell with seller financing. You get the down payment and a monthly spread.
3. Get an option, sell with seller financing and get paid a flat fee.
Using a Highest Bidder Sale method creates an auction affect and attracts attention to your properties.
You can also use it to sell to retail buyers – but they will be much harder to find. If you plan to find a retail buyer, you need to have a mortgage broker at the property to pre-qualify people on the spot. This can be one of the properties you own or it can be a house you just have an option on.
Solve problems for sellers. NO Risk for you – that needs to be your objective.
Do aggressive advertising for 7 – 10 days before your two day open house/inspection period.
Advertise in local newspaper
lots of signs ( 25 – 30)
Flyers to neighborhood
http://www.Craigslist.com
http://www.Backpage.com
http://www.KIJIJI.comUse attention grabbing headling like:
TRUSTEE FORCES SALE
BANK SAYS SELL IT OR ELSE
FORECLOSURE SALE ( only if it really is)You can also just do a Master lease. See David Tilney’s video and listen to audio in the learning annex. Great cashflow.
After you have several successful sales. You can contact Banks, Bankruptcy attorneys, probate attorneys, forecosure attorney to do highest bidder sale for their clients or the court.
More questions? — let’s talk about it here.
Jackie
What about listed properties?
I have not done listed properties.
But I think you could if you approach the listing agent to do a highest bidder sale on properties that are about to EXPIRE.
What if you need to CASH OUT and you can only sell with seller financing?
You may be able to sell the note to a note buyer – but you need to know what their requirements are before you create the note.
You could also sell PART of the payments to someone’s ROTH to create a chunk of cash now
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