Posts Tagged ‘ Real Estate Language ’
A motivated seller is also flexible. A flexible seller is a seller you can make a wholesale deal with. Motivated sellers come in all shapes and sizes. A motivated seller may be motivated to take a lower price for the property. A motivated seller may carry back financing to make the deal work. A motivated seller may just give you the deed to their property and walk away.
The property that required a 20 percent down payment out of your pocket or the one that required nothing out of your pocket? 11. 100 Percent Financing A variation of nothing down is 100 percent financing.
We have flipped many properties to other investors who wanted rental units. They did not want to have to qualify for a loan from a traditional lender. Once we had negotiated a contract where the seller agreed to act as the lender for the transaction, there was a simple matter of finding an investor who wanted to take advantage of a typically lower interest rate than was available from a bank.
We flipped the property for $265,000 within 10 days to a real estate investor who was going to buy the property, add to it, and sell it for $425,000 to $450,000. 8. Death “Death forces sale.” This was the heading of a classified ad we read one morning in our local newspaper.
In this situation, the sellers are under a lot of pressure and are looking for any offer that comes to the table. Once the formal foreclosure notice is sent out, the clock starts ticking to the foreclosure sale. This is the kind of deal in which your ability to flip a property quickly becomes very important.
If you can flip this deal before escrow closes, you and the sellers will be happy. If you have to wait to close escrow before you can Flip this type of deal, you may run out of time if the lender is uncooperative and insists on foreclosing.
What happens to the family home when there is a divorce? Statistics tell us that most real estate in a divorce winds up being sold so that the assets can be divided between the ex-spouses. We have found the best offers in a divorce-involved property are all cash offers.
The property was on the market for $305,000. We offered $250,000, and the seller accepted our offer. We flipped the property to a dentist on a lease option for $275,000. In Section Four, we will expand on how we make money on these kinds of deals.
