[5-DayForum] Florida Home Sale went OK

[Scott Ames]

I've tried option 1. It worked, sort of. It would work much better if I had a loan payment on the property that was equal to current rent, but it's $1,200 a month above that and has a 6 month interest $13,000 or so, prepay penalty. Doh.. I'll never do that again.
   
  In any event, I made the lease payment super cheap, about 66% of current rent and it attracted a lot of interest. I then collect a large up front non refundable deposit, $15,000 and factored that into the payments. I was simply trying to make the payments. That all was find, but the value went down and the tenants walked away from their $15,000. Amazing, but they did. 
   
  It might be hard to duplicate in this market.
  

Bill Peeler <bcpeeler at shaw.ca> wrote:
          Jim,
  Don't lower your price.  You have 2 very good options: 
  1) lease option your houses or
  2) owner finance your houses
   
  Both options allow you to sell for more, even in tight markets    Bill
    ----- Original Message ----- 
  From: Saltonfishing at aol.com 
  To: 5-dayforum at mailman.howtosellyourhomein5days.com 
  Sent: Monday, August 13, 2007 10:03 AM
  Subject: Re: [5-DayForum] Florida Home Sale went OK
  

  Hi to all,
  I am a wannabe five dayer new to the forum. I have to sell at least one property of the five I own. I think Bill has a very legitimate point in that the entire country is in a state of flux. Lenders are panicking and pulling loan programs off the shelf. Very few buyers are willing to pull the trigger right now. It is a very difficult time to sell a house. consequently the fair market value today is definitely lower than it was two weeks or a month ago. This creates a real dilemma for me and a lot of other people. It makes it a very difficult decision what to do.
   
  I believe the fed is going to have to step in and lower rates to reassure the public that they won't allow the housing "slump" to erode the national economy. I think when they do even if it is only an insignificant amount it will send a signal to the country that somebody is watching our backs. In the near term to me that would be the trigger to sell. But i can't wait so I continue to lower prices.
   
  Jim



    
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