Today's difficult and volatile market demands creativty and flexibility. The idea of putting a property on the market and expecting a pre-qualified buyer to appear is obsolete. Lease-options, owner-fi and mortgage wrap transactions are often needed to make things happen.
Remember: It's all about Price and Terms. Used to be it was all about price. Terms were: get a loan from a bank,and if you couldn't afford the payment, go exotic. 40 year terms, interest only, adjustables, whatever. Not anymore, we all know that. But what and how? Sellers (or their agents) must understand creative financing options. My suggestion: Get involved in your local Real Estate Investors Association (REIA) (check out http://www.cfri.net for a great example) and become a member. Learn from them and build relationships with them.
Get away from the idea that creative is Bad. If I had a nickel for every time I heard an agent say "that's illegal or that won't work", I'd be rich!! I may offend some real estate agents here, but usually when I hear those words, it means that they don't understand what's really going on. Sure, some investors are unprofessional, but so are some real estate agents. What I am saying is this: take this opportunity to learn the tools that can help buyers and sellers make deals happen!
Good Luck and Happy Selling!!
Charles Fischer
Director of Investor Relations
THM Investments, LLC
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