First of all I would like to apologize to the several active rain members who contacted me with regards to ameridream. The organizations website is as follows www.ameridream.org (NOT .com).
This past week I had the opportunity to speak with almost 1,000 real estate professionals about exit strategies for selling wholesale properties, rehabs, flips, and other real estate investment projects. The main issue is where to find buyers.
Often times the potential buyers are young, low income, future investor types who truly do not have money for a downpayment and/or closing fees. I am hearing that many of these people even submit offers but then get denied because the downpayment requirement is often times higher on a "fixer upper" than a retail type home. But these potential buyers are really interested in the idea of buying a home that needs some work in order to get a great deal.
Sellers of these types of homes are usually left with only one market of buyers that being cash buyers or buyers with equity lines ready to go.
But what about the people who really want to get into a fixer type property but end up denied due to inadequate funds.
We all know the risks involved in "gifting" as a seller or as an agent representing a seller. Some of us may have thought about doing this to get a deal done but we know its unethical and illegal.
I just stumbled accross this website, www.ameridream.org, a few days ago and I am hooked.
This non-profit group allows sellers to make a donation to ameridream for the equivilant amount of the down payment and/or closing costs and then ameridream will make the downpayment for the buyer.
Very cool agency.
Does anyone have experiences with this company? Please share.
Comments(8)