This is a NORMAL buyer's market

By
Real Estate Agent with Rossman Realty Group 703456

And the keyword "normal" is for the word buyer, not for the word market.

We all know that, except in few areas, this country is facing a buyer's market. OK. We all got that. But what a potential buyer needs to know is a seller is not going to give it away for nothing. And I'm talking about his or her property.

I have a high percentage of my calls coming from buyers looking for owner financing. Fair enough. There are about 6,000-7,000 homes for sale in my county. Only 63 owners are considering helping potential buyers with some kind of financing. So when you call me saying that it's a buyer's market, you gonna give $3,000 down on this $600,000 mansion and you will accept no balloon and only an interest rate of 4% and the seller is better to accept your offer because it is a buyer's market...well...it's not going to happen.

If you are looking for some kind of owner financing, it's more likely because you are not qualified for a bank loan. While an owner willing to provide some kind of terms is most likely to have a free and clear property.

So, in the owner financing fields, it's always a strong seller's market.

 

Posted by

Claude Thomas, Realtor®

1104 SE 46th Lane

Cape Coral, Fl 33904

(239) 240-3283

Cape Coral Real Estate

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Rainer
366,437
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

I thought this was an interesting blog post! Thanks!

Jun 21, 2011 05:44 PM #1
Rainmaker
118,730
Kathleen Vetrano
RE/MAX Gateway - Falls Church, VA
Helping YOU Achieve YOUR Dreams

Claude,  You are correct.  Said well.  If sellers do need to leave the house and are "under water" they are often considering or doing a short sale.  Even the banks want fair market value. With seller financing, home does needs to be owned outright.  Correct again.

Jun 21, 2011 05:47 PM #2
Rainmaker
157,008
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

Very good point. Thanks for posting.

Jun 21, 2011 06:08 PM #3
Rainer
247,691
Doug Bullwinkel
Envoy Mortgage, NMLS 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

Tough markets bring out buyers with unrealistic expectations.  Thanks for your post.

Jun 21, 2011 06:26 PM #4
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I list a lot of bank owned properties and the buyer is always looking for a deal (steal) even if the property is competively priced. I'm getting tired of playing the used car salesman part in this play. I actually told one buyer to quit playing around and make a full price offer. He didn't want to do that and lost the property. I also fired another buyer for wasting my time, and treating me like I wasn't someone he could trust to make the transaction. I was tired of this 10k offers, and the fact that he used to have a real estate license in another state and he knew what he was doing.

Jun 21, 2011 07:01 PM #5
Rainmaker
112,703
Claude THOMAS
Rossman Realty Group - Cape Coral, FL

Thank you all for sharing your opinions...

Jun 21, 2011 11:14 PM #6
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Rainmaker
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Claude THOMAS

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