How will you use an owner-financed strategy with a real estate agent?
Watch this short video now and find out Lou’s answer.
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Having Tenants Leave Your Property in Better Condition than When You Gave It to Them
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Benefits of Trusts You Cannot Get With ANY Other Entity
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Scott Paton:
How do I use the owner to finance a deal that’s listed with an agent?
Lou Brown:
Using an agent is a great thing and the property is already listed with an agent. So, simply making an offer through that agent offering owner financing is the way to do it. However, my suggestion to you is definitely to talk with the agent, find out and Emily, what I’ve found is that really this is more of a strategy that works when the property has been on the market for a while. So, depending on the uptake of houses in your inventory, in your local market, that you might be focused on, just know this, that if the property has been on the market for 60 to 90 days, that’s a little bit shop worn, so to speak. And as a result, if there haven’t been offers or those offers have fallen through, then the flexibility of the seller is much more.
So we’re looking for properties that have been on the market typically in order to make those owner finance offers, it’s just that agents are not encouraging that. One thing you’ve got to do is talk with the agent and say, listen, we have a program it’s called, The Path To Home Ownership. And if you are one of our Certified Affordable Housing Providers, Emily, then you would be able to offer this program. Now what happens is when you go in and when you talk with the agent, you ask to speak directly with the seller and you say, now let’s say that the agent’s name is Mary Anne. I said Mary Anne, here’s what we do. We are local Certified Affordable Housing Providers. And what we do is offer a program it’s called the, Path To Home Ownership, where we help deserving families, regardless of credit or financial background to end up with home ownership.
And I say, that sounds great and say, okay, here’s what we do. We come and make a presentation to your seller. If your seller loves it, then we’re actually going to put it under contract that day. And you’re going to get your full commission. If they don’t love it, you’re going to get credit for the fact that you brought a ready, willing, and able buyer to the table.And then Emily, the strongest and best way is to create a face-to-face meeting with that seller and to make a presentation. And in fact, I’ve got mine right over here. And this is, so when we go to that seller actually make a full blown presentation, who we are, what we do, how we operate, how we can help, how we’re different than other people.
We talk about our award-winning program and the fact that we’ve been certified in this program. We talk about our mission statement. We talk about what they’re going to learn in the presentation and all the different challenges that they’re faced with as a typical seller and how we absolutely eliminate all those challenges, because we’re going to make them an offer right now. And then we go through the numbers with them and they actually participate in coming up with the offer price. And we’ve got a whole process that we teach you. In fact, we’re going to be doing that at Millionaire Jumpstart. So, that’s another reason to come to Millionaire Jumpstart, because I’m going to be going through this presentation process, so that you can know exactly how we fill out that cost to sell worksheet with the help of the seller. So when we come up with these numbers together, it often makes a whole lot of sense to the seller. That number one, they saw how the number was arrived at. And number two, because their home is going to be used to help a deserving family end up with home ownership. Now that is a message that really resonates with a whole lot of sellers. They love it. And in fact, the agents do too, and the agents bring you lots of other people who can’t qualify for loans. So, it’s a win-win for everybody involved.
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