Never Do a Seller Financing Deal Like This… (Rookie Reply)
Summary
This BiggerPockets blog post discusses the risks of seller financing deals and the importance of due diligence when selling a property. It also touches on the challenges of dealing with buyers who default or squat on a property, urging hosts to understand their market and buyer's motivations.
Key Insights
- •The article highlights that in winter months, the market slows down, and fewer people are looking to buy houses.
- •Properties that have been relisted often face a stigma, which may lead to lower offers.
Action Items
- ✓Try to contact the buyer directly to understand the issues, potential solutions, and offer help.Effort: lowImpact: medium
- ✓Consider increasing the non-refundable deposit to ensure buyer commitment.Effort: lowImpact: medium
Watch Out For
- ⚠Failing to properly vet buyers and understand the terms of a seller-financing agreement can lead to significant financial and legal issues, including squatting and property damage.
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