Crazy Deals Being Offered by Buyers in this Down Market

I just received a phone call from a potential "buyer" of a property we have listed for sale. He wanted to rent the property for 5 years with an option to buy anytime within that 5 years for a price based on today's market conditions.

I told him this was a terrible deal for our seller. In essence, anytime the buyer/renter felt the property had appreciated enough in the next 5 years, he could buy it and then flip it (sell it immediately) for a profit. The only possible benefit of this deal for a seller is rental income for 5 years.

If the price of the property stayed the same or decreased over the next 5 years, the buyer/renter lost nothing, as he just didn't exercise his option to buy and walked away from the proeprty. If the price went up, he got to take all the profit.

From my sellers point of view, the seller had all downside risk and no upside price potential. Terrible deal for the seller. Great deal for the buyer, if he could talk some sucker into taking it. Bob

Should Sellers fear a Home Inspection

Not only should sellers not fear a home inspection, but in fact they should insist that buyers perform a home inspection, using a qualified home inspector. This will limit any potential lawsuits by the buyer, if the buyer finds any major issues with the home after closing.

Buying without lender qualification

Wow, you can buy a home without having to qualify with a lender. email for details to team@onlyvirginia.com

Great time to buy a home, but buyers are afraid

I am talking to several buyers who think that, because the real estate market is depressed, it is not a good time to buy. This is wrong. With prices down, this is the perfect time to buy. You never hit the exact top or bottom when you are buying or selling investments (like stocks or the real estate market). It's just hard to BUY when everybody is selling. Makes you think that everybody must be right and you are wrong. However, the smart invbestor knows you have to buy low and sell high. The real estate market is "low" right now in the DC area. Once it picks up again, it will very difficult to buy homes again unless you have a lot of cash, like it was for the past 5 years. Bob

There is a way to buy homes without having to qualify for a loan

Most people don't realize that they can buy homes using a Contract for Deed where the seller essentially acts as the lender. This usually set up for a relatively short period of time, say 6 months to 3 or 4 years, to give the buyer time to qualify and obtain more conventional financing.