Hi!
My name is James Fraze I want to buy your home! You can text or call 470-236-2870.
I am not an agent, and am not working with an agent for this deal. I will pay seller commissions IF you have listed your property with an agent.
I need to make sure the you (the seller) will work with me first or I’d be wasting your time.
Agents: I already have MLS searches setup, so I’m not looking for more search results.
This is for a personal home (I am also looking for investment properties, but that’s not what this page is about)!
CRITERIA:
Here is what I’m looking for to buy your home:
- must 4+ bed/2+ bath
- must no pool
- must no HOA
- prefer 2500-4000 sqf
- prefer media room/game room also
- prefer large wooded lot
- prefer single story
- prefer self rehab instead of quick prep for a sale.
- up to 500k (not a hard cap, depends on seller financing)
McKinney ISD
This is the area that allows my kids to stay in the same schools/church and the area I am looking for:
REPAIRS/CONDITION:
Any condition, the worse the better. I have my own rehab crew and burn outs, foundation issues, etc are all fine.
I’d rather do my own carpets, repaint cabinet upgrades instead of having you spend money on that.
I’m happy with pristine properties too!
FINANCING:
Seller must be willing to work with me on financing to buy their home.
I am self employed and the loan limit for my reported income (not my company but my personal self paid wages) is only 220k. However I do have 50k to put down and a 710-730 credit score.
Basically I need to know if seller will let me either assume existing mortgages after I put down up to 50k Or I can get a bank loan for 220k, put down 50k and then have seller finance the rest (details of other offers below).
I have other properties paid off that I can use as surety, and my company is doing very well – I only pay myself a smaller wage for tax reasons. I will of course provide any documentation you require and personally guarantee your loan to me.
MORE THAN ASKING PRICE:
I can pay more than asking price if terms are favorable to me.
Keep in mind I already get (no limit on cap) 20% down and 5.5% on 30 year schedule with 5 year balloon.
Any offer I make is going to be better for me than what I can get through commercial lender.
AGENT COMMISSIONS:
If you have a pocket listing, or a listing that is for sale by owner and they refuse to pay your commissions, I will. You’ll get paid just like it’s a traditional sale. You get paid either way, and because I often make an offer OVER asking price, you’ll get paid more.
SAMPLE OFFERS
I would prefer to present this to make sure they understand how good this offer is to them (the seller will get more money in their pocket), but here is an example what I’ll present:
Assume a 400k property that will qualify or almost qualify for an FHA listing (needs little or few repairs) for numbers, though this is just an example.
I’ll structure exact numbers to please seller and if it won’t qualify for conventional loan I go commercial (so if you’ll work with me on timelines I can still get your asking price).
But for example, here are three offers that I might typically make, normally the 1st one is the one most sellers take:
Offer 1: (Seller Finance, seller has a lot of equity)
- House Value 400k
- I offer 425k
- I get a 220k loan to pay off their existing remaining mortgages (if any).
- Title transfers to my name.
- I put down 50k directly to seller, after the 220k.
- Seller takes 2nd on balance of 425k – 270k (155k) 15 year schedule/5 year balloon
- Any condition, I do all repairs if needed, etc
Offer 2: (Wrap Around Mortgage, seller has little equity)
- I offer asking price or close to it.
- I assume their existing loans whatever they are (this is only possible with FHA loans).
- I put down 30k after assuming their loans.
- We work on a deal for the remaining equity if any.
- Title transfers to my name.
- I pay everything on property, taxes, insurance, repairs, etc. They no longer have interest in it.
- Only works on FHA loans that are currently paid on time
- Any condition, I do all repairs if needed, etc
Offer 3: (House is a disaster and needs 30k+ on repairs, but seller has equity)
- if 30k in repairs on a 400k house, 315k cash.
- I can close on a deal like this in 10 days or less and don’t need financing at all.
- Note, this is for don’t wanter types of houses only that can’t sell normal market for some reason.
MAIN QUESTIONS/FEARS WILL BE:
- How do I get equity out?
- I’ve illustrated the ways above but can work other things too if they need more equity out. I will explain how to get almost all equity out no matter the circumstance.
- What happens if I don’t pay the assumed loan?
- If title has transferred, and they have 2nd, they foreclose on me. If title has not transferred, they evict. However, I’m not putting 50k down to walk way. I also have other properties I can use as surety.
- Will the loan be called due on assumption?
- If it’s FHA it won’t be unless they are behind on payments. If it’s not FHA, it probably will but not until tax records show a new owner. I’d have to refinance at that time or lose my 50k.
INVESTOR BUYER
I’m not buying this house as a “dream home”. That means I have little or no emotional attachment. It’s a simple matter if the numbers make sense for both of us, I’ll buy.
I just want equity where I live, simple pragmatism (currently renting a house off of El Dorado while I look for a 5-10 year home during my kids remaining school time in this area).
So, this is just an investment, but I’m living in it for now while kids are in school in this area. What this means to you is a solid offer that I’ll stand behind once I make it.
I want to buy your home! Please text/contact me so we can look at the property and give you a solid offer today.
Text or call 470-236-2870 or use this contact form to send me an email: