George Bush hosted the scripts & dialogues today. He suggested there are a lot more investors today than we think there are and the next person you see may be one. For example, he was mowing a lawn at a Countrywide listing and ended up showing and selling the house while he was there. Some thoughts:
· People accepting buyouts from their employers
· Parents who need a home for their grown children
· People removing money from volatile investments – stocks – money markets – etc.
· Farmers interested in disposing of property
· Builders with funds available
George suggested you have ready a list of people who can do necessary repairs for potential buyers, since that can be a roadblock. Also – always have in mind the “best deal” in our market today – the property you would have if you had the money to put down on it. Who else could be interested in it?
Marie Karas from Property Mortgage suggested parents consider parents serving as co-borrowers on FHA loans for children. The children can have a credit score of 500+. You can only have one FHA loan at a time, so parents can’t have an FHA loan already for themselves and can only do this for one child. With 3% down requirements, it doesn’t take much cash to make this work. Another thought was using the Rural Housing loan – Marie worked on one yesterday with a 6% interest rate and 1% down.
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