How reasonable is it to try to find a vacation condo in the west-Phoenix area for sale at terms of $0 down and a seller carried contract?

Asked by Keith Brown, Puyallup, WA Mon Apr 15, 2013

I would be hoping to rent out the home 3-4 months per year.

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Jeffrey Masi…, Agent, Scottsdale, AZ
Mon Apr 15, 2013
Zero. A seller carried contract will require a 15-30% down payment with a 3-5 year interim financing. To see the seller may carry temporary financing homes in the Phoenix metro. http://link.flexmls.com/ub7k1q5dnm5,12

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Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://ArizonaHomesLand.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
0 votes
Michele Some…, Agent, Peoria, AZ
Mon Apr 15, 2013
Hi Keith, Not likely. Most Seller carry's require some down payment. Do you have any assets you can liquidate? 401k, insurance? Hard money lenders require about 35% down and want short term notes. Sellers may be more flexible on the down payment since it would be longer term but may adjust the price higher to compensate. I can certainly set you up with a property search, but we would need to see if there was any way you could get a down payment. Even a lease purchase would require some down payment but may be less than what a Seller may require on a carryback. If you rented with a lease option, we may be able to find an owner who will allow a sublease but not likely. Your best bet might be to consider a seasonal lease for short term rental unless you think you have a down payment. Reach out to me to discuss other options. Do you know when you can finance? I heard stated income is back with certain lenders.
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Mon Apr 15, 2013
Highly unlikely. Most sellers are looking for buyers to have some amount for a down payment.
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