Make Money On Ebay
Are the seller financed properties on ebay worth buying?
I can afford the payments advertised but I don't know if it is wise to buy property on ebay.
Public Comments
- Dont buy it from ebay. Just email the seller and ask him if you could visit the house.
- I would definately check out the property to make sure that it is real, BUT my husband bought a property on ebay for very low payments per month when he was in college. He was kind of skeptical but decided to take the risk. It was some property in Hawaii and it ended up being very real. He paid $5000 for it on Ebay. After he paid it off, a realtor from ReMax called him and asked if he was interested in selling. We were and sold for $20,000. This is obviously a very good case senario, but I would say property on Ebay is definately worth checking out.
- If you even have to ask if it's wise - it probably isn't. Like another poster said - it worked out well for her husband but that is probably an extremely rare scenario. It sounds like something I'd be very cautious of and if you do decide to do it make sure and actually check it out first with someone who has had some experience buying property before like your parents or a friend.
- As a real estate broker, I always advise my clients against seller financed properties. If you are creditworthy enough, you should be able to obtain financing through a bank or other lending institution. Seller financed properties are a way for a seller to delay paying capital gains through what is called an installment sale. They will also make more money off the property in the long run because they are collecting interest as well as principle on the loan and sale. Remember you will most likely get a better deal from the bank both in terms of rate and term of the loan. Seller financed properties are usually a good deal for the seller and a bad deal for the buyer. Caveat Emptor! Nelson
