"Owner May Carry"

"Owner May Carry" 1st mortgage. Yup, SOMA/South Beach has come to that.

355 1st St #2101 is back on the market after not selling in 2009 (Feb to May). First they tried a price drop of $100,000 down to it's current asking price of $1,298,000. And possibly right from the start, but it's impossible to tell, they offered 3.5% to the "cooperating broker" or whatever agent represented the Buyer. Neither strategy worked.

Back on the market 7 days ago 355 1st St #2101 is once again asking $1,298,000 and this time the "check boxes" I referred to in my earlier post was used for "OMC 1st" or "owner may carry a first mortgage". Unfortunately for us that 3.5% cooperating broker commission is down to a normal 2.5%, but let us know if you want to negotiate some sweet financing.

Here's an idea... pay their price... but get a zero percent loan ;-)

By the way, there are 10 other "owner may carry" For-sale properties in the San Francisco MLS right now. Will we see this trend grow????