New statistics show that sales on existing homes dropped to the lowest point since 12 years ago. As sellers become more desperate to eliminate the burden of an unwanted property, many are offering creative financing strategies.

MSNBC reports:

“The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million in December. It was the weakest showing since July 1997, and some analysts don’t see sales bottoming out until later this year as prices continue to sink. Sales had been expected to rise to an annual pace of 4.79 million homes, according to Thomson Reuters.”

Creative financing strategies such as loans provided by the seller make it possible for people who don’t qualify with a bank to purchase a home. Offering such incentives can be risky for the seller – you certainly don’t want to offer financing to someone who won’t pay you back. But, in today’s market there are a lot of lower-risk buyers who still can’t qualify due to self employment or a shorter work history.

See Also:

Seller Financing Info

Peer-to-Peer Lending Essentials

Tags | creative financing, lenders, loan, mortgage, Seller Financing