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Here’s an interesting new incentive from the California Association of Realtors: if you buy a home through them, they’ll pay your mortgage for up to six months if you get laid off. The San Francisco Chronicle reports: “CAR’s offer is essentially like insurance for people who get laid off. It applies to first-time home buyers [...] [...more]
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Seller financing continues to grow in popularity as banks tighten requirements. One question that many potential buyers ask is: “How much will I need to put down in a seller financed deal?” In the current market, most sellers expect that buyers looking for financing will bring less cash to the table than required for a [...] [...more]
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Taking out a mortgage from the seller is one of the most popular creative financing strategies. However, seller financing does have some serious drawbacks. One of the most important things to consider is that searching for these types of deals will dramatically decrease the number of properties available to you. WalletPop explains: “Only sellers in [...] [...more]
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When borrowers need creative financing, they often look for mortgages funded by the seller. However, several types of seller financing are available and it can be difficult to tell the difference. Today I want to examine the seller carry back mortgage. In essence: A seller carry back mortgage allows a buyer to take out a [...] [...more]
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The declining real estate market has prompted a huge number of desperate sellers to offer creative financing possibilities to potential buyers. Seller financing ads, in particular, seem to be increasing. San Francisco Gate’s On the Block blog explains: “The appeal of seller financing is understandable — the buyer doesn’t have to jump through hoops to [...] [...more]
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The emergence of desperate sellers means two things to buyers looking for seller financing: First, you’re going to find many more properties offering creative financing. Two, many sellers won’t be honest in their dealings. When done correctly, seller financing can benefit both parties. However, buyers should reconsider deals with sellers that are already facing foreclosure [...] [...more]
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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 [...] [...more]
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So, here’s an unusual story. Several years ago a Missouri family purchased a cave using partial seller financing and turned it into their home. Now that the economy has turned everything upside-down, they’re looking to sell. cnet reports: “The cave cost $160,000, of which the Sleepers put down half. The other half they borrowed from [...] [...more]
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“Lease to own” deals often seem like a smart idea to home buyers who can’t qualify for traditional loans. But, be aware that a lot of these offers are designed to rip you off. A few years ago, I spoke with a man who made a living with lease to own properties. Basically, the process [...] [...more]
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A growing number of real estate agents are paying special attention to seller financing. Since home sales have decreased in most urban areas, agents are desperate to find new clients. One way to score sales is to offer help to people who cannot necessarily qualify for traditional loans and need seller financing. For agents who [...] [...more]
