There Might Just Be Something BETTER Than Seller Financing

What if I told you that a bank will loan to you, even if you’ve had a short sale, a foreclosure, or a bankruptcy?  Sounds too good to be true in this crazy lending environment, but it’s not.

There is ONE bank that is willing to carefully underwrite files, looking at all circumstances, and with just 2 main criteria:

1. You must have income, and the ability to afford your monthly payments.

2. You must have a 20% down payment toward the purchase of your new home.  This can be gifted to you, but you must come to closing with 20% down.

If you meet the criteria above, and are subsequently approved for a loan with this lender, you can purchase ANY home on the market, not just those offering seller financing.

Rates are very reasonable, currently 6-6.5%.  This is not a mass marketed product, it’s small volume from a small lender so they can pay attention to every customer.

I receive no compensation from this lender, I just want to make sure that my clients know about this option now available to them.  For some people, this may be a better option than seller financing.

If you want to know more, please call Alex at (480) 442-7325 and if it sounds like a good fit, I can make the introduction.

DISCLAIMER: I am not a lender, I am a real estate agent.  This is not a solicitation for a loan program, and I receive no compensation for loan origination.  Information is deemed to be accurate, but is not guaranteed, and must be verified by all parties concerned.

Speeding Up the Process

Attaining a loan is no easy process.  People are forced to go through extensive and time-consuming review of work history, and have their credit to debt income ratio analyzed.  There is a way to shorten the time it takes to get financed, close, and occupy their newly purchased home: Seller Financing.

http://scarsdale.patch.com/articles/owner-financing-is-it-right-for-you

Think Seller Financing is New? Check This Out

Seller financing is as old as real estate itself, even if most people don’t know about it.  I recently ran across this 1989 article from the Chicago Tribune all about the “comeback” of seller financing.  The more things change, the more they stay the same…

http://articles.chicagotribune.com/1989-09-25/business/8901160001_1_seller-financing-housing-market-rate

Set Your Property Apart with Seller Financing

Across the country, many homes have been on the market for extended periods of time.  Consequently many sellers have taken massive discounts in order to get the sale closed.  However, now homeowners across the country have started listing their homes with seller financing and they have had a notable increase in interest.

http://www.biggerpockets.com/renewsblog/2011/07/14/offering-terms-will-set-your-property-apart/

Seller Financing Wisdom

“My house has been on the market for seven months. We got our first offer this week. It was for the full asking price, but the buyer wants us to finance the mortgage. The buyer says that he lost his job last year and had to file for bankruptcy, but now has found another job and is paying off his bills. Because of the bankruptcy, he can’t get a traditional loan. He has offered to pay us a better interest rate than we could currently get on a certificate of deposit.”

Does this story sounds like you or any one you know? Read further to find out the advice that June Fletcher with the Wall Street Journal has to offer to you or someone you know know.

http://online.wsj.com/article/SB125147241384166991.html

Seller Financing is Opening New Doors

Many buyers and sellers aren’t familiar with seller financing, but it is something that everyone should be aware of. Like most things in life there are pros and cons, not only does this article go into detail on the those, it also offers many factors to consider when utilizing Seller Financing.

http://www.mainstreet.com/article/real-estate/selling/seller-financing-different-way-sell-your-home?page=1

Pitfalls to Seller Financing

Despite the fact that Seller Financing has helped so many Americans buy and sell homes, there are some pitfalls to the process that one should be aware of, per the article below from the Chicago Tribune.

This is a good reminder of why a note servicer should always be used as an intermediary between buyer and seller.  It’s inexpensive, and can save a lot of time and trouble.  Don’t be pennywise and pound foolish by sending payments directly back and forth between buyer and seller, always use a neutral third party between the two.

http://articles.chicagotribune.com/2011-05-06/business/ct-home-0506-benny-kass-20110506_1_capital-gains-tax-advice-amt