Seller Financing Options - On Lake shore Properties
When people think of buying lakeshore, Lake Lots or a lake home, is it just a Dream? The answer is NO! It can be a reality for just about any buyer. The key is knowing where to look, what questions to ask and knowing all the Financing Options.
When it comes to Financing Options on Lake lots or Lake shore: Do you consider asking the seller for some Help? In many cases this will not be an option, because the seller needs the proceeds to buy another property, if it is his primary residence, But this is the narrow minded or tunnel vision approach.
Seek out the Real Estate Developers... The current economic climate is hard on the developers too. In my case I happen to have access to dozens of Lake lots and several lake homes with the sellers willing to work with potential buyers. What kind of HELP? Lets look at a few Seller Financing options:
Option 1) The Seller may be willing to 'Carry back' a portion of the mortgage, allowing the buyer to finance less up front and make it easier to qualify
Option 2) The seller may put you in-touch with his financing team, to get your better than average rates and/or terms
Option 3) You can ask for additional land (if available) for the same asking price.
Option 4) Trade / Swap something of value for your down payment. Ex. another parcel of land, motorhome or business equipment. The point here is to be creative in your financing. The worst thing that can happen is the seller may say 'No'. At the same time, you will never know if you don't ask!
As a Real Estate professional, I know that all transactions are different but are also similar in many ways. They all have a price, terms and possible contingencies but that is where the similarities end.
When talking about Price, be specific on what the price includes! Does it include an association fee? Maintenance? Boat slip access? a Trade or Swap? The 'Real' price includes everything, so keep that in mind.
When talking Terms, this usually refers to the structure of the financing, but can also include repairs, Closing dates, other personal items included in the sale and so on. It is best to understand the Financial arrangements and the Terms associated with the repayment of the Mortgage. Working with the seller is a great way to understand his needs and coming up with an acceptable transaction.
When it comes to Lake shore or Lake home properties, do not underestimate the value in Seller Financing options. These can be very valuable to both the buyer and the seller... Keep your options open in your search and don't forget about the Real Estate Developers... They may have access to many different lakes, parcels of land and other People.
Keep your mind and options open when looking for your piece of Lake shore.
Go to my website for an example of some properties that have Seller Financing Options available.