Slow Market..think about Owner finance with 30% down

By Bill Lauler

Real Estate Agent with Chase Realty LLC

June 22, 2011 07:00 AM

It is time to turn the finance clock back to a simpler time. If you saw a home that you liked.You found a Realtor to go to the owner an project your offer to buy their property.

The times are a changing in the real estate market. Lenders are making it almost impossible to get a loan.Unless you credit score is in the 800's. Most people over 55+ that want to sell their homes are looking for a stable income person that can repay the debt. They may wish to do the finance due to the amount of tax they would have to pay on a large lump sum. Depending on the seller this could be a win-win for everyone involved.

What do you think?

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Mike Cooper, Broker VA,WV

Cornerstone Business Group Inc - Winchester, VA

Your Neighborhood Real Estate Sales Pro

Bill, now you're talking my language. I used creative financing for a dozen homes in the 90s and 2000s. One thing I used to help clients take a look at it was the overall income and the lower tax burden because it was stretched out over time.

Jun 22, 2011 07:19 AM

Li Read

Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC

Caring expertise...knowledge for you!

A great idea, and that kind of vendor take back financing used to be very important in a downmarket. Time to return to it.

Jun 22, 2011 08:12 AM

Anonymous

Mike and Sea , thanks for the comments..it is time to return to yester..year!

Jun 22, 2011 08:45 AM

Slow Market..think about Owner finance with 30% down

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Bill Lauler

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