What exactly does this mean? 'Seller financing', 'Owner will carry', 'no bank financing', 'land contract', 'contract for deed". Is this something new? Another scam? These are questions that I have been bombarded with ever since I listed one of my investment homes as 'owner will carry'. Actually this is going back to the way that real estate started back before mortgage brokers, negative mortgage, APR, ARM, and a host of other mortgage acronyms. Very simply put.....the owner of the home is acting as the bank and is financing the home to you. With the current situations with the banks, the mounting multitude of foreclosures, short-sales and bankrupsies; going back to the 'old ways' makes sense. This is giving homeowners and investors another alternative then to be stuck in this current market conditions.
You will still have to come up with a down payment of 6%-20% but you will not have the costs of obtaining a loan which in some circumstances can be as high as 7 1/2% - - in just closing costs! In a traditional owner carry situation the down payment is directly applied to price of the home! Now that just makes sense! Here is a good article I ran across the other day that explains the concept as well as some very good advice for homeowners. http://www.ehow.com/about_5082655_owner-carry-mean.html?sms_ss=email&at_xt=4d8b9717d7b6cab3%2C0
Make sure that you use professionals for your transaction. You should have real estate attorney and a must is a good title company that is familiar with these types of transactions. And.....as always a good Real Estate Agent
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