Agreement of Sales, and Purchase Money Mortgage?

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Real Estate Agent with Elite Pacific Properties Maui R(S)54097
https://activerain.com/droplet/54Xw

Are we going to return to the times of Jimmy Carter. If the banks don't have money to lend, then what?  In the old days business took place with trading something that represent value.  Maybe a couple of pigs to repair the wagon.  We have moved on from paying your dentist with eggs, and a side of ham.  So if lenders tighten up what are our options. 

To start with, a lot of owners do have equity in their properties.  I remember the second piece of property I bought in Maui, was an agreement of sale.  I was able to put 20% down and use my cash to build my home with.  The seller was happy to receive the 20% in cash and interest only till I refinanced my completed project.  With interest that you can receive with your money sitting in the bank, Maybe you become the bank with a Purchase Money Mortgage, and you collect the interest.  I am thinking we need to be thinking outside the box.  So just maybe this will be a winning factor for buyers and sellers.

 

Steve Nickens R(S), GRI, ABR

The Wailea Group LLC

3750 Wailea Alanui, Suite 5WE

Wailea, Maui, Hi 96753

www.nickensmaui.com

Email: nickens@maui.net

Posted by

 Maui Realtor

Steven C. Nickens RS-54097  GRI ABR

Elite Pacific Properties

34 Wailea Gateway, suite A-204

Wailea, Maui, Hi 96753

www.nickensmaui.com

Cell: 808-280-2208

Email:nickensmaui@gmail.com

24 Years Selling Maui Real Estate

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Rainmaker
137,377
Alexsandra Stewart
Remax equity group - Portland, OR
Broker - Portland Oregon Real Estate

Funny you sould mention the dentist being paid in eggs! My mom was a young woman during the depression -- she worked for a dentist, and when the clients started paying him in chickens and eggs - he had to let her go.  My sister bought her first house on a land contract with about 3000 down.  Hard to say where we are gong -- and certainly do have to think outside of the box!

Nov 19, 2008 04:58 PM #1
Rainer
33,944
Billy Jalbert
The Maui Real Estate Team, Inc. - Paia, HI

No question we will need to think outside of the box in 2009 to survive.  In the meantime, Sellers do have to realize that the world has changed, values have dropped and buyers are king.  A hard thing to swallow on Maui since it has been such a

Nov 20, 2008 12:36 PM #2
Rainmaker
1,477,119
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

.... hmmm, I wonder Billy was about to say?

Yes, I notice more sellers are willing to offer a helping hand.  That's also how we were able to buy our first home on Maui, back in 1981, when everyone was saying... "oh you're too late, you should have bought in the '70's"

Nov 21, 2008 07:17 AM #3
Rainmaker
494,613
Steven Nickens
Elite Pacific Properties Maui - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Aloha Alexsandra,

Hopefully, the banks will loosen up some of the bail out money.  Buying real estate with eggs could be a little hard to digest.  How is it going in Oregon.

Steve

What's up Billy, and Georgie. 

Are you guys having fun yet.  At least the winter season is coming upon us.  I hope we all have a descent winter.

Nov 23, 2008 06:25 PM #4
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Rainmaker
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Steven Nickens

R(S)GRI ABR, Maui Real Estate Hawaii
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