We offer innovative solutions to your real estate needs.
This process is actually very simple. Instead of going to the bank for financing, we may be able to offer you the financing.
Rarely will you find a spotless credit record these days. Still, if you have cash in lieu of spotless credit, we may be able to work out a seller finance agreement on your property at a rate and payments suitable to a tight budget.
We will discuss:
1) Down payment: The larger the down payment you can supply, the lower your monthly payment.
2) Monthly Payment: This will depend on your credit and down payment.
Seller financing may be carried out in one of two ways.
The first way, though less popular, is to keep the property for the length of the loan. Your contract with the seller:
- The Contract for Deed,
- Contract of Sale,
- Land Sale Contract, or
- Installment Sales Contract. Each option states that, in essence, the seller holds title to the property until you, the buyer, pay off the loan. (You normally pay the loan off in a series of regular payments, similar to a standard mortgage.)
After you pay off the entire loan, the seller would be responsible for signing a Deed transferring title to you. Because the seller keeps the title over the life of the loan, you can neither sell nor refinance the property until all payments are made and the title is transferred.
The second and much more appealing method is for the seller to take back title to the home. You, the buyer, signed both a promissory note (promising to repay the loan) and either
1) Mortgage; or
2) a Deed of Trust (allowing the seller to foreclose in the event you default on the loan). The seller of the property signed a Deed transferring title to you at that time. Because you hold the title, you can sell or refinance the house, while continuing to make the agreed-upon payments to the seller.
Note: Seller financing not available for all properties.
If you are interested in seller financing or rent to own/lease option properties, make sure to check BOTH options below. We will let you know when we have a property that meets your needs.