In today's real esate market with regards to financing, money is simply hard to come by. If you don't have a well paying job and great credit scores you won't qualify for todays preferred rates. You may qualify for higher interest rates or "gimmick loans" but you'll paying either more up front or more down the road then your neighbor next door. Then there are those that can't qualify for either loan and it doesn't have to be because they have low credit scores or don't make enough annually. Restrictions by lending institutions have made it increasingly more difficult for self-employed buyers to qualify.
So, on top of the aforementioned, the investor markets (stock, muni's and CD's) are unstable and simply not yielding attractive enough returns which opens a window for private lenders or OWNER CARRY opportunities. These loans often carry higher interest rates but are easier to quailfy since the owner makes the final decision as to whom they will approve. The owner is willing to act as the bank for an agreed period of time, typically 3-5 years, create passive income for themselves and expect the full sale to complete after the expiration of the loan.
Is it a popular way to by a home?? Over $53,000 homes were purchased via owner financing last year that otherwise may not have..........
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Steve Mino & Natalie Vizir
Century 21
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