Buying Homes in Todays Market

With the nation reeling about the burst of the housing bubble, there are some options for those who are still looking to buy. Lenders have tightened up their standards, which should have happened long ago, in my opinion. This is a great opportunity for those who can offer unique programs for their buyers.

One way to assist the buyers is through seller financing. A form of this is the lease with an option to buy. With this strategy, the buyer leases the property and has an option to purchase the home at a later date. This allows the buyer to try out the home. while working to restore their credit and build up a down payment for the future purchase. Most sellers will allow some of the lease payment to be used as a down payment when the time comes to close on the home.

Another strategy is to use what is called a wrap around mortgage. In this situation, the seller keeps the exiting mortgage in place and creates a new mortgage for the buyer. This makes the qualifying easier for the buyer and provides the seller with some money down and an annuity for the period of the sellers note. To be even more creative, if the seller needs more cash now, they can sell the note for a chunk of cash immediately.

These are just two of the many options available to buyers and sellers in today's tough market.

To find out more about these and other options contact me and I will be glad to structure a plan for your personal situation.