Wow, what a market we're in! We're experiencing one of the softest markets in the nation. Ugh! Hey, if you're a buyer it's a great time. If you're a seller,... not so much.
Buyers and Sellers, don't dispair! There are ways of buying and selling homes in this market - you may simply have to be a bit more creative. You know, where there's a will, there's a way.
As a Buyer, is your credit score low? Well, how low? If the Seller will offer owner financing, you may still be able to buy that dream home. Be prepared to explain why your credit scores are what they are, and be honest!
I work with a private lender who will review your loan application and determine whether you can be approved through their private lending company, where high credit scores are of less concern. And, yes, the interest will be higher, but not excessively higher.
This is the time for Seller's to think creatively. If you can offer owner financing in the form of a lease-option, land contract or even creating a note that can be sold to a note buyer, you can still get your full appraised value, or close to it. Depending on the buyer's qualifications, you may walk away from closing with the full amount, or you may have to consider taking a short term second note.
If you want or need to get your money out of the house sale now, well, you're probably going to have to discount it - by how much, will be determined by the market conditions in your immediate area.
For Seller's who want to get cash out now, but need to offer owner financing, I have access to private investors who will buy the note you create, at a discount.
Don't turn away a Buyer just because s/he can't get qualified through a standard lender. Lender's and their inflexible policies have exaserbated the current soft market conditions. Listen to the Buyer's story and verify it. There's a good chance his/her credit is low because of "explainable" reasons, yet s/he has the income and job history to be a credible buyer of your property.
( Hey, my perasonal credit just took a hit, because somebody tried to use my credit to open up accounts. illegally. I caught it and stopped it, but getting those records corrected is like beating my head against the wall. TransUnion is absolutely horrible to deal with! )
The key to selling and/or buying in a soft market is creative financing. Through the use of my professional affiliates, I can work with either the Buyer, Seller or both to come to a meeting of the minds, and coordinate the sale through the use of creative financing and the use of private funds.
If you can use some help, feel free to call or e-mail - no obligation.
pjnewman@juno.com -or- 248-496-5824
Call today and let's see if I can help you with your real estate transaction! Just E-mail me or give me a call!
Thank you for your time and make it a great day! Phil |