Month: June 2022

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Buy a Property with Seller Financing, No Credit Check

Seller financing can be a win-win for both buyers and sellers

Owner financing — also known as seller financing — lets buyers pay for a new home without relying on a traditional mortgage. Instead, the homeowner (seller) finances the purchase, sometimes at an interest rate higher or lower than current mortgage rates, sometimes with a balloon payment due after a few years.

Buy a Property with Seller Financing, No Credit Check

Owner Financing Sample

For example, a homebuyer wants to purchase a historic home that doesn’t qualify for a conventional mortgage due to its age, condition or building type. The borrower offers to purchase the home for $800,000 with a $250,000 down payment — just over 30% of the purchase price.

FREE LOFT LOAN REPORT | PROPERTIES WITH SELLER FINANCING

The seller agrees to finance the remaining $550,000 at an interest rate of 7% for a five-year term and amortized over 20 years — resulting in a balloon payment of about $470,000 due at the end of five years. Over the course of the loan, the buyer makes monthly payments of $4,260 and is responsible for property tax and insurance payments.

At closing, the buyer receives title to the home that is subject to a mortgage held by the seller. After five years of on-time monthly payments, the buyer makes the final balloon payment and the mortgage lien is released. #sellerfinanced #homebuyerstool

Would you buy a house on contract with a seller? Leave your comment here?

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Copyright © This free information is provided courtesy of L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. EAC22061502KT All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

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Glen Donald Building Los Angeles — SOLD and LEASED

2121 James M Wood Bl #315 Sold (buyer side)

John G. contacted us, wanting to invest in an L.A. condo that he could afford. He wanted a unit that was high quality and easy to rent out to a tenant. He chose the James M Wood Building, which has long been on the LA Loft Blog’s list of notable condominium buildings. Out of three units active for sale, John chose unit 315 for its price, overall quality, relatively quiet location, original historic character, beautiful view of the city and neighboring historic homes.

After the purchase of the investment, John wanted the unit to be rented out in a timely manner, after cleaning and improving the property a bit. With the help of the L.A. Loft Blog, the Corey Chambers Team helped the new owner and new renter sign a lease agreement within just for days after listing the unit.

Find out how much your condo unit is worth. Fill out the online form:

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit www.CoreyHasTheBuyers.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.