Downtown Los Angeles Lofts For Sale with Low Down Payment and Seller Carry Financing

Seller Financing

Seller Carry Back Financing
Seller Carry Back Financing

Banks and mortgage lenders provide financing for the majority of Downtown L.A. loft sales, but they are not always the right source of purchase funds. About 20% of Downtown Los Angeles loft sales are paid for in all cash from the buyer.  Some are unaware that the seller can sometimes help with financing as well.  This is called a Seller Carry because the seller carries all or some of the financing. The seller acts as the lender.

Seller carry backs are most appropriate when the seller does not immediately need all of the cash from the sale, and the seller can let the buyer make use of the funds. The seller might want a quick transaction, and the best prospective buyer cannot use or does not want to use a traditional bank or mortgage lender financing because the buyer does not have a regular job, but has plenty of assets or miscellaneous income. #sellercarry #loft #financing

Owner-provided financing is sometimes advertised in property listings or advertisements as seller financing or owner will carry (OWC). Once very popular around 1980 when interest rates were 20%, seller carry backs are again growing in popularity as getting traditional home loans from banks becomes more challenging due to recent regulation and restrictions. Challenging loft buildings such as SB Grand also represent a good example of where seller financing may save the transaction when loft lenders fail.

Seller Carry Financing Sales the Day
Seller carry financing helped sell a luxury condo for $150,000 more, 38 days faster.

When a homeowner wants to sell a home but has trouble getting enough qualified buyers due to tight lending practices, the seller can “carry back” the note on his own home sale. The buyer and the seller sign a promissory note in which the buyer promises to pay a specific amount of money, with a specific interest rate, at a specific time. The seller moves out, the title transfers, and the seller collects monthly payments from the buyer.  Escrow can help by generating some of the required paperwork. More seller carry info at MoneyUnder30.com.

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Seller Carry Financing
Seller Carry Financing

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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.

 

DISCOVER HOW TO BUY A DOWNTOWN LA LOFT WITH LITTLE TO NO MONEY DOWN

A new home ownership program is available to allow qualified buyers to buy a loft with a very low down payment (in some cases as low as zero).

NEW LOFT FOR SALE IN DOWNTOWN LOS ANGELES

You may have owned a home before and are presently renting, or maybe you are a first time homebuyer and need a way to break into the Downtown loft real estate market, but held back because you thought you required $30,000, $60,000 or even more for a down payment. Well, regardless of your present situation, if you want to get into or re-enter the housing market with a lower amount, or even without a cash down payment at all, then this new program may be just what you’re looking for.

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Industry insiders have prepared a new special report entitled How to Buy a Home With Little Or No Money Down which reveals how this new and innovative program can get you into the housing market immediately. End the waiting – order this report NOW.

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L.A. Loft Blog, Downtown Los Angeles   |   LG

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 LALoftBlog.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.