Category: New Homes

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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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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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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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Parking in Downtown Los Angeles | Find the Right Fit for Your Car

Living downtown remember to budget for where your car is going to live as well. Don’t expect to find free, safe, and convienent parking in Downtown Los Angeles. Here is a site that will help you find monthly parking based on price and location

Buildings in Downtown LA are growing up taller. They might also include less parking. A draft set of development guidelines for Downtown, released by the city, is testing the waters for eliminating the requirement that developers put parking in new apartment and condo buildings. In all of Los Angeles, when a new building goes up it’s required to have a certain number of parking spaces. A figure based on the building’s use—residential buildings, Like Little Tokyo Lofts, 420 San Pedro St, Los Angeles, CA 90013, for example, have to have between one and two parking spaces per apartment or condo, depending on the number of bedrooms in each unit. That opens up the availability for free guest parking in legacy buildings over new construction based on the plan in these draft rules.

#dtlaparking #laonsiteparking

Do you live downtown? How do you deal with parking? leave a comment.

Looking for a loft with on site parking? Fill out the on site parking online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. EAC22061402KT This is not a solicitation if the buyer or seller is already under contract with another broker.