Tag: seller financing

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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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How Seller Carry Financing Saved The Day

The Loving Story of a Unique Luxury Penthouse Sale

Fred and John needed to sell their luxury condominium penthouse with 25″ high ceilings that the caring couple shares with Fred’s elderly mother Sally, who could no longer safely make the lofty climb to her upstairs bedroom.

Your Home Sold GUARANTEED or I'll Buy It*
Your Home Sold GUARANTEED or I’ll Buy It*

A successful, efficient home sale became an absolute must.  The average recent home sale in the building took 76 days. To sell their home 38 days faster, the LA Loft Blog team was called in with its thousands of readers and home buyers. Corey Chambers personally contacted the most recent 20 real estate professionals who successfully completed transactions in the unique building and nearby condos to offer them a chance to bring their clients in first to see the property for sale.  Additionally, a storm was literally on the horizon, so a cloud needed to be scoured to find a silver lining. A rained-out open house was broadcast live on Periscope and Facebook LIVE video to hundreds of homebuyers and viewers. It all worked.  #sellercarry #seller #financing

A great buyer was found within just a few days. That buyer wanted to negotiate  seller carry back financing so that he could make a cash purchase of the property with about 80% down payment. The LA Loft Blog team was able to help with the seller carryback negotiation that also worked for the seller. The buyer and seller both had super experienced Broker Associates to make an extraordinary transaction come together.  As the authority on luxury condominiums, the Corey Chambers Team team had connections to seller financing experts, including real estate brokers, consultants, loft lenders, attorneys. The buyer’s broker chose their seller-carry-experienced escrow to draft the seller carry note. The sale closed successfully with a short 21-day escrow.

Sally excited to move into single story house
Sally excited to move into single story house

Fred, John and Sally achieved their financial goals with the quick condo sale $150,000 above the most comparable neighboring unit sold. So now, they can close escrow next week on a single-story house with beautiful views, and an easier life.

No more struggling up the stairs day and night. With an easy stroll all around their new home, mother Sally is delighted with the change, and is looking forward to moving real soon!

Find out how much the home down the street sold for. Get a free list of recently sold home prices with photos. Fill out the online form:

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John and Fred get their condo into escrow in record time thanks to seller carry financing
John and Fred get their condo into escrow in record time thanks to seller carry financing

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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. Names have been changed to protect privacy. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.