With home prices falling in many parts of the country, sales slower than normal in other parts and mortgage standards higher than any time since the late ’80s, buyers and sellers can both benefit from creative financing – owner finance, lease options, lesser known grant and loan programs, and more. Buyers stand to benefit by taking advantage of bargains in the market that may be gone when mortgage markets start functioning better and federal money starts inflating home prices again. Sellers who offer creative financing in this market will really stand out to buyers who need to purchase and are cut off by a bad mortgage market; trying to sell in this market means going all out with your marketing and creative financing can be a part of that.
Both buyers and sellers need two things:
- Agents experienced with creative finance. This almost always means agents with experience before 2001 when the “subprime” loan market made much creative financing obsolete – for a few years.
- Good information.
Over the next few weeks I’ll be updating this site to provide these two things. I’m reposting here my old “Low Down and No Down Real Estate!” guide updated with current information. I’m inviting real estate agents with creative financing experience to contact me for inclusion in a referral database and buyers to contact me for referral to an agent near you. Finally, I’ll be linking to the best literature available elsewhere on the topic to help with the details of your transactions.