Sometimes when we want something really bad and being in distress, we make mistakes. There are many advertisements to buy a cheap house with low payments. Initially you think it is a good deal. The reality is, often times it isn’t so.
$1,241 monthly payment
It is against regulations to advertise financing without an interest rate (APR)
Whomever advertises represents the seller
How big is the home? Lot? What is included? Is it worth $93,500?
Only a licensed real estate agent can inform you if it is worth it because they have the knowledge and access to provide a market analysis
When you hire a Realtor, like myself, I will help you find a home that fits your needs and connect you with traditional lenders
Being represented by a Realtor is FREE to you as a buyer. Normally a seller pays buyer's agent.
Traditional Lenders will approve loans for people with ITIN and a social. Depending on the loan program, lenders require a reasonable credit score, closing costs and/or down payment. Perhaps you have terrible credit or little to no money to buy. The desire to purchase a home is greater than your financial position. In that circumstance, you may accept seller’s terms.
Examples of Terms that Seller May Place:
Less stringent qualifying requirements
Less down payment requirements
The closing process is faster and cheaper
Seller will not want to risk waiting 30 years for you to pay, so they will make it a balloon payment due in maybe 5 years. As time progresses the payment increases and could be double. Sellers do this in hopes you refinance before then and pay them.
Interest rate is higher than a traditional lender
Land Contract and Contract for Deed title does not pass to buyer until final payment. What you receive is called an “equitable title”.
If you stop making payments, seller can get the house back and keep the down payment and any money that was paid
In the event you decide to sell, seller will place a “due on sale clause” or might keep you liable with new buyers
You run the risk if Seller does something to affect the title before you pay it off
Contrary, Seller’s mortgage might not be paid off, risk to you if they stop paying and house gets repossessed
Author:Marisol Lopez Phone: 512-937-2765 Dated: October 12th 2017 Views: 442 About Marisol: Marisol Lopez was raised in Chicago from humble beginnings. She grew up in a small apartment in a f...
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Marisol Lopez was raised in Chicago from humble beginnings. She grew up in a small apartment in a family of eight. Her parents instilled hard work and perseverance would lead to success. They were victims of a bad Realtor and lost their dream home. A few years later, they were able to recoup and become homeowners.
After high school, Marisol moved to Houston. She went to college and majored in Accounting. Marisol’s home is now Austin. .
Marisol understands the value of a dollar and the sacrifices that are made to achieve goals. She is professional, trustworthy, and committed.
Armed With The Right Information, You Can Shop For A Loan And House Th
"Marisol Lopez is meticulously organized. She would stay late and make sure all her tasks were complete. She always wanted to start fresh the following day. She had a reminder for everything. Every item was done at the same time and day, every week. Her organizational skills even went as far as her staples. The staple needed to be exactly parallel to the top of the paper. She is someone who can complete a task with attention."