http://www.youtube.com/v/KotWZ42sNuk

I’ve created a video on buying and selling a home for 2011.  The video will first cover lender requirements for a loan in 2011, whether you’ve had a foreclosure, bankruptcy 7, or 13.  It will also cover the credit score and down payment needed for financing.  For those that don’t qualify for financing, you’ll be happy to know that I offered options with seller financing.   These options include contract for deed, land contract, agreement for deed, rent to own, lease options, rent with the option, and lease purchase.
I’ll discuss the down payment needed for each, as well as time lines.   The video also focuses on sellers and what their situation is on their current house.  After watching this video you should know what your next steps are to reach your goal whether you are looking to improve your credit score, or save up money for a down payment, our agents are here to take your calls, texts, or emails.  We look forwarded to having you watch the video, and feel free to watch my other videos on my channel at http://www.ronorr.com/youtube

Thanks,

RonOrr.com

Many sellers ask the question how to do owner seller financing.  Our agents are here to help structure the transaction for the buyer and seller.  Owner financing is a broad term, from lease options, to contract for deed, if the transaction affords the commission our agents are here to help.  Our agents prefer to help with contract for deed transactions as that’s what they specialize in.  A contract for deed requires a larger down payment then the others, but has a closing and is the first step towards a finance, in fact if you own the home over 12 months and you can qualify, you can get a refinance which is easier than a new purchase like some of the other rent and lease options.

One great topic that investors like to research is sandwich lease option.  In my early years of investing I started off with doing a handful of sandwich lease options in my first week.  These types of transactions can be very beneficial for getting into properties with very little money, lower risk, and a lot of future potential to build equity.  With sandwich lease options, as an investor my goal was to do a lease option when possible as one agreement.  I tried to have my lease reference the option.  I locked in my option for 3 years on the properties I did sandwich lease option on.  Of course I tried to get in for as little as I was able, but I realize many landlords do require option money.  I also had memorandum of options signed to protect my interest in the property.  If you have some money available for option money, and you want to work with an agent to acquire a lot of investment properties please contact one of our agents by email or phone.

An article was written going over the lease option pros and cons.  This article will tell you the pluses and downsides to a lease option as it relates to the buyer and seller.  Our other articles will encourage both to do contract for deeds over lease options due to many reasons, and that is also the type of transactions that our agents work on.  One major positive to a lease option is that you can get into them for relatively an inexpensive Amount.  Another positive for a renter is the home owner will still pay the taxes and home owner’s insurance.  One downside is that you’ll eventually need to get new financing, whereas with a contract for deed you own the home now, and you later would try to refinance the property which is easier than a new purchase in most all scenarios.  Pros for a buyer are having the lease option as one contract, which is a downside for a seller. Having the contracts as a lease and option as separate forms is a pro for the seller, and a negative for the buyer.

A contract for deed assignment is something that an investor may use with an assignment of purchase with the purchase agreement. They may try to do a simo close, or work with a title company on how to handle this.  When you own on a contract for deed you can sell again on a contract for deed, rent out the place, or do a lease option, so these are all alternatives.  Some buyers or investors may not want to own the house for awhile, so they may assign their right in the property to get some upfront cash.  It’s not uncommon for a seller either to sell a note and cash out of the property before the balloon term is up.