About the Buyer

Buyers, your time has arrived! No longer will you have to feel like a second rate citizen because of the power wielded by the banking and lending institutions.

Now because NoLender.com has given you the power to purchase a home WITHOUT the banks you’re in the driver seat!

On this page you will get the insight that only a few had access to, but no more!

Find out what it takes to position yourself to find the right ‘seller financed’ property, how to negotiate the right deal and close it just as fast or faster than a conventional sale.

Buyer Questions:

    Why should I do ‘seller financing’?

    Little or No Qualifying.

    Even if the seller demands a credit report on the buyer, the seller’s interpretation of buyer Jarvis Jones Womens Jersey
    qualifications are typically less stringent and more flexible than those imposed by conventional lenders.

     

    Financing can be Tailored to your needs.

    Unlike conventional loans, sellers and buyers can choose from a variety of payment options such as interest only, fixed-rate amortization, less-than-interest or a balloon payment. Payments can mix and match. Interest rates can adjust periodically or remain at one rate for the term of the loan.

     

    Down Payment Flexibility.

    Down payments are negotiable. If a seller wants a larger down payment than the buyer possesses, sometimes sellers will let a buyer make periodic lump-sum payments toward a down payment.

     

    Lower Closing Costs.

    Without an institutional lender, there are no loan or discount points to pay. No origination fees, processing fees, administration fees or any of the other assorted miscellaneous fees that lenders routinely charge, which automatically saves money on buyer closing costs.

     

    Faster Possession.

    Because buyers and sellers aren’t waiting on a lender to process the financing, buyers can close faster and get buyer possession earlier over a conventional loan transaction.

     

    SOURCE: About.com

    Is this really better than getting a loan from a Bank or Mortgage Company?

    YES!

    No qualifying with a bank, lender or loan underwriter!!!

    Substantial savings in closing costs.

    You can negotiate interest rate, repayment schedule, and other conditions of the loan.

    You can request special conditions for the purchase, such as inclusion of household appliances.

    You won’t have to pay PMI insurance premiums unless negotiated.

    Is this Legal?

    Yes, most states allow ‘seller financing’ such as California
    Are the documents all recorded?

    That would depend. If you are conducting a seller financed transaction Kevin Johnson Jersey
    by way of an A.I.T.D. then the answer in most cases would be yes because with an A.I.T.D. noramally a title policy is issued and thus recorded. But if you are conducting the sale via a Land contract then the answer would be no sense title would be held as an ‘equitable title” and without a grant deed.
    Can I get Title Insurance?

    Title insurance is issued if this is a A.I.T.D. transaction or if there are no loans and both parties agree.
    How do I protect myself?

    A working knowledge is one key factor but sense there are many elements involved with seller financing just as there are with any conventional real estate sale it is advisable to make sure that you use a seller financed expert whether you are buying or selling.
    Can I still get an appraisal to make sure I’m not overpaying?

    Of course. But please be aware that with the market we are ‘some’ appraisers if not ‘many’ seem to be especially on guard not to over appraise a property and may in turn over compensate and thus under appraise a property. Also one need to keep in mind that due to all the ‘short sales’ and bank forclosures it makes appraising a property very difficult. One protection is using a seller financed expert who can provide you with current ‘comps’ that can give Derrick Johnson Jersey
    you a good idea of what a property is worth.
    Can I still get Inspections on the property?

    Yes! A property inspection will let you and your agent know a lot about the property and the property condition.
    How much of a down payment is required?

    It depends. Remember with ‘seller financing’ you and the seller determind the down payment. There are no banking regulations to follow. If you both agree… you have a deal! If you use a seller financed expert agent he or she will help you determind the down payment that you should offer.
    Do I have to have Great credit?

    No! With seller financing if the seller likes your offer he can simply accept it.
    Will I still get to write-off my Mortgage Interest?

    This is a question for Anders Lee Womens Jersey
    your accountant to answer. But with our experience we see most seller financed interest payments considered as a write off.
    Can I be foreclosed on?

    There are seller financed sales where the buyer defaults and the seller in some cases can foreclose. In other cases the seller can simply call the agreement void and ask the buyer to vacate the property the same way a landlord ask a renter to vacate the property.
    How are monthly payments made?

    This is determined by the buyer and seller. Payments could be made directly to the seller especially if there are no loans on the property. Also you could use a 3rd party and make payment to it and they will in turn pay the seller, the HOA if there is one, the taxes and insurance, etc. The fee charged by a 3rd party is very Authentic Jordan Berry Jersey
    minimial. The 3rd party will keep both buyer and seller up to date on all payments made.
    What if the Seller fails to make the monthly payments?

    If a 3rd party is used to make payments as mentioned in the question just above, then this potential issue is resolved before it could occur.
    What if the Bank “calls” the underlying loan?

    Many experts agree that the chances of this happening are very slim especially if all payments are being made Amara Darboh Womens Jersey
    on time. It is believed that banks not only don’t have the man power to check all existing loans to see if there is anyting ‘out of place’ such as a seller financed sale nor is there any incentive for banks to call a loan due sense interest rates are so low on the existing loans in most cases. If interest rose substantially then a bank could begin to make efforts to start taking a closer look at things. What they may simply do if enough time has passed and you the buyer can prove that you have been making payments on time is let you refinance the property. This would be something that has many facets invloved and so you would want to consult an expert.
    What’s the best interest rate I can get?

    This is entirely between the buyer and seller to negotiate. Remember interest payments are a ‘write off’ so check with your accountant.
    What’s the paperwork like?

    The dreaded Paperwork! As with any legal contract there is quite a bit of paperwork. But with the help of a seller financed expert the ‘load’ will be much lighter.
    How do I find the right Seller?

    On your own it could prove to be a difficult task. But if you use a seller financed expert agent he or she will be your best source in finding the ‘right’ seller… and their service is 100% free to you the buyer!
    How do I find an Agent who knows what they’re doing?

    You should use an agent that knows about seller financing (creative Darius Butler Womens Jersey
    financing) and avoid many problems that could arise from a lack of knowledge. We have provided users of this website the ability to find a seller financing expert agent with the Authentic Nate Stupar Jersey
    click of a mouse. Simply click the ‘Get help NOW’ button located at the top of this website.