Posts Tagged ‘ seller financing ’

Guerrilla House Buying: Taking Different Routes to Home Ownership

Some rays of positive light are beginning to shine on the American housing industry. The US Department of Commerce has recently reported that home sales are beginning to move up
from depressing lows to a point where a full-scale recovery may soon be developing. That is wonderful news but there still are some bumps along the way. Homeowners are holding onto
their property longer and a number of buyers are stuck with serious credit problems, making it very difficult to obtain conventional mortgage loans from financial institutions. Yet, it is very possible for a prospective buyer who has poor credit ratings to purchase a house. It just means that guerrilla house buying tactics may need to be used. This isn’t as threatening as it sounds. Guerrilla house buying simply means that the road less traveled is used and strategies that are a bit unconventional are considered (this assumes that a standard home mortgage from a bank is conventional means).

Family is a potential source of financing for even the purchase itself. It is largely accepted that an increased down payment translates to more favorable mortgage terms (lower interest rates, etc). In some instances, this can make for the difference between affordable and cost-prohibitive financing. In this scenario, a buyer agrees with a family member on a loan large enough to provide a sizable down payment. In most occurrences, the terms of a family loan comprises a minimal interest rate; in others, the arrangement may consist of repayment of principle only. Utilizing a (now) larger down payment, it is possible for the buyer to arrange a path to home ownership that creatively slashes costly interest rates (and other associated expenses).

Continue reading this post


Posted by: Guest Contributor on September 20th, 2012 under Guest Bloggers


10 Ways to Better Negotiation – Part 1

The key to effective negotiation is your ability to convey interest while at the same time being willing to walk away. It is important to establish your interest, else the seller think you are only a tire kicker out to waste their time.

Once he or she knows you are interested, their job becomes one of getting you to make an offer. Therein begins the delicate dance of negotiation.

Here are some tips, many of which I learned as an arbitrator and settling lawsuits.

Remember, every price is an “asking price”, not the price the seller is willing to accept.

1. Do Your Homework.

In order to know whether you are getting a good deal, you have to know the current marketplace. This includes the inventory and the economic reality of the local market. You also need to know the seller’s situation and motivation.

Don’t be afraid to ask questions. Continue reading this post


Posted by: Joseph Ferrara on March 24th, 2008 under Best Practices, Guest Bloggers, Polls

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