Real Estate SOULutions

We’ve talked before about the benefits of owner financing from both the perspectives of a buyer and seller – but maybe you still want to know what exactly owner financing is – and what it entails. Owner financing put simply is a tool that can be used to purchase real estate when you can’t, or don’t want, to use a traditional mortgage or go through a real estate agent. Owner financing goes by many names including seller financing, owner carried financing, owner carryback or owner will carry. They all mean the same thing – the seller has agreed to accept installment payments directly from the buyer. Owner financing can be used by anyone and can be used to purchase any type of property – a single-family home, apartment building, or raw land. When it comes to owner financing, there are some terms you will want to know and understand: ·         DOWN PAYMENT – It is very unlikely that you will be able to work out an owner finance deal without a...

The great states of Louisiana and Texas both agree, the best way to handle foreclosure is like ripping off a Band-Aid - fast! Unfortunately, the pain of foreclosure is much longer lived than the adhesive strips of a Band-Aid being removed from your skin. But how bad can being foreclosed on really be? Let’s look at the 5 biggest problems that you likely face if you go into foreclosure. 1.    FINDING A NEW PLACE TO LIVE – This is going to be your first hurdle. Very quickly after your house sells at auction, you will be evicted and in need of a new place to stay. This can be a problem on several levels – not only will you need to have enough money to put down for your deposit and first months rent, but a majority of landlords also require application fees and will do a credit check. With a foreclosure on your record your credit score is going to be low and this is likely to discourage landlords from renting to you. 2.    LOW CREDIT SCORE – Having a foreclosu...