Jeff Masich, Associate Broker and REALTOR® with "HomeSmart®, the #1 Real Estate Broker in Residential Sales in Phoenix AZ metro"...Phoenix Business Journal.
Can't qualify for a home loan? Need creative alternative financing? The sellers may carry the mortgage on these homes for sale with a down payment.
Sellers that own their homes free and clear may offer "Seller May Carry" terms typically with a down payment of 20-35% (rarely lower) and with interim financing terms of 3-5 years to the Buyer. Don't expect market interest rates from the Seller. If you want a low down payment and low interest rates see Home Lender.
For Buyers that have had a foreclosure or short sale this may be an option if they cannot obtain an FHA, VA or conventional mortgage which would cash out a Seller. Using the interim financing from the Seller until a new mortgage can be obtained by the Buyer can result in a successful home purchase. The Seller carry mortgage rate is determined by the individual Seller based on their personal risk tolerance, the amount of the down payment, credit application and financial condition of the Buyer. A Buyer, should expect to submit an application to the Seller as having proof of funds alone for the down payment will not be enough. Providing proof of funds, credit application and a letter explaining from the Buyer will have to be presented to the Seller for consideration.
Associate Broker (License # BR632450000 State of Arizona) REALTOR® (National Association of Realtors) GRI (Graduate Realtor Institute) CSSN (Certified Short Sale Negotiator) MBA (Master Business Administration) BS (Bachelor Science- Accounting) CCE (Certified Credit Executive-former) CCM (Certified Cash Manager)
HomeSmart®, 10601 N. Hayden Road, Suite I-100, Scottsdale, AZ 85260