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Sell-real-estate-fast-with-a--seller-second-
By Paul-Jerome
The real estate market has been showing signs of slowing and more and more properties are advertised for sale; however, one real estate transaction type is gaining in popularity and that is the "seller second". In such a scenario, the seller holds a second mortgage allowing the buyer to purchase the home with little or no-money-down. The down payment or a portion thereof is effectively financed with the "seller second".
Since the first mortgage balance will be less than 100% of the sale's price, there is a lower inherent risk to the first mortgage lender who in turn is willing to approve a buyer who would otherwise not qualify for a no-money-down first mortgage. This dramatically increases the pool of potential buyers and that leads to a quick sale in today's market.
Typical minimum credit score requirements for a no-money-down loan are 580 or above; but, with the assistance of a 5% (5% of the sale's price) "seller held second", a buyer can purchase a home with a 550 credit score. With a 20% seller held second, a buyer with a 500 credit score can buy a home no-money-down. With a 35% seller held second, there are no credit score requirements for the buyer.
After closing, the buyer will have two monthly mortgage payments, one payment to the first mortgage holder and a second payment to the seller. The second mortgage is typically structured as a thirty-year amortization with a five-year balloon. At the end of the first year, the buyer can refinance the first and second mortgage into one new first mortgage and at that
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time the seller will recoup the balance of the "seller second". In the meantime the seller will receive interest only payments from the buyer. A year ago, it was a seller's market. Properties were selling as soon as the real estate 'for sale' sign was planted in the yard. At that time, it was not uncommon to hear of bidding wars in the driveway and the subject property would end up selling for more than the asking price. Now we are in a different market. We have entered a buyer's market. Properties remain listed for sale for periods of time that exceed a sellers comfort level. Driving down a typical street in Any Town, USA, one might see numerous 'for sale' signs and even signs reading the likes of "price reduced". Reducing the price of a house does not significantly increase the pool of buyers that potentially qualify for financing for that property and therefore, demand remains unchanged as the result of a price reduction. The solution can be found through offering a "seller second". A "seller second" effectively increases the number of buyers that qualify for financing and subsequently increases the demand. FICO statistics seem to indicate there are approximately 25% of the scorable population in this country that have a credit score between 500 and 649. Offering a "seller second" to buyers in this range can turn them into qualified borrowers and happy homeowners. To offer a "seller held second", a seller will need to have sufficient equity in the property. Also, sellers need to understand that there is a risk of default by the potential buyer. ------------------------ Paul Jerome is a mortgage expert and contributor to Seller Helps Buyer, LLC. Seller Helps Buyer provides a format for sellers to showcase properties 'for sale' that are accompanied by a 'seller held second mortgage'. SellerHelpsBuyer.com Article Source: http://activeauthors.com Paul Jerome is a mortgage expert and contributor to Seller Helps Buyer LLC. Seller Helps Buyer provides a format for sellers to showcase properties 'for sale' that are accompanied by a 'seller held second mortgage'.SellerHelpsBuyer.com
Here are some more estate planning articles...
The Seven Critical Mistakes Real Estate Investors Make
By Derek Pierce
1. Lack of Exit Strategy:Most investors never plan on getting out of the deals, which will become your living nightmare if you fail to plan an exit strategy. A Buy and hold strategy is ok if Read more...
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Real-estate-seo
By Optitrex
In this current economy, businesses of all sizes, types, and specialties have been impacted both in their sales and in profits due to the sheer number of businesses that offer the same products. Only Read more...
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Estate Planning Basics
By By Amy Nichols
You have probably accomplished a great deal with your life. Over the years you have worked, planned and saved. Perhaps you have even made some sacrifices to achieve your current level of success. Read more...
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Real-estate-forecast-still-strong-
By Mrinal-Dutta
Recently organized a survey over the real estate is forecasting a minor decline in home sales for 2006, largely due to an increase in interest rates.It's obvious that buyers are starting to Read more...
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Could a downtown Greensboro performance center go in the South Elm St. development?
The Redevelopment Commission of Greensboro anticipates having a master development agreement in place before the end of the year and selling seven acres of city-owned land to a developer in December for a mixed-used project at South Elm and Lee streets.
The commission gave a nod to the timeline during its meeting that laid out the three-step process leading up to breaking ground next year on the $42 million project that is expected to include 168 market-rate apartments, retail space, a 75- to 90-bed hotel and 25 town house or condo units...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=67MmAZ3IYP0:Fh9hfhkuM_8:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=67MmAZ3IYP0:Fh9hfhkuM_8:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=67MmAZ3IYP0:Fh9hfhkuM_8:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=67MmAZ3IYP0:Fh9hfhkuM_8:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=67MmAZ3IYP0:Fh9hfhkuM_8:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=67MmAZ3IYP0:Fh9hfhkuM_8:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
</div>Forget the Super Bowl - The Biscuitville Bowl is coming
If you're not all that excited about this weekend's Super Bowl, take heart. The Biscuitville Bowl is coming to Greensboro.
Action Greensboro on Friday announced the Greensboro Collegiate Biscuitville Bowl, a new collaboration between Opportunity Greensboro, synerG and Biscuitville.
The Biscuitville Bowl, to be held April 16 -21, will be a week-long celebration of the city?s entrepreneurs, seven colleges and universities and their 50,000 students. It aims to connect the schools with the local business community and synerG young professionals with college students...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=qj-zKw4Gav4:CErI0CvjJlk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=qj-zKw4Gav4:CErI0CvjJlk:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=qj-zKw4Gav4:CErI0CvjJlk:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=qj-zKw4Gav4:CErI0CvjJlk:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=qj-zKw4Gav4:CErI0CvjJlk:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=qj-zKw4Gav4:CErI0CvjJlk:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
</div>Rezoning for development that could have Trader Joe's won't happen in March
<img src='http://assets.bizjournals.com/kansascity/news/2010/12/17/Trader%20Joe's-Raleigh*100.jpg?v=2'>The approval process for a new shopping center in Greensboro that could include a Trader Joe?s store will not begin until April at the earliest.
Donnie Turlington, spokesman for the city of Greensboro, said the applicant is still working on addressing neighborhood concerns regarding the development before submitting its request to the city's Zoning Commission. Today was the deadline for the proposal to be heard in March.
Regency Centers is planning a 53,000-square-foot shopping center at the corner of Hobbs Road and Friendly Avenue, but has declined to say who the tenants would be...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=aNQZFafYrAc:W9TueMCHqeM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=aNQZFafYrAc:W9TueMCHqeM:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=aNQZFafYrAc:W9TueMCHqeM:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=aNQZFafYrAc:W9TueMCHqeM:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=aNQZFafYrAc:W9TueMCHqeM:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=aNQZFafYrAc:W9TueMCHqeM:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
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The preparation of a plan of administration and disposition of one's estate using a will, trusts, gifts, power of attorney, etc.
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