Buying a Home Before You Sell Your Home

photo credit: TheTruthAbout...

Creativity is the name of the game these days. The old days of getting a loan to buy a home are almost gone. People with near perfect credit are not getting loans, so how do the rest of us with, well, lets just say, "less than perfect" credit get a home loan? Cash is king, as the saying goes, but cash is in rare supply so I hear. Back in the day, you used to be able to get interim or bridge financing to buy a new home until your existing home sold. Thats not the case today.

With unemployment so high today, and the banks getting all this stimulus money, banks arent lending? Wait, that didnt sound right. Well it is though. Despite the banks getting literally billions form the government to help us; they simply are not lending (helping us). So, we are left to take care of ourselves. Thats okay though, we can do it. Seller financing is how we fix that little problem.

Most of us cant afford to buy a home until we sell our existing home first, leaving a huge hole in the repeat homebuyer segment of the market. Seller financing is a good alternative to bank financing, especially if you are an existing homeowner and you just need to be carried until your home sells. Its easier to negotiate the terms of the loan with the current home owner too. Solutions such as these are creative and could end up saving everyone involved.

Read the full article from Inman News

Posted on July 30, 2010 14:55:50 by Blog Author