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With the lending solutions being as they are in today’s market it’s getting harder and harder to obtain traditional financing for a home these days. The lending instruments have become as volatile as the stock market, and so far have not shown any signs of changing in the near future. Through the “bailout” package, our government gave banks billions of tax payer dollars so they would in turn lend it to people to help stimulate the housing market; the only problem is the banks didn’t lend much of it, but instead cleared their own balance sheets and tightened their lending standards even further. This has lead to a lot of people being unable to obtain traditional financing for a home purchase.
I sometimes have a few solutions left for folks who do not want to rent, or “lease to own” Lake Conroe or Montgomery homes, but rather own their own home along with the tax advantages that go with it.
These transactions are the same as any “normal” transaction; there’s a purchase agreement, they close at a local title company with an escrow officer, all the proper documents are notarized, and the deed and note are recorded at the county for the new buyer. The only difference between these transactions and a traditional sales transaction is that the seller finances the sale instead of a bank. The potential buyer doesn’t have to worry with the standard loan process, and there’s little to no wait for an answer.
If you are self employed, have high debt ratios, new on the job, poor credit, past foreclosure, or other issues that are keeping you from obtaining traditional financing, this could be an alternative avenue to explore.
Commodity properties sometimes become available with owner financing; these are not older homes in poor neighborhoods, rather they can range from brand new custom homes on golf courses, to nicer interior lot homes in great neighborhoods with exemplary schools! Sometimes I can even arrange for people to pick out their own home and obtain seller financing (contact me for details).
Please contact me for additional information about obtaining Lake Conroe or Montgomery area homes that offer owner/seller financing. Please do not confuse these transactions with “contract for deed”, “lease to own”, or “wraps”, as those types of transactions are nothing like what I have outlined above. The sellers of these homes actually own them out right so there are no liens, therefore they are able to finance them as well as convey title to them. If you have questions about how the process works, or want to know more about the terms of the purchase you can simply call me directly at (936) 494-5441, or e-mail me at ray@lakeconroerealty.com. I will be glad to explain the process in greater detail, and answer any questions that you may have.