How The Program Works And Why Financing Works With A Contract For Deed!
With the economy and housing market in the shape that it is currently in, alternative financing is a terrifc option for those who have been hurt and no where else to go because of unforseen circumstances.
Other Real Estate Agents And Lenders Told Me That I Cannot Buy!
With traditional financing becoming an unavailable option with a significant percentage of the population, our investors are willing to buy the home and sell it back to our customers on a Contract For Deed ( sorry, not your current home ) with lack of credit or bad credit. Most investors , banks require 10-20% down payment as part of the purchase, which is unfeasiable for most people. Our program requires much less of a investment. Homes are sold to you on a contract for deed or purchase money mortgage, depending on the program that you choose!
What Are The Costs?
Our program only requires that a client has $ 5,500 ( upfront ) , 2 months payments in reserves, Apprasial fee ( Normally $350 ) and 1st years homewoners insurance. Please do not call or e-mail unless you meet this requirement,
To Start, This Is Where You Begin!!
Contact us!!
Simple Application is made for the investor.
Meet with our Realtor.
Once our investor has reviewed your situation, they will require your upfront investment.
At that point, we then go find you a home!!
When You identify the home you want, AT A DEEP DISCOUNT!! Most times, we are looking for homes that you can purchase at a 40% discount of market value, we then draw up the purchase agreement to aquire the property. Once the closing happens, the investor will then do a purhase agreement between the home buyer and the investor, using their Contract For Deed financing or purchase money mortgage. The new homeowner has 2 years to improve credit, then refinance the initial investor out of the property. -
"How does the investor make their money? " As it is mentioned above, most banks require 10-20% down payment. The investor charges a total of 16% of the value at the time when you refinance the home . less the $5500 intial investment.
Only the homes that are on the market at a deep discount can be purchased on this program. It is the goal of the investor to help others into a home that is affordable.
The investors fees are to be paid up front, if you are unable to do this, the investment group will help you with a loan in order to do so..
For Home Sellers Facing Foreclosure/Short Sale
For example, John and Jane Doe were current on all their house payments until May 2008. At that point, their interest rate went up on their home to where it no longer was affordable. They are like every one else, they tried for many , many months... completely in denial of market conditions ( like everyone else) that they sold off all (if not all ) of their assests in order to make their payments
After missing several payments, John and Jane Doe had decided to put their home on the market. After a couple months of marketing time, an offer is received for less than what is owed on the home - this is to what is referred to as a short sale. We negotiate directly with your mortgage company on your behalf at the lower price. In doing so, our goal is to be able to sell your home and prevent you from having a deficeincy judgement against you; thereby, allowing you to improve your credit quicker. This is made possible by the H.R. 3648 (The Mortgage Forgiveness Debt Relief Act of 2007). In most cases, all of our fees are paid by the bank and not by you.
The sooner you contact us to list your home to get you out of your situation, the more time we have to negotiate with your mortgage company. In the meantime, if you are not making your payments, you will want to save your money and use it towards your Contract For Deed.
In a situation like this, after making application, our investor will carry a contract for deed in order to get you into another home.
We have been dealing daily with people who have made from $50k a year to those who made hundreds of thousands a year in income, this market has affected everyone, YOU ARE NOT ALONE!!
Contact Us for the Terms of each of our home listings that we have so that we can further assist you.
What Are The Different Terms?
Contract for Deed:
When Conventional Financing Is Not An Available Option For A Home Buyer, we get you with one of our investors who will Finance The Property For The Buyer In The Form Of A Contract For Deed. Contract For Deed Financing generally Has A 2-Year Balloon Payment Which At That Time The Home Buyer Will Be required To refinance The Property. This Is Why It Is Important For The Home Buyer To Consistently Improve Their Credit Rating.
Investor Financing:
We work with independeent investors who know they can earn a higher rate of return on their investments than a traditional bank will pay them. They will review your loan application, take into a account what your situation is and quite often finance you for a home.
The sooner you Contact Us to list your home and get you out of your situation, the more time we have to negotiate with your mortgage company.
Important Time Lines To Remember!!
Redemption Period: This is typically six months after the sheriff's sale. Call us ASAP to list your property for sale! We are MLS realtors!
*Redemption Times May Vary: Please Contact Us to discuss your property.
What Is Foreclosure?
At any time up to your sheriff's sale, you have the right to pay all fees and missed payments that are owed back to the bank. Once the Sheriff's Sale has happened, you typically will have up to six months to redeem your mortgage. In order to redeem at this point, means you must pay in cash the entire balance of your mortgage.
What Is Bank Owned?
You have gone through foreclosure and no longer have any legal rights to the property and where the bank has now taken possession.
Here Is What We Have To Offer:
Minimal Down Payment! Choose From Over
10,702 Homes! Contract For Deed Financing. We
Offer Today’s Going Interest Rates! Free Representation
From A Professional Realtor!
Simple Short Application!!!
For More Information On How A Contract For
Deed Works, Please Refer To Our Website @
Jeff 763-286-1362 or Cathy 763-286-9522
Cell: 763-286-9522 Cathy
Cell: 763-286-1362 Jeff
Office: 763-754-1400
Prudential Metrowide Realty, 15190 Bluebird Street #100, Andover, MN 55304
This program is offered by private investors. We at Prudential Metrowide Realty are not lenders or appraisers. These programs are subject to change without notice. We cannot gaurantee that everyone qualifies for these programs and is between the investor and purchaser.