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Posted in For Sale By Owner, Foreclosure Defense, Seller Financing

We have an open telephone line to brokers, buyers, sellers, and clients in general who may need help with buying or selling real estate or who may need help with mortgage modification. Services we offer: Help to Brokers, Co-Brokering Escrow Setup Lease Option Deals Mortgage Modification Help to Sellers Help to Buyers Cleaning Up Our Drinking Water Making Snohomish County a Better Place Your referrals are welcomed. Sincerely, James Robert Deal , Attorney James@JamesDeal.com 425-771-1110 telephone 425-776-8081 fax 3715 196th St SW # 2276 Lynnwood, WA 98036 www.Mortgage-Modification-Attorney.com www.Fluoride-Class-Action.com www.JamesRobertDeal.org...

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Seller Financing – The Original Financing

Posted in Seller Financing

AN ABBREVIATED HISTORY OF CREATIVE FINANCING The first forms of financing was seller financing. The buyer would buy personal property or real property and pay the seller on an installment basis. Over time lending houses grew up, and purchase mortgages developed. Lending was local, done by bankers who knew what the land was worth and whether it was being properly managed. The typical real estate mortgage in the United States was an interest-only loan with the full balance due in five years. During the Great Depression, the United States government institutionalized the 30-year fixed interest rate mortgage. As a result of our Great Recession, there are many properties on the market for bargain prices. But it is harder than it has ever been to get financing. The solution is not to get new financing. Instead use the seller’s existing financing. Do...

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I Help Brokers Do Seller Financed Deals

Posted in Seller Financing

I HELP BROKERS  STRUCTURE SELLER FINANCED DEALS  Brokers are licensed to write up standard transactions using multiple listing association forms. A seller financed deal requires teminology which the standard forms do not cover. There are a lot of moving parts in a seller financed deal.  No two seller financed deals are alike, whether they are wrap-around deed of trust deals, assumption deals, or lease option deals. That’s where I come in. The broker writes a draft purchase agreement and then adds this wording: “This is a good faith letter of intent at this point. It will become a binding contract after additional seller financing terms are added and clarified by a licensed attorney”.  Then the broker should call me. We will figure out together how to get the transaction reworked and into closing. I ran an escrow department in my law...

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Lease-Option Deals Open Doors

Posted in Seller Financing

LEASE-OPTION AND LEASE PURCHASE DEALS A lease-option or lease-purchase deal is a form of seller financing.  With the lease-option deal, title stays in the seller until the buyer refinances or resells or otherwise pays off the seller. The wrap-around deed of trust deal is another version of seller financing. The advantage of a wrap-around deal is that actual title is transferred to the buyer.  Read more about lease-option deals here. Read more about seller-financing in general here.  James Robert Deal AttorneyWSBA # 8103425-771-1110, 888-999-2022James at JamesDeal dot...

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How does creative financing work?

Posted in Seller Financing

March 27, 2011 Today I got this email from Teresa, a real estate broker: James, I have a buyer with a good down payment. They make good money, but they are self-employed, have less than perfect credit, and are having problems getting financing. They have been looking to buy a home around the $300-400k range.  I would like to get you connected up with my buyer to see if they can use your creative financing techniques to make a purchase. Let me know when you are available. Sincerely, Teresa, Real Estate Broker *** Dear Teresa, I can probably help this buyer. I look forward to talking with you. It sounds like you have found the kind of buyer who can benefit from creative financing. What is the advantage to a buyer to do seller-financing? The buyer can avoid the...

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Creative Financing – Seller Financing

Posted in Seller Financing

SELLER FINANCING IS A FORM OF CREATIVE FINANCING I would like to say a few words about creative financing, also referred to  as seller-financing, or a wrap-around deed of trust deal, or a lease-option deal.  Creative financing includes seller financing, but it is a broader term. For example, a buyer might get a new first position mortgage with the seller taking back a second position mortgage.  Or the seller might take back security on a different property. Or the seller might take back both a first or second mortgage plus side security on other property.  Seller-financing is advantageous because it avoids the hassle of having the buyer get a new loan. There are only two parties to a seller-financed deal, buyer and seller, instead of the usual three parties. The lender is not there to rain on our parade....

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