Have you wanted to buy a house, but don’t have the greatest of Credit… Read this ….

by Joyce Corsi Hazen on Monday, October 24, 2011 at 11:43pm

Seller Carry Backs: Finance a Home Without a Mortgage

Most people have never even heard of a seller carry back, yet it was highly popular when people bought and sold homes 40 years ago.   Right now, in our economy, it can really pay to understand this real estate strategy.

So, what is a Seller Carry Back?

A seller carry back is simply owner-provided financing. It is also referred to as “Seller Financing”, or “Owner will Carry”.

This strategy is a Seller offering to carry back a note—This can be a tremendous win/win for  both the seller and buyer. Seller carry backs are becoming increasingly popular in today’s economy, and very much so in Arizona, as getting traditional home loans from banks becomes more challenging.

 Here’s how it works:

When a homeowner wants to sell his house but has trouble getting enough qualified buyers due to tight lending or, the seller can “carry back” the note on his own house.

1. The buyer and the seller sign a promissory note. This note says the buyer promises to pay a specific amount of money, with a specific interest rate, at a specific time. Sounds like a mortgage. The only difference is that instead of making payments to a bank, the buyer makes monthly payments to the seller on an Agreement for Sale.

2. The seller moves out, transfers title, and collects monthly payments from the buyer. The seller acts like the bank, holding the note and collecting payments. If at any time the buyer stops making monthly payments, the seller has the opportunity to legally foreclose and take the property back. He can then try to sell the property in a traditional sale, or carry back a note again.

There are more terms and conditions that protect both the Buyer and Seller, but this is extremely common, and a great way to own a home in lieu of renting.

Don’t feel like you cannot be a homeowner, because you CAN !

If you would like more information, or want to see some homes that offer Seller Carry Financing, give me a call @ 602-284-9822 or send me an email.


Joyce Corsi Hazen, REALTOR®, CNE, SFR
LONG REALTY COMPANY
Cell phone: 602-284-9822
USA & CANADA Toll Free: 877-469-7431
Fax: 623-505-4346
E-Mail: JoyceHazen@ymail.com
Website: http://www.JoyceHazen.com

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About Joyce Hazen, REALTOR, CIPS, CNE, SFR

An Arizona and Greater Metropolitan Phoenix Realtor, I am a full service professional with an International Designation, CIPS, who works with Buyers, Sellers & Investors all around the world. I have experience in both the residential and commercial communities. In addition, as a Certified Negotiation Expert I work my hardest to utilize my negotiation skills to benefit all clients. I also speak French, English and Italian. Originally from Canada, having moved to the Valley in 2000, I pay special attention to your personal individual needs and desires, to find you the home, land, or building that you’ve been dreaming of. Real Estate has given me the privilege of working with so many wonderful people and with my knowledge, tools and skill set I have been fortunate to realize that individual needs change from person to person, business to business, culture to culture, and that every request is important to you. For that very reason, when I embark on a journey, I work closely with you, whether you are buying or selling a home or commercial space, whether it is a tradition sale, short sale or foreclosure. I will help you as I am highly motivated, results driven and have taken time to research the marketplace, trends and opportunities to know how to best serve you. With my experience, culture and languages, you can rest assured that your best interests are my priority. I will help you find the home or property of your choice and professionally negotiate on your behalf. It is for these reasons that so many of my clients refer me to their friends and families. The Valley of the Sun has been one of the fastest growing U.S. metropolitan communities, Phoenix has grown tremendously over the past couple decades. Financial Institutions are working with Americans, offering terrific mortgage deals, as well as with foreign investors who are interested in purchasing second homes… the opportunities are endless. My mission and goal is to provide you with superior service. Welcoming new residents to Arizona including Americans and International clients who want to relocate permanently, a home away from home or to escape cold winters, is a pleasure! I enjoy meeting new people and always set my goals high and strive to achieve them. If you’re ready to search for the perfect property, I am here to show you the very best homes that meet your criteria.
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