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ARTICLES
| Creative Financing - Note Buying & Selling |
| Date: 05/05/2008 By: Jeanie Schmidt |
Do you own property, create lease-options or have monthly income you’d rather have a lump sum of cash for?
If you own property you wish to sell in this tough market, you probably already know that bank financing can be hard to find for any buyer even those with good credit to obtain. One solution is for the property owner to get creative and offer seller financing to potential buyers in order to sell their house or land more quickly (and at a higher price).
While applying seller financing techniques isn't more difficult than traditional real estate sales, it is important to recognize that the buyers looking for seller financing represent a different target market than typical bank-financed customers.
Once seller financing or the ‘note’ is created, the process for obtaining a lump sum cash payment varies from the conventional real estate closing technique as well.
Now you have monthly income which you may- one day or immediately-prefer to have a lump sum of cash for
Perhaps an immediate need arises for more cash than is available from the scheduled principal and interest payments you are receiving. In order to quickly obtain a large proportion of the money due from the loan you’ve just created, you could sell the monthly note payments to a buyer for a lump sum of cash. By locating someone willing to |
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| Mortgage Credit News for May 2, 2008 |
| Date: 05/05/2008 By: Lou Barnes |
Long-term interest rates stayed about the same (mortgages 6.00%, 10-year Treasury 3.84%) as markets quarreled over the meaning of a new mountain of data.
The Labor Department said today that the unemployment rate in April declined to 5.0%, and payrolls lost only 20,000 jobs. For all the attention paid to this report each month, it often wildly mis-describes the economy; this one was so weird that not even economic optimists are crowing. In authentic news, claims for unemployment insurance jumped 35,000 to a cycle-high 380,000, total on benefits to a five-year, 3-million high.
The Fed’s post-meeting statement laid it out: “Economic activity remains weak.” Those who expected the Fed to identify a cycle-end, a rebound in sight, were mistaken. 1st quarter ’08 GDP arrived at a .6% gain, but adjusted for inventories contracted about 1%. The GDP measure of inflation was excellent, surprisingly stable.
Factory orders had a good month, plus 1.2%, driven by overseas demand. That foreign-market support for big business explains the sensation of two economies, big healthy, consumer not.
As the economy stumbles, the failure of political leadership has been matched by shortcomings in the professional financial class. Specifically, in the 45 days since the Bear Stearns liquidation the Fed has received extraordinarily unfair and unfounded criticism, the worst from people who should know better.
The Fed has been the only public agency to respond adequately to this crisis, yet talking-heads every hour rip it for its Bear action, its wider effort to provide liquidity and credit to the system, its inattention to |
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