Buying Homes in Sandy Utah
Five Ideas for Financing the Purchase of a Home
In today's challenging economy,
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1. Ask the seller to help. Sometimes a lending institution will finance 90% and allow the seller to carry a second mortgage of 5%. Under this arrangement you would need a down payment of only 5%.
2. Arrange a "land contract" or "contract for sale" with the seller. Under this contract, you make payments to the seller and gain title with the final payment. A seller may agree to this loan if it allows him to sell for a higher price and/or to earn a high rate of interest.
3. Borrow from your retirement accounts. The laws concerning retirement accounts are complex. Ask a tax attorney to determine if you can finance a real estate investment with your retirement funds.
4. Use a credit card advance. Suppose a seller will take $10, 000 down on a fixer-upper. You expect to make $20, 000 by "flipping" the property in six months. Use the credit card for the down payment, and if you haven't reached your card limit, use it for the repairs too. Your down payment will be zero dollars. By flipping in six months, you will have paid $1,
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5. Borrow from friends and family. Be sure to make it a business arrangement. Friends or family may readily agree if you offer to pay 7% interest. This is more than the 2% they can earn on a money market account in the bank.
Thoroughly investigate these real estate financing techniques to get the best real estate financing deal that will work for you.
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