Creative financing

Arizona Creative Financing

Creative Financing Options

Creative financing is just that, you can get creative. The options below are just common models that people are similar with. There are several very common financing options that are available for certain situations. They are known by different names depending on where you come from. Here are a few quick summaries of the most common options out there. You can click on the links to take you to a list of properties that are advertising these options as a possibility.

1. Lease with the option to purchase- also known as lease option. With this type of deal you can move into your home and not worry about a landlord kicking you out, because you have a contract. You don’t own the house yet, but you have the option to buy it within a certain time-frame. Click here for properties that are currently advertising Lease options.

2. Lease purchase- also known as rent to own. This option you are renting and at the same time putting  a portion of your rent toward the future purchase of the house. This allows you to not throw all you money away with rent but put some toward the house as you go.  Click here for properties that are currently advertising lease purchase a an option to buyers.

3. Purchase Option -also known as option to purchase. This is where a seller accepts a nominal fee to allow the buyer to buy the house at a specified price (or maybe not) for a determined amount of time. No rent or monthly payments, but you don’t take possession either. Creative financing listings. Contact us for more info on purchase options.

4. Land Contract- Also known as an agreement for deed or agreement for sale. This option is a bit of a hybrid. The buyer pays mortgage to the seller monthly. Once the payments are complete the seller signs the deed to the buyer. The title company can hold the deed in escrow and payments can be made through them as well. So basically the buyer and seller have an agreement and when the agreement is satisfied the buyer gets the deed. Contact us for more info on land contracts.

5. Wrap mortgage- also know as wrap around mortgage. This option you don’t have to qualify with the bank but rather with the seller. You make you monthly payments to the seller and he makes his payments to his bank. This can be risky and you’ll want a consultation before seriously exploring this option. Creative financing listings. Click here for properties that are currently advertising wrap around mortgages as an option to buyers.

6. Seller Carry- also known as owner financing or seller financing. This option you purchase and make payments directly to the seller no bank is involved. Creative financing listings. Click here for properties that are currently advertising with seller financing as an option to buyers.

7. Seller Carry-back -Also known as partial seller carry. This option you would get a normal loan from a bank and the seller pays some of the down payment or more and the buyer pays him back monthly. Creative financing listings. Click here for properties that are currently advertising with seller financing as an option to buyers.

Buyers contact us by clicking here to be placed on our buyers list. We will find out what you are looking for and start hunting down properties that fit your criteria. We will alert you as they become available so you wont miss out on that awesome deal you’ve been waiting for.

Sellers contact us and we will go through the options and get a game plan for what you are willing and are not willing to do.

What is the catch? Well, not every property has creative financing available. The seller of the property has to be willing to get creative as well as the buyer. Usually these creative deals are more prevalent in buyers market. Sellers are looking for options to set their house apart from the rest. It is very common for the seller to actually sell the property for more than they could without getting creative due to the benefits to the buyer. The buyer can buy the property with less qualifying and in some instances for less down and even a better interest rate. There are thousands of different possibilities when it comes to creative financing. Call RCP and ask to talk to a creative financing specialist if you are thinking that you may want to buy or sell creatively. We think outside the box and have been buying homes creatively for more than 10 years. Don’t get overwhelmed by the different options, just give us a call and tell us your scenario and we will see what options would work best for you. Trust RCP with your next purchase or sale, because even if you are not going “creative” we can present you with options the other guy can’t.