Creative Investor Seeks Willing HomeOwners and Buyers wanting to receive deep equity solutions all without dealing with the banks!
One proven creative way to buy real estate
is by using an agreement for deed, which is also known as a land contract.
These terms refer to the purchase of a property in which the buyer makes installment payments for a specified period of time. In return, the buyer is given possession and control of the property.
How it works
In this type of arrangement, the buyer has the right to use and occupy the property, but the deed to the property is not transferred until all, or a specified part, of the sale price has been paid.
This purchase technique allows buyers to obtain an interest in real estate without bank financing. It may also enable creative investors to cash in on their equity.
Flexibility for the buyer
Using this technique can provide buyers with tremendous opportunities. For one thing, it enables the buyer to purchase property without the initial concern of clearing bank underwriting criteria, or meeting the down payment demands of a bank.
And in addition, it may be easier to negotiate the monthly payment and/or deposit paid to the seller, than to negotiate the interest and loan amount that would be offered by a bank.
This technique will also provide greater flexibility for the buyer because of the greater likelihood of negotiating terms that will insure a positive income stream, and a good investment.
Viable solution for seller
Buying with an agreement for deed works especially well with sellers who are more concerned with getting their property sold than in cashing out the sale proceeds right away. For instance, sellers of vacant properties get a monthly income, and the promise of a completed sale.
In addition, a seller who has had a property for sale for a long time might enjoy the comfort of knowing that he or she has a buyer, even though the final payout may be a year or more down the road.
Investors who understand how to use this technique can then present sellers with a viable way to sell their property.
Benefits of possession
A buyer who uses an agreement for deed to purchase a property enjoys many of the benefits of outright property owners. Depending on the language of the agreement, the buyer may:
•Occupy and enjoy the property.
•Sell the property and make a profit.
•Enhance the value and appearance of the property through wise management.
In addition to these benefits, the buyer can ultimately own the property outright after all of the payments required by the agreement have been made. And if the agreement is properly structured, the buyer can also purchase a property with no down payment and with no bank financing.
The purchase is limited only by the buyer's creativity and the flexibility of the seller when it comes to the down payment (if any), the payment schedule, and the amount of the installment payments.
Some sellers may be willing to credit the full amount of each installment payment toward the final purchase price. This works out to be the same as providing 100 percent financing with no interest. It is unlikely that a bank would extend similar loan terms.
Refinance and cash out
Many conventional lenders have loan programs set up that enable investors who purchase a property using an agreement for deed to obtain refinance loans. This is a big benefit to the buyer because, unlike purchase loans, refinance loans generally do not require the buyer to make a down payment.
In addition, the buyer would be able to borrow against the property's appraised value, instead of the price you paid to the seller. And if the amount of all the closing costs and payout owed to the seller under the agreement is less than the refinance loan amount, the buyer can get cash at closing.
As you can see, this creative technique can meet the needs of both the buyer and the seller--another "win-win scenario."
Compliments of Carleton Sheets
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