Owner Financing May be the Best Route for Some Home Buyers (and Sellers!)
By Jennifer Scott McLaughlin
(Fresh Coastal Properties by Tarpon Real Estate, Inc)
Many home buyers would like to take advantage of the Southwest Florida housing market decline and get in at prices unseen for almost a decade. So what's stopping them? Most likely, two things. One...many are finding it difficult to procure financing. Most banks would like to see 20% down these days and a very healthy debt to income ratio. Even though many current homeowners would like to downsize, without equity in their current homes, it is nearly impossible for them to find the 20% down cash. The second obstacle for many is being able to sell their current homes. In some of the more hard-hit areas, we have seen home values drop 50% or more. This leads many to having to "short-sale" their homes---selling the home (with approval from the bank) for less than what is owed on the note. Obv...
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