Alternatives to Conventional Mortgages
October 19, 2008
Lenders have raised their standards. The qualifications which prospective home buyers must meet to secure a loan have seldom been higher.
But even as lender restrictions begin to ease slightly, many would-be purchasers are still restricted by marginal or insufficient credit. Alternatives common in the early ‘90’s have reappeared to pick up some of the slack, and to
increase options for buyers and sellers. Here are a couple of those options:
Short Sales: we discussed this option in our previous newsletter. The article on short sales can be found online at danawoods.info.
AITD, or “Subject To” Sales: another ghost from market cycles past. An AITD, or all-inclusive trust deed, in simple terms, is a contract that facilitates a sale from seller to buyer without the buyer obtaining a new loan. The seller sells a property “subject to” the extension of the current financing. This is tricky stuff, so don’t try this without professionals.
Renegotiating Your Current Loan
Some mortgage lenders are modifying the terms of existing loans to assist their borrowers. We can help!
Nothing would bring us more satisfaction than helping a neighbor keep their home. Let’s exhaust all options before choosing to sell under duress.
We’re happy to help your friends and family as well. Call us at (949) 240-5892 for a private consultation on this and other options.
It’s Fall, Y’All
October 17, 2008
One of my closest friends moved to Texas a few years back. And my sister, Rose, moved there some years ago with her family. So thanks to them, I’ve begun to speak with a drawl, y’all.
Okay, not so much! But fall, make that autumn, is upon us, and with it brings cooler temperatures, lots of holiday happenings and a national election.
The real estate market has just entered a new season as well. In the past few days, we have begun to hear anecdotal evidence of improvement in our local real estate market. First time buyers are beginning to take advantage of prices far lower than any time in recent years.
Are we at the bottom? Sorry, I broke my crystal ball when I began my real estate career. But we’re a lot closer to the bottom than the top. Now might be the right time for you. Give us a call, y’all!
Golf Tournament & Casino Night
Gasoline is pricey – why drive to Vegas when Casino Night is right here? JSerra Catholic High School, in San Juan Capistrano, is holding two fund-raisers to benefit its sports teams. The Golf Tournament is scheduled for November 7th at Arroyo Trabuco in Mission Viejo – a beautiful course. And the gift bags are incredible! The Casino Night is the following evening, November 8th, and dinner is included – tickets are only $50 each including gambling. Call me at (949) 240-5892 for info, or send us an email.
