Author: Chris B. Jenkinsbr
Source: ezinearticles.combr
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Buying real estate without putting any money down seems like a dream come true, but this is entirely feasible. In fact there was a lot of this sort of financing going on before the current economic meltdown put a cap on it.
However, it is still possible to buy real estate even if a person has a bad credit history and without putting any money down because of options like seller financing. In real estate there are people who own their homes outright and then there are homeowners who take substantial loans against equity on their property. The way seller financing works is that the borrower, in this case the seller of the property or current homeowner agrees to receive the contracted loan amount from the lender, who becomes the propertys co – owner for the period that full repayment with interest is not made.
However the uniqueness here is that as per the terms of the contract, the full loan amount may be given to the seller in installments, which means that the investor is getting home equity without having to put any money down! It perhaps indicates a level of desperation on the part of the seller and / or buyer when these kinds of deals are made, possibly because one or both the parties cannot get funds in any other way – possibly due to bad credit history or due to an emergency situation which cannot be funded by a normally processed loan or because the property does not attract most investors, etc.
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