Using creative financing to purchase own residence.

[Thomara Shoulders]

Has anyone ever used creative financing to purchase their own residence? If so, how did you do it? I'm just curious.

[Account Closed]

yes, it is done all the time, 

• ask the seller to carry a subordinated first (moved to second position), get a first mortgage for the difference, or more to walk with cash.
• ask the seller for 100% mortgage
• ask the seller for Principal mortgage (no interest)
• give the seller something you have in exchange for the down payment, a car, chattels , trade of a property
• offer to pay more with a lease purchase agreement with all lease payments being applied toward the purchase price
• offer to pay the down payments in installments
• always ask for cash back (seller contribution)
• offer to repair, paint etc for a fee, use that as a down payment. (clause; buyer agrees to paint the house and replace the windows in consideration of $10,000) Seller writes you a check for $10,000, you endorse it back to him.

They are a few ideas, good luck.

Charles

Oh, it is one thing to verbalize your request for creative financing, but most effective to put you request (demands) in a  contract offer.  It isn't or believable until it is written. Don't beg, just write it so it is clear and understandable. Once your offer is written it becomes  a point of negotiation.