Florida Real Estate Blog

That’s right in today’s real estate market with high inventory we must find a way to stand out to those limited buyers that are out there or create new buyers that have little or no down payments. Here is my suggestion and it also goes with the premise that this is only for the full price buyer.

We advertise 100% financing available with Seller contribution to Buyers closing costs. I know no body believes there is 100% financing available anymore. But it can feel like it is with an FHA loan. FHA allows for seller contribution to buyers down payment and closing costs. So for 6% Seller contribution that provides 3% for buyer’s down payment and 3% to their closing costs. To qualify the Home must be below $350k.

This separates you and those would be buyers with little or no money. Our Finance guy will quickly confirm if the buyer has the proper credit score to qualify and we will be off to the races.

So consider a home for sale for $300,000 today. It is not uncommon to see buyers offering 10% off asking price. It that was the case the Offer would be $270,000. If we

Use our marketing plan above offer comes in at $300,000 less the 6% seller contributions of $18,000. Your net grows to $282,000 before closing costs and you created a group of buyers that cannot afford any of the conventional mortgage homes.

You have done it. You’re Home and a group of buyers that can only buy a home like yours. Caution should be noted that an FHA loan does require an inspection at the same time as the appraisal so Sellers should be aware that after the buyer has their own home inspection done the lender could still come up with some issues that need to be repaired to qualify for the loan. They will also require that a home that has septic or well have those areas identified on the survey, so make sure you cover that with those individuals.

Success in 08….