If you have struggled with serious debt issues in the past, it may feel as if home ownership is an impossible goal. Although you may have credit challenges because of events such as a foreclosure, short-sale, or late payments, you may still have available home-lending options. For instance, options such as Seller Carryback Financing and Agreements of Sale could offer a solution for some sellers and buyers.
Seller Carryback Financing and Agreements for Sale
Seller Carryback financing is a type of mortgage where the seller provides some or all of the purchase price financing to the buyer. Agreements for Sale allow the seller to remain the fee title holder of the property while the buyer has equitable title until such time as the terms of the sale are met. These alternative lending options are appealing to buyers who have less than perfect credit and offer more flexibility than traditional loans. They are typically short-term which helps sellers move their property and gives buyers time to improve their credit health so they can refinance when the agreement ends. However, these loans have specific rules and legal requirements, and therefore it is vital that you have an experienced Arizona real estate attorney draft and review your carryback financing and agreement for sale documents.
At the Law Office of Laura B. Bramnick, we have expert real estate attorneys who are ready to help you explore the many financing options available to you. We have experience assisting our clients in obtaining non-traditional mortgages, which can help re-establish credit and put them in the right home for their needs. We also have the skill and expertise to review and accurately draft the real estate documents needed for these transactions.