Greenwich Real Estate News - Owner Financing

With the economy the way it is and money being tight for everyone, it has become more of a buyer’s market out there. However, when you find the home you want, the tricky part is figuring out how you are going to pay for it. There are many financing options, but one that most people do consider which actually may be very popular in a buyer’s market is owner financing. This is where the owner helps you as the buyer to pay for your new home. Now this may sound like it is not possible, but it actually can provide benefits to both a buyer and a seller. Here is some information and tips on owner financing to help get you started.

Ask your Greenwich real estate agent for advice
Agents have experience with all types of financing, and what may be best for you and in which market. They also may be able to help you talk to a seller about this financing option.

Land contract owner financing
This is where the title is not given to the buyer but the buyer is given an equitable title. The buyer makes payments to the seller for a certain amount of time and the buyer receives the deed after the final payment

Promissory Notes
The seller can either carry the mortgage for the entire purchase price which may include a loan, this is called an “all-inclusive mortgage “and the seller receives an override of interest on any loans. The seller may also carry a junior mortgage which would mean that the buyer would take the title to an existing loan or a new loan. The buyer would receive the deed and give the seller a second mortgage for the balance of purchase price.

Lease Purchase Agreements
This is when the seller gives the buyer equitable title and leases the property to the buyer. After fulfilling this agreement the buyer receives the title and obtains a loan to pay the seller after getting a credit for all or part of the payments towards the price of the home.

After reviewing these options, you may consider owner financing. It means little or no qualifying based on your credit for a home, flexible payment options from a seller, flexible down payment options and much more. In a buyer’s market a seller also may be more willing to consider this option. So if money is tight or you are not sure about your credit, this may be the perfect option for you to finance that new home.

Greenwich Real Estate News - Lease Purchase Options

When buying a home especially in this economy knowing all your financing options are really important. Buyers that may have decided on a home but cannot afford to pay for the whole price right now may be interested in a lease to purchase option. If this seems like your situation, here are some tips on lease to purchase options to help you get started. That way you can still afford and enjoy your new home with fewer worries.

Ask your Greenwich real estate agent for advice
As real estate agents, they have experience making all kinds of sales with all kinds of financing options. They will help you figure out if a lease to purchase option is right for you. They may also recommend that you contact a real estate lawyer to help out as well.

Buyer pays a portion of the price
With lease to purchase options, a buyer will pay the seller a portion of the purchase with the right to buy the property later. This amount may be very little or substantial depending on the terms between the buyer and seller.

The Buyer agrees to lease property
With this option, the buyer agrees to lease the property from the seller for amount that is decided on in writing. After these terms are up, the buyer purchases the property in full.

Monthly rent goes toward purchase price of the home
With these lease to purchase options, the money that a buyer pays to the seller during the lease terms goes towards the purchase price of the home when the lease terms are up.

No one else can buy the property while leased
This option may be good for buyers because during the lease period no one else can look at buying the home which means the buyers leasing the home will have more of an advantage.

With this economy and people being short on funds, this option may be good for both buyers and sellers. The buyers get a new home and the sellers keep getting money while leasing their home before it is bought. This is a win win situation for many people and will help everyone enjoy their new futures with fewer worries.

Greenwich Real Estate News - Avoiding Home Selling Mistakes

When you get ready to sell your home, there are many things to consider. Some of these things may include: the market, pricing, open houses, marketing, and negotiating with a possible buyer among having to get ready for your own move. It is hard to remember everything and you just want to be able to sell your home for a reasonable price and then move on to your own bright new future. Here are some home selling mistakes to avoid helping make the process a little easier for you and that possible new buyer.

Talk with and trust your Greenwich real estate agent
Make sure you talk with your agent about what you want and need and make sure you trust them to help you negotiate for you and help you sell your home. If you do not trust your agent, it can make selling your home even harder.

Know the Market
If it is a seller’s market, you may have a good chance at selling your home fast, if it is not, you may have your home on the market for quite awhile. Ask your agent for further advice on how to help you to sell in any market.

Consider your asking price
If a home is priced too high, this can be one of the biggest mistakes for a seller. This leads to no buyers, having the house on the market longer and more. Consider the market and other factors such as possible buyer’s wants before pricing your home.

Make sure your home is good condition
Before selling a home, it is important to make sure the home is ready to sell. This means making any needed repairs, organizing the layout of your home, as well as cleaning and putting away personal information. Homes in bad conditions will not be attractive to possible buyers and will make for a hard sell.

Invest in good marketing
Bad marketing techniques may include: poorly taken photos, not enough open house times, not enough descriptions, not listed enough, and more. Bad marketing leads to homes staying on the market too long.

Avoiding these big selling mistakes can help you and a buyer to reach an agreement faster and sell your home for a reasonable price. That way everyone is happy and you can move on to your new future with no worries.

Greenwich Real Estate News - Buying a Home with Covenant Restrictions

Buying a home is always an exciting time, but it can also come with its stressful parts as well. If you find the perfect home for you and your family, but it comes with covenant restrictions or things you can and cannot do with the property, it is important to know all these rules and guidelines. If you know the rules, it will make enjoying your new home and getting along with the neighbors that much easier for everyone. Here are some tips about covenant restrictions to help you and your family in your new home.

Ask your Greenwich real estate agent for advice
As your agent, they should know the basics of covenant restrictions and how restrictive they are in some neighborhoods compared to others. They will be able to help you find a home and a neighborhood that works best for you and your family. As well as tell you about any restrictions.

Covenants almost always have home construction requirements
This means that the covenant may state that this many homes may only be built here, or they may only be allowed to be built with these materials or be this color in some areas. Check with your agent about your home.

Covenants may have easement rules and other restrictions
This means that they may have certain requirements as to wear a pathway can or cannot be, or who can and cannot use the property such as friends, neighbors, other relatives, and more. Tree cutting rules may also apply as well as certain fees for road repair, fencing and where you are allowed to park a vehicle

Covenants may even have pet restrictions
Some covenants have pet restrictions although this is rare. If you have pets make sure to ask your agent if the neighborhood is pet friendly and what the rules are. Some covenants only allow outdoor pets while others are not that restrictive.

Do not make any assumptions
Even if there is not a covenant, there may be certain deed restrictions and rules that apply. Be sure to check over these so you are not surprised later on.

Knowing the rules and restrictions of covenants can help make the moving process and home buying process easier for everyone. These tips can help you to pick out the home that is just right for you and your family. This way you will have fewer worries later and more time to enjoy the future.