Creative Ways to Acquire Real Estate and Why You Should Use Them
In life we are all in different circumstances that may prevent us from finding a house for sale, getting traditional financing and moving in. But that shouldn’t stop you from finding a way to own a home. Take a look at some creative ways to acquire real estate that can help you on your journey.
Owner Financed Homes
Getting a home under owner financing means that owner is willing and able to finance the home to the buyer without using a bank. This particular situation is much harder to find than traditional but it may be the only option for people who own a small business due to how strict banks have become. With the right seller and buyer this can be the perfect way to acquire real estate in a creative way.
Rent to Own
At US Lease Option we are obviously a big fan of rent to own as a method for purchasing real estate. It allows you move into a home with a small amount of risk while you fix your credit, save money for a down payment, check out a neighborhood, sustain employment and the ability to get other miscellaneous items in order for getting financing. While it’s not for everyone it can be a great solution for someone looking to invest in their future while simultaneously getting their financial matters in order.
A short sale is the process of selling a home for less than what is owed by the original buyer with the agreement that the lender will release the lien on the property. This another way to get a big discount on your dream home but is also a complex and legal process. This is best left up to a savvy investor or a knowledgeable real estate agent.
Bank Owned / Foreclosure Homes
When a home goes into foreclosure if it is not sold in a short sale discussed above, it is then owned by the bank. Being that the bank is in the business of loaning money and not real estate they are more interested in clearing their books than getting the most for their dollar. In this circumstance you can get a great deal on a home for a significant discount in some cases as low as 50% of market value. Although, if you go this route be prepared to buckle down for the long haul, their can be exhausting back and forth with the bank as well as other bidders which can lead to 6 months or more of negotiations.
US Lease Option provides Foreclosures, Owner Financed, and Rent to Own Homes in our listings so feel free to get started on your search for alternative real estate here!