“The housing market has regained some footing after a historic collapse that pushed the economy into its worst recession since the Great Depression.
That firming trend was reinforced by a report on Tuesday showing builders’ confidence in the market for new single family homes rose this month to its highest level in more than 6-1/2 years.”1
As builders start ramping up their operations, many of the homes currently on the market will undoubtedly start to generate more interest from buyers looking to purchase homes.
Many borrowers, who feel that this is the right time to buy due to price and increased confidence, may find themselves not being able to secure traditional financing from lenders.
This translates to more opportunities to sell for property owners who are able to provide financing to their buyers.
Any seller offering financing to their buyers would be well advised to speak to a knowledgeable real estate attorney who can help with these types of transactions.
Once the note has been created a servicing company such as Investor Loan Services can be used for the collection of payments.
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This information is intended to be used as a general guide. It is not intended to constitute legal advice and is not a substitute for the advice of an attorney. While every effort has been taken to present the information accurately, this document may not be infallible. No warranty is made that these materials are current, complete, accurate, or suitable for any particular purpose. You should seek advice from your attorney before proceeding with any real estate transaction.
Source(s):
1. Home Building Permits near 4 ½ Year High. N.D., Rueters, http://www.nbcnews.com/business/economywatch/home-building-permits-near-4-1-2-year-high-1C7662758#/business/economywatch/home-building-permits-near-4-1-2-year-high-1C7662758, Retrieved 01/15/2013.
