Are you are a seller having trouble selling your property? I can guarantee you that a big part of the problem is that buyers in general are having a hard time getting financing. This is reducing your number of potential buyers. So why not eliminate the obstacle? Why not sell utilizing a lease-option or a wrap-around deed of trust or an assumption – with or without lender approval? Why make the buyer go get a new loan? Let the buyer use your loan.
In the old days almost all residential bank loans could be assumed or “wrapped around” or “taken subject to”. Then in 1986 Congress passed the Garn St. Germain Act. The due-on-sale clause in paragraph 17 or 18 of your deed of trust became enforceable under federal law. Most real estate brokers are afraid to “go around” a due-on-sale clause. Most tell buyers they have to get financing so the seller can pay off his or her loan. However, seller financing can work, although it has to be done carefully and with full disclosure to all parties.
In a seller-financed deal the buyer makes monthly payments to a collection service. The collection service pays the lender in the seller’s name and keep a record of everything. The buyer will pay a reasonable down payment – sometimes even enough to pay for closing costs and commissions and maybe enough to cash out the seller’s equity in the property.
Bear in mind that VA and FHA loans are assumable, provided that the buyer proves credit worthiness by customary credit standards, which may be less strict than standards for new loans – because often the seller is not released from liability, which means the lender will have two parties liable to pay the mortgage.
If you are a broker working on a deal where the seller is willing to “carry a contract”, don’t be shy about calling.
James Robert Deal, Broker and Attorney
Broker with Agency One Realty LLC
WSBA # 8103, DOL # 39666
James at James Deal dot com
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- 3 Sign In
- 4 Co-Broker Buyer Broker Agreement
- 5 JR-Deal-NewZ-2-8-2019
- 6 Home Renovation Can Cost A Lot
- 7 Funny Mockery of Ineffective Government – From An Opponent of Single Payer
- 8 IRS Provides Clear Test on How 20% Deduction Applies to Rental Income, Exchanges
- 9 Real Estate Calculations Every Investor Should Memorize
- 10 An additional inspection can cut short the time for the original inspection
- 11 Ten Mistakes Investors Should Avoid
- 12 How to Make Earnest Money Non-Refundable
- 13 4 Different Types of LLCs and the Ways They Pay Taxes
- 14 Why I Walked Away from a 118-Door Apartment, 10 Essential Real Estate Team Members & What to Do When Your Tenant Gives Notice
- 15 Helping Other Brokers
- 16 Home Inspection Questions
- 17 Seller-Financing Restrictions Under The Dodd-Frank Act – Barnes Wallace
- 18 Door Knocking to Find Real Estate Sellers
- 19 Radio – 9-16-2018 8 PM Eliminating Traffic Congestion 9 PM Buying Real Estate in Partnership – James Robert Deal – Attorney Broker
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- 21 Mistakes Sellers Make
- 22 Buy Real Estate In Partnership
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- 24 15605 Cascadian Way Bothell WA
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- 31 Selling FSBO Can Cost Sellers A Lot Of Money
- 32 Renew the National Flood Insurance Program (NFIP)
- 33 Underwater Properties – Due to Climate Change
- 34 18809 65th Place W Lynnwood
- 35 Co-Brokerage Listing Addendum
- 36 Call A Real Estate Attorney BEFORE You Buy or Sell
- 37 How Much Is Your House Worth?
- 38 JRDeal-NewZ-12-13-17 CDC Manipulated Results Anthrax Vaccine Sickens Soldiers
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- 40 Questions To Ask Before You Buy A Home
- 41 Prince Did Not Have A Will – Do You?
- 42 The Foreclosure Train Rolls On
- 43 Dodd Frank and Seller Financing
- 44 Buy This Book – Chain of Title
- 45 You Need A Lawyer When Doing A Modification
- 46 Mortgage Modification Successes
- 47 For Sale By Owner
- 48 Banks Losing Right to Require Arbitration
- 49 Bothell Real Estate Attorney
- 50 Real Estate Attorney And Real Estate Broker
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James Robert Deal co-brokers with other brokers on complex deals. This is a buyer broker co-broker agreement.
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I am a real estate broker and a real estate attorney. I help buyers, sellers, and other brokers throughout Washington. Call me at 425-774-6611 when your purchase or sale involves legal issues. I can often quote a flat fee payable at closing.
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18809 65th Place West Lynnwood WA 98036. This house has “good bones.” It needs fixup, cleanup, and your love.
As both a real estate attorney and a real estate broker, I co-broker with other brokers, helping them to take more listings and service them better. This provides better service for sellers.
Call a real estate attorney BEFORE you buy or sell property. Call Attorney James Robert Deal at 425-774-6611. In many cases I offer a flat fee, payable at closing out of escrow.
What is your Washington home worth? Click here to find out.
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There are seller financing restrictions when the buyer is going to live in the property.. No cash out less than five years. The rate must be fixed for the first five years.
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James Robert Deal, Attorney and Broker, assists for-sale-by-owner buyers and sellers. Call 425-774-6611 or 888-999-2022.
CFPB may allow consumers to sue banks and file class action cases. Banks will not be able to hide behind mandatory arbitration.
I am a real estate attorney serving Bothell, Washington. Contact me at 425-771-1110 or 888-999-2022.
James Robert Deal is both a real estate agent and a real estate attorney practicing in Lynnwood Washington. If He is your broker, he does not charge extra for legal work related to your transaction.