A new "creative" way of buying or selling property!
Scenario: You have grown out of your home for whatever reason or ready for a change and want to take advantage of the incredible market and low rates. You have a ton of equity in your home but still do not want to have to "give it away" in order to sell it. You know what its worth and if you sale you have to compete with short sales and foreclosures. Well we have came to the resuce!
We will now payoff the existing lien and utilize the equity to purchase a new home at a VERY attractive rate.... once the home sales we use the money to lower your principal on the new place and re-adjust your mortgage at NO COST. So now you can buy in the low and sale in the high! No limits on time before having to sale and you can rent out your place until the market improves or have it empty and staged to show professionnally.
So heres an example:
Current value: $300,000 Assessed or Appraised with $100,000 balance (Realtor says you must drop to 245,000 in order to sale losing $55,000 or more in equity)
$450,000 New Home Purchase
$750,000 Total Equity
x
75% LTV = $562,250 lending power
- 100,000 pay off first lien
$462,250 avaialable or 100% financing for the $450,000 purchase with room for closing costs!
No Mortgage Insurance, No Money Down, Sale whenever the market turns, 100% Financing .... SIMPLY AMAZING!
Bill Black
360-326-8891 Office