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And if youve dreamt about purchasing your own home for a while, this can be especially disheartening.
Thankfully, you dont need to despair.
Here are some strategies to help you achieve your goal.
This approach, Rivera noted, provides stability for the landlord while giving the tenant a path to homeownership.
Michele Diglio-Benkiran, real estate attorney atLegal Counsel, PA, equally recommended this as a wise move.
The buyer can then use the amount paid during the lease as a down payment, she said.
He explained that with the right legal documents in place, seller financing can be a win-win.
The buyer makes payments directly to the seller, who holds the mortgage, she said.
The specifics of the financing terms are outlined in thepurchase and sales agreement.
Real estate investors and private lenders may provide mortgage financing when banks will not, said Diglio-Benkiran.
Rivera advised the same.
The lenders earn above-average returns, while my buyers get short-term financing to secure deals they couldnt otherwise.
Terms tend to be six to 18 months, so the homes are sold or refinanced within that period.
The key, he added, is finding an option suited to your specific situation and risk tolerance.
For over 10 years, Ive helped clients acquire homes through alternative means, he said.
One couple wanted to buy a warehouse but couldnt get bank approval.
I found a motivated seller to provide financing with interest.
The couple has now owned that building for seven years.
Where theres a will, theres a way!
Talk to professionals, review your options and stay determined.
Withpatience and perseverance, you could become a homeowner.
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