You know who’s got good credit, right now; in 2011 – four years into the worst housing crisis and one of the worst recessions in the history of the United States?
I’ll tell you who.
The Pope and Payton Manning (and Manning’s might even go down a bit in the next couple of weeks)…and that’s about it.
I tell everyone who is on the fence about buying a home (NY) – and all sorts of folks come to me with questions, considering that my job has been to sell Long island homes for upwards of 16 years – I tell each and every one of them: if you’re even just thinking to buy a home (NY), then by all means…buy a home (NY)!
Almost 12,000. That’s the number of real estate transactions I’ve been involved in with The Billy Alvaro Group. Not trying to toot my own horn, but each and every one of those transactions, as you can imagine, has taught me something new about what it takes to buy a home (NY). One thing I hear a lot from folks who are on the fence (and incredibly, there are a lot of folks on the fence – despite deals that are just plain ‘ridiculous,’ literally!), I tell them that you don’t have to worry about your credit.
“What?” They always say, confused, as if they couldn’t really understand what I said…like I wasn’t speaking English.
DON’T WORRY ABOUT YOUR CREDIT!
The fact is that even if you don’t have Larry King’s credit score (err, maybe that’s a bad example), you can still get in on the fast track to buy a home (NY). One in five folks that you see on the street have what is termed a “deep subprime score.” And the numbers of folks with “superprime” scores are becoming just about as scarce as water in San Antone. Due to all of this, lenders have responded by lifting their credit watermark, and the upshot of all of this is that the definition of “good credit” has effectively been altered, forever.
One of the tricks you need to know to buy a home (NY) is that if you buy property on a land contract, which is also sometimes called a ‘wraparound mortgage,’ the bank is not involved in the process. And if the bank is not involved then, well, you don’t have to meet the banks’ standards, do you? As a land contract is simply a private contract between two parties who agree to express terms, which involve monthly payments and accrued interest over time, the seller on a land contract essentially serves as his own mortgage banker.
A seller might do this for many reasons; maybe he or she faces the daunting task of trying to sell an ugly house, or a house that might not pass the inspections required by a more conventional lender. Maybe the seller just plain needs to sell – there’s a lot of that going on right now (and even though it seems like a sad situation for some, the truth is that it helps folks in trouble out a lot when they remove the burden of being underwater on a mortgage).
Of course, there is a little bit more to it than just saying, ‘don’t worry about your credit.’ You can’t just snap your fingers. You need to make sure the land contract gives you some protections. For instance, make sure to structure the land contract so that the payments are divided so that you can remain in control of your destiny, so to speak. There is more you need to know, and all you have to do is give me a buzz anytime.
To quote an old science teacher of mine, “It’s not magic, but it is real!”
If you want to buy a home (NY) – even if you’re the type whose computer starts to cough up smoke and flash the word “overload!” over and over when it’s compiling one of those online credit scores – then you can buy a home (NY)! Look for a land contract…and don’t forget to call me if you need some help.
I’ll tell you who.
The Pope and Payton Manning (and Manning’s might even go down a bit in the next couple of weeks)…and that’s about it.
I tell everyone who is on the fence about buying a home (NY) – and all sorts of folks come to me with questions, considering that my job has been to sell Long island homes for upwards of 16 years – I tell each and every one of them: if you’re even just thinking to buy a home (NY), then by all means…buy a home (NY)!
Almost 12,000. That’s the number of real estate transactions I’ve been involved in with The Billy Alvaro Group. Not trying to toot my own horn, but each and every one of those transactions, as you can imagine, has taught me something new about what it takes to buy a home (NY). One thing I hear a lot from folks who are on the fence (and incredibly, there are a lot of folks on the fence – despite deals that are just plain ‘ridiculous,’ literally!), I tell them that you don’t have to worry about your credit.
“What?” They always say, confused, as if they couldn’t really understand what I said…like I wasn’t speaking English.
DON’T WORRY ABOUT YOUR CREDIT!
The fact is that even if you don’t have Larry King’s credit score (err, maybe that’s a bad example), you can still get in on the fast track to buy a home (NY). One in five folks that you see on the street have what is termed a “deep subprime score.” And the numbers of folks with “superprime” scores are becoming just about as scarce as water in San Antone. Due to all of this, lenders have responded by lifting their credit watermark, and the upshot of all of this is that the definition of “good credit” has effectively been altered, forever.
One of the tricks you need to know to buy a home (NY) is that if you buy property on a land contract, which is also sometimes called a ‘wraparound mortgage,’ the bank is not involved in the process. And if the bank is not involved then, well, you don’t have to meet the banks’ standards, do you? As a land contract is simply a private contract between two parties who agree to express terms, which involve monthly payments and accrued interest over time, the seller on a land contract essentially serves as his own mortgage banker.
A seller might do this for many reasons; maybe he or she faces the daunting task of trying to sell an ugly house, or a house that might not pass the inspections required by a more conventional lender. Maybe the seller just plain needs to sell – there’s a lot of that going on right now (and even though it seems like a sad situation for some, the truth is that it helps folks in trouble out a lot when they remove the burden of being underwater on a mortgage).
Of course, there is a little bit more to it than just saying, ‘don’t worry about your credit.’ You can’t just snap your fingers. You need to make sure the land contract gives you some protections. For instance, make sure to structure the land contract so that the payments are divided so that you can remain in control of your destiny, so to speak. There is more you need to know, and all you have to do is give me a buzz anytime.
To quote an old science teacher of mine, “It’s not magic, but it is real!”
If you want to buy a home (NY) – even if you’re the type whose computer starts to cough up smoke and flash the word “overload!” over and over when it’s compiling one of those online credit scores – then you can buy a home (NY)! Look for a land contract…and don’t forget to call me if you need some help.
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