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You have probably come across a term like creative financing and have wondered what exactly it means. How does creative financing actually help someone who has had divorce, has been terminated from his job, has had a wife or a husband who is dead, has experienced some huge decrease in his income, or has been into foreclosure?
Through this article, you will have a deeper understanding on the different concepts that this creative financing has in store for you to have some benefits gotten from. You will have a deeper grasp of knowledge on the concepts that are related to creative financing. We will also be able to have some discussions on the advantages of being able to work with a professional property investor, and how one will be able to gain so much peace and freedom for themselves.
It is imperative to know first about different terms concerning the subject before actually being able to have a full on knowledge of the whole process, and the terms are as follows..
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Investor for properties- this is someone who has all the means to have a property bought and have full control on it, whether to have it sold, option, or rented for the sake of earning more cash.
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A cash sale- this happens whenever a seller tries to offer cash so that a property will be purchased by him. Usually this is done with a discount to be given for the benefit of the buyer since there is already the full payment on hand.
Having the subject be purchased for current financing- this would usually occur whenever the homeowner no longer has the capability to afford the house he is living in and has been on the verge of going through foreclosure, so the investor then has the property deeded to another new owner to have all the financial responsibilities given to the latter.
Purchase of the lease- this is made whenever the seller transfers and makes payments for a second house or another kind of property. Usually in this type of situation, the investor will have the seller's house leased for up to four or six years, with the seller's option to buy the whole property anytime during the whole lease period, at a price near the investor's or the seller's.
The quit claim deed- this happens whenever a legal document is made to be filed by the government office or agency, which has the ability to have a property's ownership transferred to another person.