The news is full of real estate doom and gloom these days. Foreclosures are up! Fewer families can afford to buy their dream home! Lenders are encouraged to get tougher with loan applicants. Mortgage company shareholders demand reform! The Federal Reserve issues cautionary warnings on the economy because of the housing market!I could go on and on. But there is something you need to keep in mind as you hunt for your home. Actually two things.
First. Scaring people is what the press is all about. If they couldn't find something to warn you about and play on your insecurity, they would have to make it up or people would turn off the TV and stop buying papers! Don't believe it? Some years ago Turner Broadcasting had a program on Sundays called (as I recall) "Good News". They only covered stories of uplifting events from all over the world. You can't find the program on anyones schedule today. No one was interested in hearing "good news".
The second thing you need to keep in mind is that even if an event is bad for someone, it may just mean great news for you!
I did a quickie search this morning and found dozens of prospective homes to buy with no qualifying right in my local area. And I live in a small town. There are homes for sale by owner. Some in foreclosure and many, many in pre-foreclosure.
Now I am not recommending that you try to buy a that is in foreclosure without qualifying. Foreclosure investing is really for the experts. But some that are in pre-foreclosure may be worth a look and virtually any home for sale by the owner (FSBOs) is worth contacting the owner to see if you can come to a mutually beneficial agreement.
One of the best methods to do this is buying the home "Subject To" the existing financing. You do not use your credit so you do not need to qualify for a loan. Not all sales are able to be put together this way. But at this stage you're not looking for many homes - just one!
Probably the most thorough book on buying Subject-To also has the best price. It's free. You can get your free copy of the 203 page book Sub2Magic here.
After studying this resource, I think that you will be surprised at the power you now have to negotiate without revealing a single bit of your own credit information.
Originally posted 2007-04-10 14:47:49. Republished by Blog Post Promoter
