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Home Ownership Made Easy

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Jan 23, 2004 8:48 am re: re: First-time Buyer Fears
Michael Keong
Dear Jo ,

Thank you for the compliments. Your questions are always welcome anytime.

As for the downpayment, there are other ways to get around that.One of the members have brought forth some excellent information....0% downpayment ie 100% funding from the banks or financial institutions.

I do not know about the mortgage laws in the US but 100% funding is extremely hard (if not at all) to come by in Canada.Unless you are financially very strong, such financing must be taken with great prudence.

I have a few that I would like to mention.Look for a seller(vendor)who may be in a situation where he has tax problems if he sells the property outright.Negotiate with him/her to take back 100% financing and work out the payment with him that would be comfortable for you.That way, he will be saving on capital gains and you will be able to get a foothold on homeownership....a win-win situation.It's never easy in such situation but it is possible and can be done.

Another way is partner up with another person who is like-minded.That way you need only to come up with 50% of the downpayment.In this situation you need to have an agreement between you as to how long you agree to keep the property.Each of you has the first right of refusal to buy the other out for whatever reason may arise in the future.

My favourite has always been to buy the worst house on the best block. Such property will always sell below its market value for that location.This will allow me to create immediate equity by doing some cosmetic improvements to the property. If I choose to do so, I can go back to bank and refinance to get my downpayment or part of it back.

I hope these additional ideas will open up more avenues for you . There are always creative ways to cut a deal.

Standing by to serve,

Michael.


> Jo Miller wrote:
> Hello Michael, Devin and all,
>
>Thank you Michael! You really did give me valuable information in your post. I'm a novice!
>
>I'm scared to death of buying a home. And, I'm not sure what that's all about. I guess I've rented so long. And, I think the payment scares the h... out of me. I pay almost $2000 a month toward someone else's mortgage. I know how stupid it is, but at these prices, I can't come up with the down payment. And, when I could afford in my area, I thought the prices were inflated. Little did I know that it hadn't even begun!
>
>That's my fear ... not being able to make the payments, not being able to afford my own repairs and not being able to come up with the down is just a reality at the moment. However, I plan to change that and started today!
>
>Thanks for a great group and for the wonderful info that comes from all of you!
>
>J
>: Joanne Miller : Third Stone Media : 949 719.9678 :
>
> Holloway wrote:
>> Over the years, we've worked with a number of first-time buyers.

Private Reply to Michael Keong (new win)





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