Arizona Real Estate Page
- $795,000 :: 5431 E Rockridge Road, Phoenix AZ, 850183 beds, 2 bathsHome size: 2,666 sq ftLot Size: 82,764 sq ftAdded: 03/05/10, Last Updated: 03/09/10Property Type: Single Family – Detached, ResidentialMLS Number: 4350420Tract: Highlands Great opportunity for a light bright view home on Camelback Mountain on over an acre for under $800,000! This home is in original condition and is ready for updating or add […]admin
- $695,000 :: 8449 N 15th Street, Phoenix AZ, 850204 beds, 4 bathsHome size: 3,005 sq ftLot Size: 24,000 sq ftAdded: 03/08/10, Last Updated: 03/09/10Property Type: Single Family – Detached, ResidentialMLS Number: 4351747Tract: CUSTOM- HILLSIDE Fantastic Hillside Location- Beautifully situated on secluded Hillside location with quiet cul-de-sac Elevated with city views of downtown phoenix skyline. This 4 bedr […]admin
- $624,900 :: 3441 E Desert Broom Way, Phoenix AZ, 850445 beds, 3 bathsHome size: 5,559 sq ftLot Size: 18,000 sq ftAdded: 12/19/08, Last Updated: 03/08/10Property Type: Single Family – Detached, ResidentialMLS Number: 4090487Tract: Canyon EstatesThe price of this listing was last reduced on 3/1/2010 by 3% IF YOU NEED A HOME THAT GIVES YOU PLENTY OF SPACE AND ROOM FOR EVERYONE TO HANG OUT, THIS […]admin
- $615,000 :: 5810 N Echo Canyon Lane, Phoenix AZ, 850182 beds, 2 bathsHome size: 2,316 sq ftLot Size: 7,500 sq ftAdded: 12/05/08, Last Updated: 03/08/10Property Type: Single Family – Detached, ResidentialMLS Number: 4082437Community: Echo CanyonTract: Echo CanyonThe price of this listing was last reduced on 3/8/2010 by 5% ** DRASTICALLY REDUCED from original price of $897,000!! ** Exclusive guard-gated Echo Cany […]admin
- $570,000 :: 22647 N 54th Place, Phoenix AZ, 850544 beds, 3 bathsHome size: 2,816 sq ftLot Size: 24,000 sq ftAdded: 04/02/09, Last Updated: 03/08/10Property Type: Single Family – Detached, ResidentialMLS Number: 4153255Community: Desert RidgeTract: Desert RidgeThe price of this listing was last reduced on 3/8/2010 by 5% This home is truly special…. Please bring your buyers who want a stunning single level […]admin
AZ Lake Properties
- $775,000 :: 40023 N 110th Place, Scottsdale AZ, 852623 beds, 3 bathsHome Size: 2,454 sq ftLot Size: 7,500 sq ftAdded: 01/17/09, Last Updated: 01/27/10Property Type: Patio Home, ResidentialMLS Number: 4105723Tract: DESERT MOUNTAINThe price of this listing was last reduced on 1/27/2010 by 11% ***NOW A SHORT SALE***Bring Offers***Unbelievable price for this COMPLETELY RENOVATED AND UPGRADED Apache Cottage – sweep […]
- $749,900 :: 17894 N 95th Street, Scottsdale AZ, 852555 beds, 4 bathsHome Size: 4,212 sq ftLot Size: 12,500 sq ftAdded: 06/15/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4190963Tract: DC RanchThe price of this listing was last reduced on 11/18/2009 by 6% This luxury Tuscan style home is situated on an oversized lot in the prestigious gated community of DC Ranch. [.. […]
- $799,000 :: 28648 N 108th Way, Scottsdale AZ, 852624 beds, 4 bathsHome Size: 4,517 sq ftLot Size: 18,000 sq ftAdded: 10/10/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4271238Community: Troon NorthTract: Candlewood Estates at Troon North Unit 3 The Best Bargain in Candelwood, priced to sell at $177/sq ft. On over 1/3 of an acre this 4 bedroom, 3.5 bath [...] […]
- $795,000 :: 10259 E Nolina Trail, Scottsdale AZ, 852623 beds, 3 bathsHome Size: 3,150 sq ftLot Size: 0 sq ftAdded: 04/21/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4160807Community: Desert MountainTract: Desert MountainThe price of this listing was last reduced on 1/27/2010 by 6% Let’s take it to the BANK! Just reduced to 795K without the golf membership- beautiful […]
- $703,000 :: 11363 E La Junta Road, Scottsdale AZ, 852554 beds, 5 bathsHome Size: 4,372 sq ftLot Size: 15,000 sq ftAdded: 04/09/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4155050Community: TroonTract: Troon VillageThe price of this listing was last reduced on 1/27/2010 by 1% APPROVED…APPROVED….SHORT SALE !!!Perfect entertainers home with views all around. Very priva […]
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Seller Carry Financing Ideal in today’s market
3 Comments | Posted by Daniel Reynolds in Arizona Real Estate News, Seller Carryback, Seller Carrybacks
Author: Daniel Reynolds (460 Articles)
More and more buyers are calling our office and requesting seller carryback properties. Almost all the buyers calling have had a recent foreclosure. What’s nice about this type of financing is it’s up to the owner whether they qualify or not. This makes qualifying discretionary instead of black and white underwriting guidelines. As a rule of thumb, a buyer typically needs 10% down to qualify for a seller carry. It can be done with less, but the costs associated with selling the property can easily amount to 10%. A buyer should also understand the different types of seller financing being offered. There are Land contracts/agreements for sale and first deeds of trust. Knowing the difference will determine if a seller carryback should be considered on a property.
Cost to buy a home with bad credit
The costs entailed is usually a higher interest rate rather than fee’s or closing cost. Since 2006, nonconforming loans have gone away which was the primary source for buyers to obtain financing to buy a home. With nonconforming loans no longer available, buyers are looking into seller carryback homes. The major costs associated with seller carrybacks is the interest rate and the down payment. Interest rates on Seller carrybacks range from 7-12% depending on the seller/investor selling the home. Closing costs is no more than 1k for title costs but the down payment usually averages 10%.
A1: A true seller carry back allows for legal title to be conveyed to a third part or trustee who holds as security for the beneficiary (seller). In case of foreclosure, standard trust deed foreclosure procedures are used. In other words, the buyer receives a Deed of Trust which gives the borrower/buyer all ownership rights while the lender has an equitable interest in the property. A true seller carry back allows for fee simple ownership, which gives the buyer/borrower the right to sell, convey just as a borrower would have using a traditional lender.
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A2: A Land Contract also known as an Agreement for Sale is when the seller gives the buyer/borrower “equitable title”, while the seller retains legal interest in the property until the debt is satisfied. In case of default a land contract usually contains a clause protecting the seller and allowing the seller to forfeit the contract and evict the buyer. The difference between a land contract eviction and a trust deed eviction are the time frames involved. Time frame for trust deed foreclosure is about four months. Time frame a land contract foreclosure/eviction depends on the how much the buyer placed as a down payment. The following shows the eviction time for a land contract:
0-19 Percent Equity 30 days to catch up payments
20-29 Percent Equity 60 days
30-49 Percent Equity 120 days
50 percent or more 9 months
It is important to mention, a Land Contract does not give the buyer a warranty deed only equitable title. Because of this, the buyer does not yet own the property. When a buyer has equitable interest/equitable title, they have the right to obtain the deed in court. With a warranty deed the buyer has Fee simple interest which gives them a warranty deed and means you have a deed reciting full ownership of the appurtenant rights in the property. More importantly with a land contract you cannot sell the property yet, because you do not hold any type of title.
3 Comments for Seller Carry Financing Ideal in today’s market
Seller Carry Financing Ideal in today market Arizona Real | Wood TV Stand | June 12, 2009 at 00:29
Seller Carry Financing Ideal in today market Arizona Real | Wood TV Stand | June 12, 2009 at 03:38
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Author comment by Daniel Reynolds | February 10, 2010 at 22:59
Seller carry homes in Arizona are becoming harder to find. Listings are being offered as such but some listing agents are abusing this option in the MLS.Today I called on one of these listings and the Realtor said, her owner will only entertain a seller carry if the buyer can put 1/3 down. 1/3 DOWN! Are you kidding me. Who has that kind of cash?
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