New Business a Boost to Flagging Real Estate Market
More than one real estate deal has fallen through in the past six months simply because a bank refused to give a potential buyer the terms they needed to close the deal. Lenders, battered by the banking crisis, are skittish about creating loans for people who don’t meet their newly stringent criteria.
It’s ironic that with real estate prices dropping to enticing levels, banks are so leery of making loans, that properties languish unsold when they could be snapped up by interested buyers.
Recent loan statistics from the American Bankers Association showed that of the eight types of consumer loans the association tracks, only one — mobile-home loans — saw a decrease in delinquencies. That’s not good for anyone looking to get financing.
One solution to this problem is seller financing, a deal in which the home buyer makes a private deal with the home seller and promises to pay a monthly payment, plus interest. It may seem like a win-win situation, but there is a problem. That monthly payment won’t give the seller the down payment they need to buy their next property.
Seller financed real-estate expert Colleen Brooks has a solution to this very real downside of seller financing. She has started Brooks Financial Research, a firm that brings sellers together with note buyers enabling the seller to get a lump sum of cash rather than hold on to that long-term monthly payment plan.
Colleen has launched a website that lists seller’s information enabling note buyers to determine whether they are interested in buying that note. She finds potential note buyers and matches them up with home sellers, giving the seller an opportunity to get a lump sum for their loan.
“Finding a buyer for your real estate note is not something you’d put in a classified ad,” Colleen states. “I gather all the information then list the note for sale and when I get an offer, I contact the seller. It’s as easy as that.”
Colleen worked has a corporate accountant for 15 years, an independent public accountant for 5 years and commercial loan accountant for a bank for 3 years before starting her new business.
To learn more about this dynamic way to sell your private loan, go to www.BrooksFinancialResearch.com.
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real estate- Contact Information
- Colleen Brooks
- Owner
- Brooks Financial Research Company
- Contact via E-mail
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