"Seller May Carry" interim financing detached homes are available in Scottsdale, Paradise Valley and Fountain Hills as well as the surrounding Northeast valley metro area of Phoenix. To see the homes in the NE Valley currently for sale that the owner is willing to carry interim financing: http://link.flexmls.com/zq5a5a2p6cr,12
For those buyers that are not yet ready to finance with a new Conventional or FHA mortgage, "Seller May Carry" interim financing of 3-5 years is a viable alternative. Sellers typically expect 15-30% down to accomodate the risk for those buyers that have cash but cannot obtain a new mortgage right now.
For those buyers that see prices on the rise, a "Seller May Carry" home in Scottsdale or Paradise Valey may be something to consider. True, the home's price may be higher with the Seller having to wait for payment but the ability to purchase a home now can be accomplished.
Yes, after the interim financing period is over the buyer with a job and good income may be able to qualify for a mortgage if they are waiting out the time period required after a short sale or foreclosure.
Jeffrey Masich, Realtor, GRI, MBA