Financing in Ross>Question Details

Wes, Home Buyer in Ross, CA

We are in the market for a "luxury home" in Marin County Ca. What is the best way to find seller financing and/or a lease option?

Asked by Wes, Ross, CA Thu Feb 24, 2011

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Andy’s answer
Too sad, for the seller financing part, since the new law was effective, even realtors can still pull out the Seller Finance Form from their date base but it can be answered by the NMLS licensees only. For the lease option part, you will touch a lot of things about unilateral contract which is much different from regular real estate sale or lease contracts.
0 votes Thank Flag Link Tue Aug 9, 2011
Wes,

Private lending even in Marin, commands at least 40% equity on subject property.
If you own other properties there is also the possibility of a a blanket loan secured by more than one property.

These loans are not cheap

We do private/bridge/hard money loans as well

Do not hesitate to call.

Good luck.

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage, Inc
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
0 votes Thank Flag Link Wed Mar 2, 2011
Dave,

I am new to trulia and just came across your question.

You could buy a “luxury home” in Marin county with a limited down payment and with a "seller financed" 2nd .

For a maximum combined loan amount of $1,237,500.00.
You could buy with a 10% down payment, we could finance 80% of the purchase, and will let you get a 10% loan from another bank, a private lender, or from "seller financing".

For a Maximum combined loan amount of $6,250,000.00.
You could buy with a 20% down payment, we could finance 75% of the purchase, and will let you get a 5% loan from a bank, a private lender, or from "seller financing".

We are in Marin and can have you pre-approved in less than 24 hrs.

Do not hesitate to call.

Good luck.

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage, Inc
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
0 votes Thank Flag Link Wed Mar 2, 2011
Hello Bruce,

I have a few sources of private lending that I could refer you to, who loan on properties in Marin County.

As has been said by other responders here, these sources would just need to qualify you ability to repay the loan by looking at your credit, income, debts, etc.

Please contact me if you would like to get the names and numbers of these resources.

Sincerely,

Matthew Thomas
Bradley Real Estate
Lic. #01334223
415-721-2528
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Bruce,

Bentley Advisors makes a valid point.

Jacob
NMLS 327086
Web Reference: http://www.swanloans.com/
0 votes Thank Flag Link Thu Feb 24, 2011
My guess is that an FHA loan will not provide the high loan amount necessary for a "luxury home" in Marin county. What are the concerns that prevent traditional financing so that we may best assess your situation? Lack of down pymt, credit, income, etc?
0 votes Thank Flag Link Thu Feb 24, 2011
Hi Bruce;
It seems from your question you do not wish to go the regular route of purchasing with a regular or FHA loan.

As some of my other coleagues have said, it may state lease option or seller financing in the remarks, a good realtor if you don't have one already can help. Most sellers are not willing or prefer not to go the seller financing or lease option route, probably won't spell this out on the MLS. It will prbobaly take a good bit of leg work, research and networking by an agent to find owners that may be in a position or consider, creative financing options. The other option are those who are trying the for sale by owner route, which is alittle difficult in this market.
With lease options as mentioned there are many moving parts and at some point will need to get the loan or money to pay the seller or forfeit the options money.
If you woudl like to discuss further or meet, I am centraly located in Greenbrae.

Good Luck & Regards, Nigel

Nigel Faulkner
Coldwell Banker, Greenbrae
0 votes Thank Flag Link Thu Feb 24, 2011
Bruce,

We can refer you to several mortgage brokers and/or direct lenders as well. If you are considering a lease option, it is important to make sure that you will qualify for the loan needed to exercise the option because there is no loan contingency in a lease option and option money is typically non-refundable.

There is no simple answer to your question without us having more information.

Mary Kay and Kathy
0 votes Thank Flag Link Thu Feb 24, 2011
Why do you think you will not qualify for a mortgage loan?

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Thu Feb 24, 2011
Be careful with them and try working with a local agent or Realtor. If not, try Craigslist.com for some options.
Good luck.
Spirit
0 votes Thank Flag Link Thu Feb 24, 2011
Bruce,

I agree with Mary Kay and Kathy in toto. Go see them.

With just 3.5% down you can apply for an FHA Loan. It can come as Gift Money. Have you looked at that angle?

Jacob
NMLS 327086
Web Reference: http://www.swanloans.com/
0 votes Thank Flag Link Thu Feb 24, 2011
I think first and foremost you must speak with a mortgage broker (and maybe you have) to figure out what you can afford without seller financing. Once you have established that, work with a realtor. Every seller's situation is different, some sellers even in the "luxury home" market can not afford seller financing, while other sellers have plenty of equity and would consider it. It really is a case by case basis. The longer a home has been on the market and depending on how motivated the seller is, they will consider seller financing and or a lease option. Sometimes, On the MLS in the confidential remarks area it will state, "seller financing." Only a realtor would be able to see these remarks. However, just because it is not stated in the remarks area, does not mean that a seller would not consider it. A skilled realtor, could negotiate a lease option or seller financing. The main thing is a buyer has to ask up front if a seller would consider it. If would like the name of some really good Mortgage Brokers please feel free to contact me, I 'd be happy to give you some names
Good Luck!
0 votes Thank Flag Link Thu Feb 24, 2011
Bruce,

If you are already working with an agent, there is a financing section in MLS that would indicate whether the owner is willing to carry some financing. That same section would also indicate if they would consider a lease option. If you are not yet working with an agent, Kathy and I would suggest that you meet with us so that we can find out what price range, minimum requirements for the property that you want to acquire, just how much financing you would need, and/or what type of lease option terms you are looking for. Checking for owner financing and lease option possibilities takes some research and time if it is not indicated in the listing, but we have been successful in finding lease options for our clients after doing the research. There are many factors that make a property a more likely subject for a lease option or seller financing.

Let us know if we can be of any further assistance!!

Mary Kay and Kathy
0 votes Thank Flag Link Thu Feb 24, 2011
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