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Anne Peterson of The Peterson Team
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We have much to offer here in the Foothils & Triad area of North Carolina. The natural beauty of our mountains invites you to explore the great outdoors
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Anne Peterson of The Peterson Team answered:
As Craig said, this usually means that the bank carries the note/ finances the mortgage. I was unable to open the clip so I couldn't listen to all Trump had to say.
States have either mortgage or deed of trust laws. There isn't a whole lot of difference except in how foreclosures are handled. There are states where local banks may deal directly with a buyer, but usually the larger banks have a property department that contracts with real estate brokerages to market the properties they have in inventory.
There are still programs in place to help the buyer with little money buy a home, but credit scores must meet minimums regardless. There are first time buyers, FHA and here in North Carolina some of our areas qualify for USDA funding.
I'm not sure why Trump thought there was a big advantage to the bank taking back paper - perhaps he meant that you might get a better deal if you financed with the bank. I do know that some banks and financial companies have preferred lenders and will cut a better deal for a property if you use them, but that may not always be the best deal.
If you are unfamiliar with buying foreclosed homes it is best to work with an experienced real estate agent who can help you find properties and explain all the ins and outs of buying this type of property.
I hope this helps answer your question.
States have either mortgage or deed of trust laws. There isn't a whole lot of difference except in how foreclosures are handled. There are states where local banks may deal directly with a buyer, but usually the larger banks have a property department that contracts with real estate brokerages to market the properties they have in inventory.
There are still programs in place to help the buyer with little money buy a home, but credit scores must meet minimums regardless. There are first time buyers, FHA and here in North Carolina some of our areas qualify for USDA funding.
I'm not sure why Trump thought there was a big advantage to the bank taking back paper - perhaps he meant that you might get a better deal if you financed with the bank. I do know that some banks and financial companies have preferred lenders and will cut a better deal for a property if you use them, but that may not always be the best deal.
If you are unfamiliar with buying foreclosed homes it is best to work with an experienced real estate agent who can help you find properties and explain all the ins and outs of buying this type of property.
I hope this helps answer your question.
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