Sarasota Homes with Owner Financing

The Founders Club Home Lee Wetherington Built	Near The Meadows Also, in Move-In Condition

 Mortgages can be Tough to Get

If the crash of 2008 has left you with a credit report that is preventing you from purchasing a home, maybe this is your chance.   There are a lot of good folks out there right now that have essentially turned their ship around, have good income and built up a nice little nest egg in the hopes of buying a home again only to find that it can take 7 to 10 years for those negative items to come off.

The Housing Dellema

Rents are up due to the number of unqualified buyers needing housing which pushes rents higher.  Sarasota's real estate market sales are showing over 50% of the homes sold are all cash which helps to keep the market strong regardless of what the banks are (or are not) doing.  Prices continue to rise.  Most future buyers that are saving money waiting for their credit to get cleaned up are not able to save as money as quick as homes are appreciating meaning a buyer in this position will be looking at a lesser home than if they bought today.  

This week, the FED announced they would most likely start tightening monetary policy at the end of 2015.  This means rate will most likely rise in the next few months.  If mortgage rates increase from 4% to 5%, that is not a 1% increase, it is a 25% increase in the rate. For example, a $300,000, 30 year fixed loan at 4% is $1,432/mo.  A one percent increase to 5% is a $1,610 payment representing a 12.5% higher payment for the same loan. Over 30 years, that is an added cost of nearly $65,000 in interest!

A Possible Solution

Maybe one of these two homes might just work for you.   The owners are looking for buyers who have at least 25% down and are in a position that in the next few years they will be able to refinance out of a seller financed mortgage.  The advantage, you lock in to today's price.  Settlement costs are less because you aren't hit with points and all sorts of lender fees.

Maybe these aren't exactly the home of your dreams although they both are very nice and have been well cared for.  But think of this, you buy the home and can capture any appreciation the market can give you over the next few years.  You also get the deduction of your mortgage interest.  Really, its 'win-win.'

Lee Wetherinton Home in The Founders Club

One home is located in The Founders Club. A gated community and is by $150,000, the lowest priced home in the subdivision.  The home has been lightly used by the part-time owners and it was built by Lee Wetherington.   This home features a lake view, pool, summer kitchen, four bedrooms, three full baths, an upstairs bonus room, living, dining, and family room.  Membership to the Golf Course is optional and this home is offered for $849,900. Check out more about this home in The Founders Club including a complete video of the entire home right here.

Maintenance Free Near The Meadows

The other home is located near The Meadows and offers a tile roof, wood floors, high ceilings, a newer AC and water heater, the association cuts the grass, and this home is also in move-in condition.  The home was recently reduced by $20,000 to $299,900.  See more about this home including the video here.

If you are looking for a nice home, have a decent down payment, and want to buy a home before prices go any higher, stop renting and call John Woodward of Sarasota Real Estate Group at 941-922-8400.

 Join In the Discussion Here