(EMAILWIRE.COM, May 28, 2007 ) Sacramento, CA - The foreclosure crisis and subprime mortgage meltdown that is wreaking havoc across the country’s housing markets may have a silver lining for some home buyers who utilize owner-carry financing and government down-payment assistance programs. As single-family home prices come down from their stratospheric levels of recent years most parts of the country are in what is known as a ‘buyer’s market.’

In recent years it was easy for people selling a home to merely list their house for sale with a real estate agent and wait for a flood of ever-increasing offers. Competing buyers of days past often felt as though they had better get into the housing market before they were priced out forever. Alas, for them, and for people who want to sell a house fast today, buyers have many more options and can afford to be choosy as home prices continue to tumble across the nation.

The Bright Side

For those buyers with good jobs and income, but who did not buy a house because of poor credit or other reasons, now may be the time to start looking for a house, especially for first-time homebuyers. The reasons for this upsurge in optimism boil down to creative yet responsible financing programs in the public and private sectors.

First off, government programs, such as below-market interest rate loans, and down-payment assistance programs are plentiful, even if little known. These programs have been around for years, but they have not been extensively publicized by the majority of loan brokers and officers because they offer smaller commissions and fees than many loans in the commercial sector.

“We put people who want to buy a home in contact with non-profit organizations and loan officers who specialize in free government money programs and below-market rate loans,” said Patrick McGilvray, J.D., CFP®, President of Sacrament, CA-based http://www.TheHomeBuyingCenter.com.

Mr. McGilvray continued, “We are a nationwide company and we are able to help people who find us on the internet sell their house fast. We make this supply of houses available to first-time homebuyers and encourage them to pursue government grant programs and work with lenders and loan brokers who know their local, state, and federal programs inside and out.”

When asked if these brokers recommended the types of adjustable rate mortgages and subprime mortgages that are gaining notoriety in the news of late Mr. McGilvray said definitely not and added that the vast majority of people in contact with his company were urged to get 30 and 40 year fixed rate loans.”

Seller’s Money In The Game

Many home sellers are looking to sell their houses and are finding that if they offer to carry back part or all of the financing they might discover a buyer that might otherwise not appear. As equity rapidly erodes from the market and home builders are offering rich incentives to purchase newly built homes, sellers must use every option to attract willing buyers.

One route is to sell a house to a buyer and take back a second mortgage on part of the purchase price. Essentially, a buyer gets qualified for a loan for the bulk of the purchase price, and the owner takes back a promissory note secured by a second deed of trust on the remaining purchase.

The owner who carries back this obligation does assume some risks in the event that the homeowner cannot make their primary and secondary mortgage payments, but many home sellers are willing to take their chances, especially as they look to escape partially or totally from a real estate market that continues to go down.

Whatever route home sellers choose to follow these days, it is clear that people are still buying and selling homes and will continue to do so. Creativity, it seems, is the difference between some companies in the mortgage lending and single family home industries who are making a profit, or just staying afloat, and those who leave the business altogether.

Contact:
Patrick McGilvray, J.D.
Tel: 888-444-BUYER
http://www.thehomebuyingcenter.com

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