Agreement of Sales, and Purchase Money Mortgage?
By Steven Nickens, R(S)GRI ABR, Maui Real Estate Hawaii
(Hawaii Life Real Estate Brokers)
Are we going to return to the times of Jimmy Carter. If the banks don't have money to lend, then what? In the old days business took place with trading something that represent value. Maybe a couple of pigs to repair the wagon. We have moved on from paying your dentist with eggs, and a side of ham. So if lenders tighten up what are our options. To start with, a lot of owners do have equity in their properties. I remember the second piece of property I bought in Maui, was an agreement of sale. I was able to put 20% down and use my cash to build my home with. The seller was happy to receive the 20% in cash and interest only till I refinanced my completed project. With interest that you can receive with your money sitting in the bank, Maybe you become the bank with a Purchase Mone...
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