You’ve heard what appears standard loan.
to be a rumor: it’s
possible to buy real estate • Consider leasing until you buy.
with no money down. Well, you This is not a common real estate
can’t stop holding your breath practice but it is something that
because the rumor is true. You can be done. The way it works is
really can buy real estate to lease the property with an
without putting down a penny but option to buy during a set period
you should know what you’re doing of time. Negotiate a deal in
before you get into it. There are which the money you’re putting
pros and cons to purchasing your towards the lease each month is
home this way. Be aware of what considered the down payment on
those pros and cons are so that the purchase.
you can buy real estate with no
money down and no problems in the • Be firm in negotiations. It
future. really is possible to just go in
to the negotiation of the sale of
Here is your guide to buying real your home intent on making “no
estate with no money down: down payment” a part of the plan.
If you’re willing to concede to
• Borrowing money for a down the seller on other points, you
payment is one of the most common might be able to win out on this
methods of purchasing property one. This is especially true if
with no money down. If you’re it’s a buyer’s market and the
going to take this approach, you seller’s in a bind or if you’re
should make sure that you get a willing to outbid others on the
good loan with an interest rate actual price of the property in
that isn’t excessive. A line of order to negate the down payment.
credit or a home equity loan may
be alternative options to a • Know the legalities. There are
certain no-money-down practices you need to do your research and
in real estate purchase that are not just jump on the first chance
common but are actually illegal. that passes you by. Look
For example, sometimes the buyer carefully at all of the real
will put down the down payment estate purchase terms and the
but then immediately get it back reasons that the property might
from the seller without be offered with no down payment.
disclosing the transaction. In other words, go into the deal
Appealing, but illegal. with open eyes and a sound mind.
• Realize that if it sounds too • Consult a professional. Work
good to be true, it’s probably with a real estate agent or get
too good to be true. There are a the advice of a real estate
lot of scams out there for attorney so that you can be sure
convincing buyers to consider no that the legalities are all
payment down real estate covered and the deal is a good
purchases. There are very one."
legitimate ways to do this but
About the Author:
Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. Visit Eric’s Austin Condos Guide...
Read more articles by:
Eric Bramlett
Article Source: www.iSnare.com 
