It is every person’s dream to live in his/her own home paid for from their own pockets. Nothing beats the feeling of fulfillment and pride that you have made your dream come true of buying your own house. This is the ultimate badge of adulthood. It is a validation of your responsibility or maturity. But most people are not blessed enough to have their own homes. This is mainly due to the expensive down payment that is required before they can acquire the keys to that door. This is why people instantly jump at a ridiculous offer of a no money down plan. The big question is: Is it possible to buy a property without having to give money for down payment? If the offer sounds too good to be true, then indeed it is!
There are a number of reasons why a no money down plan for properties is simply impossible. There are attempts from realtors to offer one but most fall short and prove more losses mostly for the part of the investor. This no down payment offer is, in truth, a scheme plotted out by realtors to get their clients to commit to buying a property. Selling a house is difficult, more so for people who simply cannot afford a lucrative down payment. In their efforts to reach and make more clients, realtors resort to offering no down payment plans to potential investors. This, in more ways than one, is a very generous offer. But in the end the plan proves to be more expensive for the investor. Paying the down payment can prove to be less expensive and a smarter way of doing things than jumping into too good offers. The government itself has exerted its efforts to put a stop to this marketing scheme that eventually hurt investors and their acquired property over time.
On the other hand though, there are some ways wherein a no down payment plan can be legitimized or can sound more convincing. If you are planning to buy a new home but do not necessarily have the needed cash or resources to fill in the payment, there are some things you can do. But it is best to wear your negotiating skills first.
Assuming mortgage. One way of doing it is to assume the mortgage. You can dance your way around convincing the seller of your plan. What happens is that you need to get an approval from the original lender prior to the transaction. In less lucky situations when the lender does not give their approval, you can attempt to take on a subject to assuming mortgage where a property remains on the seller’s name until you have fully covered the payments. In cases when the seller would demand a much higher place, you can offer a higher interest for you to pay over a short period of time. By the end of the second mortgage, you should be able to do a refinancing the property to settle your payments.
You can actually make a no money down payment as long as you know your way around and are armed with a convincing power to sway your seller.
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