Home financing to get ‘creative’ in ’09

Broker sees return to seller carry-back mortgages, lease-options

Searching for a home can be draining in "normal" times. When inventory is high and home mortgages are more difficult to obtain, the process of finding a property and securing financing can be downright exhausting. "Creating financing" is one of the items that is "in" for 2009, according to an annual survey conducted by Mark Nash, a Coldwell Banker broker and real estate author who uses a network of 839 Realtors in all 50 states and eight Canadian provinces to acquire consumer responses to a variety of housing questions. Nash, whose book "1001 Tips for Buying & Selling a Home" is a helpful guide for consumers considering the residential market, believes that seller financing, or "carrying the paper," will return to popularity this year along with the lease-option. The lease-option allows a potential buyer to lease the property and have some, or all, of the lease money applied to the purchase price if the potential buyer e...