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Who Needs Banks?

Who needs banks anyway? What good are they but for plundering the national treasure, taking food from the mouths of babes and throwing poor old widows into the mean streets.

There’s a trend starting to take place, at least in Wichita Kansas real estate, where sellers and builders are offering lease to purchase and owner carries. Seems the banks would rather make money other ways than lending so the markets are taking matters into it’s own ….hands.

The credit markets are so tight, and borrowing money to buy a home is so difficult that many people are just giving up. Inventories are building amongst sellers and builders and desperate times are at hand.

But wait, how bad do you want to get rid of that house. How long can you sit on those empty new builds? You’ve had the same job for 10 years you say? A little health care mishap has screwed up your credit? That’s it? Let’s talk!

Some sellers are toting the note so to speak for a mere 10-20%  down with a negotiable interest rate. Just like a bank if the loan goes into default, the home gets foreclosed on. Then just sell it again.

It’s really not a bad deal if you don’t need that large chuck of cash gotten when a home is sold. Seller sells his house and buyer gets his home. Everyones happy, except the banks.

But who really cares about that?!


August 23, 2010 - Posted by | buy, Home, house, kansas, real estate, Wichita | , , , ,

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