Financing

What is Urb Inc.’s Owner financing or seller Financing all about?

Since Urb, Inc.’s Chicago homes for sale are owned by the company, our for sale by owner and owner financing approaches take out the middle-man and allows you to deal directly with us.

With Urb, Inc.’s Chicago homes for sale by owner, you can be assured our inventory of foreclosed homes, distressed Chicago single family homes and multi-unit homes have passed our strict investment qualifications, were purchased at a good price and have clean titles.  And, Urb, Inc’s owner financing has removed the hassles of you trying to get a loan on Chicago homes for sale by owner and can provide you with the money on terms to suit your budget.

  • Do you have limited funds or experience?
  • Think you won-t qualify for your homes financing?
  • Are you frustrated with buying a real estate the conventional way?
  • Do you want to make cash right now from real estate?
  • Are you looking for a way to profit in today’s real estate market?
  • Do you need a game plan to make money?
  • If you answered yes to any the these questions, then give Urb, Inc. a call today!

When part or all of the purchase price, less the buyer’s down payment, is carried back by the seller which in this case is URB, now the seller is providing owner financing or by lending you their money. It doesn’t matter if the property has an existing mortgage loan or not. Instead of going to the bank, Urb gives the buyer a financing instrument called a land contractor a contract for deed to the buyer as evidence of the purchase and the loan¦ after that the buyer makes his or her payments to the seller or Urb Inc.

Benefits of buying Chicago homes for sale by owner from Urb, Inc.

Credit history. When buying Chicago Homes for sale by owner from Urb Inc., we look at the whole picture when seller financing a property to you. If you have less than perfect credit, bad credit or no credit at all, you can still buy one of our Chicago homes for sale by owner. We take into account your ability to repair the home or property, experience, work history , construction or remodeling experience, prior home ownership and so on. We believe in giving the common person a chance when no one else will.

Lower Closing Costs. Without institutional lenders, there are no loan or points to pay. No origination fees, processing fees, administration fees, title fee or any of the other assorted miscellaneous fees that lenders, banks and mortgage brokers routinely charge big money for, which automatically saves money for the buyer on closing costs

Down Payment Flexibility. Lower down payments are negotiable and available. If Urb,Inc. the seller, wants a larger down payment than the buyer possesses, sometimes Urb as the sellers will let a buyer make periodic lump-sum payments toward a down payment during the rehab process

Tailored Financing. Unlike conventional loans, sellers and buyers can choose from a variety of payment options such as interest only, fixed-rate amortization, less-than-interest or a full payment at the end of the contract, hence Payments can mix and match. Interest rates can be adjusted periodically if both buyer and seller agree or remain at one rate for the length of the loan or as the contract for deed allows

Faster Possession. Because buyers (you)and the sellers (Urb) aren’t waiting on a lender or bank to process the financing, buyers can close faster and Urb can give a buyer possession earlier over a conventional loan transaction.

Land Contracts. Urb Inc. uses Land contracts or contracts for deed that do not pass legal title to the buyer, but give the buyer equitable title and all the equitable rights the same as any other type of real estate transaction. The buyer then makes payments to the seller or in this case URB for a certain period of time until final payment or a refinance occurs, at that time the buyer receives the deed.

Clean titles. Â Every property on our list of Chicago homes for sale has title insurance bought and paid for prior to us receiving the deed to the homes or properties, these titles or deeds are guaranteed by companies such as Chicago title and insurance company. By doing this we are guaranteed by one of the nations largest insurance companies that we have a clean title to the homes.

What others say about Owner Financing

Most purchase-money transactions are negotiable. Sellers and buyers are free to negotiate the terms of the owner financing, subject to usury laws and other state-specific regulations.

While there is no standard down payment required, many sellers want a sufficient down payment to protect their equity. Down payments can vary from little to 30% or more. Sellers feel their equity is safeguarded by the buyer’s down payment because buyers are less likely to go into foreclosure if they’ve invested a lot of money upfront.

If the property is free and clear, meaning the seller has clear title without any loans, the seller might agree to carry all the financing. In that instance, the buyer and seller agree upon an interest rate, monthly payment amount and term of the loan, and the buyer pays the seller for the seller’s equity on an installment basis.

If the owner is financing all of a sale then a borrower does not have to qualify for a loan at a traditional financial institution. Even if the seller only finances a portion of the loan the borrower benefits by having to qualify for a smaller loan from a traditional mortgage source.

More over, when a seller finances a property there are no points or closing costs for the buyer to pay, saving the buyer potentially several thousand dollars on the transaction. And while the seller of the property may charge the same interest rate that a bank or other financial institution would charge, it is sometimes possible for a buyer to actually end up paying a slightly lower interest rate if the seller finances the sale since more aspects of the sale are open to negotiation than may be possible when dealing with a traditional lender.