Buy A House Without Using The Bank
The latest figures show that only about 50% of credit active South Africans are in a good standing with their credit profiles. This means that homeownership is out of reach for millions of South Africans, because these clients are not able to secure a home loan to buy a property.
Just like rent to buy properties, seller financed property sales could be a solution for you.
Although the banks have been developing solutions to assist lower income earners, the number of solutions available to blacklisted clients remains very limited.
As a result, Rent-To-Buy Property agreements are becoming increasingly popular.
Standard Bank Home Loans recently tested a project that help blacklisted clients to own their first home.
Read More About: Rent-To-Buy Properties For Blacklisted People
Standard Bank Home Loans recently tested a project that help blacklisted clients to own their first home.
Read More About: Rent-To-Buy Properties For Blacklisted People
If you are blacklisted or unable to secure a home loan due to poor credit, seller financed property sales might be the solution to your problem.
In seller financed property sales, the banks are cut out of the deal. The seller and the buyer agree on a payment schedule that would allow the buyer to pay for the house in monthly installments over a number of years.
These deals are very similar to a home loan, except the buyer pays the monthly installments directly to the seller every month and both parties keep a record of the payments made.
The problem is trying to find a seller that is willing to allow you to pay for the house in monthly installments. Most sellers are not willing to take of this much risk and because the seller is carrying the risk in the deal, they will request a higher price for the property and / or a deposit.
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