In order to offer their clients very high payment flexibility, a lot of methods have been introduced, or created, by Real Estate Foreclosure Company. I will briefly explain some of the most important payment processes in the following section, but to find out and read more about all the programs available, I recommend you to visit www.fastcashinrealestateforeclosures.com.
Full Cash Payment
The full cash payment option is the most simple and efficient way in order to pay for the newly bought house. This process requires you to have the exact amount of money to be transferred to the bank, immediately.
An additional 10% of the entire sum will be retained by this company, but in comparison with the great deal that you just ended, this amount is simply pure bargain.
Even if the law doesn’t allow you to make cash payments that exceed $10,000, an exception is made for those people who want to transfer the cash directly into the bank’s account and that are funding this transaction as a result of a foreclosed real estate buying.
At the moment of transaction, the bank will honor their responsibility and will send a specialized security agency in order to escort you, with the money, at the regional headquarter office. “Your security is very important for us and we will take all the required measured in order to offer you the most comfortable way to us.” stated the USA banks official.
X-Years Monthly Rates
The newly and most common used method of payment is the purchase of the foreclosed real estate in rates. Depending on the period of time selected by you, and your financial status, this process may have little of higher disadvantages upon you.
Depending on your financial status, you are able to choose one of the following full payment periods of time, each one coming with a pre-defined commission:
- 4 years – 2% commission
- 8 years – 5% commission
- 15 years – 7% commission
- 20 years – 10% commission
Thus, you are able to make your own planning method and calculate the incomes and outcomes that your family has. The payment during these years is made monthly, only with cash, at the closest bank office.
A 3 months delay period is maximum allowed, although not recommended due to the penalties added to the owed sum. If this period is exceeded, your endorser will have his property retained by the bank and your contract will be ended immediately.
2 – 3 Steps Payment
The last special, common used, method of payment involves the make out of the full payment into 2 or 3 steps.
It is considered to be a special method for the fact that, regarding the monthly rates payment, at this method no commission will be deducted. Along with the bank representatives, you will establish 3 dates when to make the payments.
Usually, this kind of payment method is used by the persons who don’t have at the moment of auction the required amount of cash money, and are able to make only the requested assurance amount of pay, following in the next days, maybe weeks, to pay the entire sum to the bank.
Again, this method has its own disadvantages, as if you are not able to commit the payment under 3 month delay of a certain payment milestone, all the transferred money will be retained and the contract between you and the bank will be ended.
In order to offer their clients very high payment flexibility, a lot of methods have been introduced, or created, by Real Estate Foreclosure Company. I will briefly explain some of the most important payment processes in the following section, but to find out and read more about all the programs available.