Fabulous wage earners often spend every cent to live. They don't have down payments and they get gooseflesh if you mention loans and some bank getting interest. Many of us who have cottage industries bank in the back of our car. Some of us are quite wealthy. We run cash businesses, have high cash flow. We don't pay much taxes and don't need deductions thank you very much. We'd like to make home buying a person to person thing and leave the corner bank and the World bank OUT OF IT.
The answer is to look for a house either in foreclosure or one which has been on the market for more than a year, something a real estate agent can spot on the computer. They ask the owner if you can buy the place with a 'land contract.' It's a kind of installment plan only the bank is left out of it. And so are all those piles of interest that double the price of every house. The old owner retains title to the house until you've paid every drop. His property taxes stay the same (and that's nice as you're paying them). You see, there's been no transfer. You, the new owner, get a quit claim deed which will become valid when you pay off a given sum, --- say his asking price. (You don't lowball a man who's going to give you his home, friend.)
There's no transfer of title until it's paid off, so the old owner doesn't get a huge lump sum of capital gains on which he must pay income taxes which is so sweet because it leaves the GOVERNMENT out of it!
You pay whatever monthly sum you can afford, maybe in cash that this owner might not even fully declare on his income taxes. That would really confound the gov. You do this on a monthly basis. If the OLD OWNER were to die while you were paying the house off, you wouldn't have anything so what you do is, buy a term policy life insurance payable to his heirs. If he dies, it pays a huge amount to his heirs and you get the house because that's stipulated in a contract that he signed to you.
But here's the so hot bonus for him; his heirs do not have to pay any taxes on life insurance. They would have to pay it on any house they inherited. But not on this trade. Show them they will get the sale price of the house via insurance, you’ll have that family eating out of your hand! So you see, as is true throughout nature, the most beautiful is the most economic and vice versa. Use your brains, gang. Find a realtor who understands this. What the realtor is likely to understand is...he gets no cash % so they love to talk you out of it. But an ESCROW MORTGAGE BANKER told me this really works well, which is why realtors hate it!
A paralegal with brain impairment could make up the deal memo contract on one page. Wheel this baby out on the streets, you'll see it flies!
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