Rick Otton, the author of the best-selling finance book How To Buy A House For A Dollar, shares tips for first home buyers on how they can take advantage of real estate affordably, quickly and without setting foot into a bank.
On the 31st page of the October 28 2013 issue of The Telegraph, it was reported that cash-rich property investors were driving property prices to go up forcing out first home buyers from their chance on becoming homeowners. The telegraph reported that lenders were becoming increasingly more difficult to find and that first-home buyers comprised just 13.7 per cent of new mortgages, a nine-year low.
“It’s true that competition for property for sale has become tighter with the increased presence of investors in the market, but first home buyers don’t need to follow the report’s recommendations because there is an easier way of buying houses for sale with the help of creative strategies,” Mr. Otton revealed in a recent interview.
“For many years, people have used creative strategies to buy and sell houses without paying a large amount of deposit or even using new home loans just to get into them, that’s why there’s no need ask the bank or government’s help for financial assistance whether it be before or during house hunting,” he explained.
“Homebuyers who use creative strategies can also get a house using only their resources, since it allows flexible payment arrangements between the buyer and seller. This kind of leverage eliminates the need to team up with other people to get a property,” he added.
Mr. Otton the discussed that after the global financial crisis more and more homebuyers have been attracted to the benefits of creative solutions for their real estate problems.
“People only want the benefits of owning a house and not the building itself. So it’s important to share with them some solutions on how they can easily get a house fast, using less cash, and without scrutinising their credit score,” he shared.
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