We Sell Our Houses with Financing Included
Shahclan Boston OwnerFinance is in the business of buying houses, fixing them up and selling them with OwnerFinance. By OwnerFinance, we mean we provide our own financing for the houses we sell. Since its our own in-house financing, we can be much more flexible with the qualifying criteria for our clients. We can work with less-than-perfect buyers such as buyers with credit blemishes and low credit scores, self-employed buyers who have difficulty showing consistent income, buyers who have low to no down payment or closing costs, buyers who have residency issues such as no green card or citizenship status. And with can work with buyers who have other sticky conditions.
From Credit Problems to Lack of Down Payment, We Can Help Out
We can work with buyers with credit problems such as credit report showing accounts with late payments, collections, charge-offs or having many inquiries. We can also work with buyers who have only little or no credit history or buyers with low credit scores. We can also work with buyers with high debt-to-income ratio.
Due to our extensive expertise in credit repair and ways to improve your credit scores, we can help to remove inaccurate derogatory accounts and raise your credit scores within 6 months (more or less) depending on the severity of your credit situation.
We can work with buyers who lack the required amount of down payment and closing costs. We are able to bring you $50,000 to cover your down payment and closing costs needs through a source that doesn’t report to your credit report. Note: You will have to pay back the amount you got for down payment in due time. This is not free money.
We can work with people who are self-employed or running your own business and cannot show a steady monthly income for past 2 years. Professions include restaurant owner, cab drivers, artists, musicians, bakery, free lancers, etc.
We can work with buyers who are not yet residents of this country such as those who do not have a green card or citizenship status. It is still possible to buy your house. However, you must at least have a social security card and work status.
We can work with buyers with other sticky situations, call us and speak to us about your problem in getting qualified for home financing, and we’ll find a way to make it work.
Murabaha Model of Financing
Our financing is based on the Islamic financing model called Murabaha, which means sales price plus profit mark-up. That means we sell our house to you at a sales price plus our profit. For instance, if our sales price of the house is $500,000, we would add a certain profit to it, and let you pay it over a 30 yr period. We do not get involved in interest. This is a Riba-free transaction as our profit is made on the sale of a product (house), and not on the money.
Funds to Buy and Fix-up Houses Come from Investors
As for the funds to buy the house, we work with individuals who put up the money to purchase the house and pay for fix-up costs. These individuals, whom we call investors are putting up their money for investment purposes and they are looking to make a profit on their investment.
Buying A House Listed on the Market
If you are interested to buy a house that is on the market and listed with a real estate agent, we can also do that. In this case, you are required to buy the house at its appraised value. For instance, if the house is listed at $500,000 with a real estate agent, we would do an appraisal on the house to ascertain if the house is worth that much. If the appraisal comes to that number, then we will sell you the house at $500,000. We don’t inflate the price, we want to make sure you are buying the house at its real value. Then we would negotiate with the owner to get a little discount to cover our investor cost and our profit.
Our investor costs is 10%, so we would need to get a bit more discount that that with the owner of the house. As such, we may negotiate a 15-20% discount from the sales price. If the owner agrees, 10% would go to our investors plus the monthly payments, and we would make a 5-10% profit.
In the end, our homebuyer is happy as they got a nice house for themselves and their family despite their challenging circumstances, the investors are happy that they got a nice return on their investment, and we are happy to make a little profit in putting the whole deal together. This is truly a win-win for all parties involved.
Areas We Serve
Currently, we are actively buying houses, fixing them up and selling them with OwnerFinance in the states of Massachusetts and Rhode Island, USA. We will be including the state of New Hampshire in the next few months, insha-Allah. If you interested in buying a listed house beyond these states, we can still work our program to make buying your house a reality. We will find a real estate agent in your state who can work within our guidelines who can show your houses and do all the necessary paperwork in acquiring the house. You may contact us to see how to make it work for you.
Shahclan Boston OwnerFinance
Boston, MA – USA
Phone 617-787-5151 (Landline)