| One way that you may be able to sell your home | | | | been taken care of by Virgin Money USA, for a |
| is by offering the financing yourself. This is not as | | | | small fee of between $699 for the basic package |
| risky as it sounds, thanks to a new web site that | | | | and $1999 for the closing package. Virgin will offer |
| has opened up called 'Virgin Money USA'. Virgin | | | | guidance in helping you to access their |
| has streamlined a way for ordinary people to | | | | comprehensive service. |
| arrange loans and it is all explained online in their | | | | This includes help and advice with the loan terms, |
| 'Guide to Seller Mortgages'. | | | | legal documentation for the mortgage note, |
| The web site was founded by a fairly well-known | | | | escrow accounts, title searches and loan closings. |
| British entrepreneur, once an ordinary man in the | | | | They will also do the credit reporting for the |
| street, and now in recognition of his business | | | | buyer and the monthly servicing of the loan, |
| successes, he is 'Sir Richard Branson'. He is the | | | | including reminders on late payments. |
| owner of several companies from Virgin Airlines | | | | If this sounds feasible, but you want to feel more |
| to Virgin cell phones and has now opened Virgin | | | | reassured, go to the web site of Virgin Money |
| Money, a new Boston-based business. | | | | USA and download their 'Guide to Seller |
| There was a time, years ago, when seller | | | | Mortgages', which will walk you through the key |
| financing was popular; now re-named 'take back' | | | | steps. This business has experienced a 'double digit |
| financing, it is becoming necessarily popular again. | | | | increase' in the last quarter alone. |
| With the Virgin Money USA program, everything | | | | Monthly payments from the buyers are received |
| is negotiable from the down payment, rates and | | | | and processed (or chased up) by Virgin Money |
| the terms of the loan. | | | | and from each payment a modest $9.00 charge |
| There is no bank involvement, because it is the | | | | is siphoned off to Virgin Money for the fee. |
| seller who is in effect the bank. The owner can | | | | As a seller, you and the buyer decide the price, |
| collect interest and principal in exactly the same | | | | the down payment, how many years and at |
| way that the bank does. It is one way of making | | | | what rate you will agree to in order to sell your |
| extra money on your home, if you can afford it. | | | | home. Virgin encourages an agreement whereby |
| One of the reasons that this system has not | | | | the seller gets a balloon payment at the end of a |
| previously been utilized is because of the lack of | | | | specified number of years. |
| guidance on how to offer it and remain legally | | | | For more information, head over to virginmoney. |
| secure from a financial point of view. This has all | | | | |