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THE
N.O.A.H. FOUNDATION - HELPING SELLERS
TEACHING SELLERS to HELP THEMSELVES by HELPING THEIR BUYERS = WIN-WIN
Knowledge + Assistance = Preparedness
"For
we are His workmanship, created in Christ Jesus for good works,
which God prepared beforehand, that we should walk in them"
(Ephesians 2:10)
The
N.O.A.H. FOUNDATION, INC., ("N.O.A.H.") vision is to make
homeownership a reality by providing you and the home seller with
the knowledge and assistance needed to maximize the benefits to
both parties involved in the home sale/purchase transaction. N.O.A.H.
has found a way to accomplish this task by educating and assisting
savvy Sellers to "sweeten the pot" when selling their
home by helping their Buyers access grant funds, down payment assistance
and below market interest rate programs.
WHAT
OTHER NON-PROFIT "DOWN PAYMENT ASSISTANCE/GIFT
PROGRAM" PROVIDERS DON'T WANT YOU TO KNOW:
There are numerous other Non-Profit organizations to be found on
the internet that expound their "Down Payment Assistance/Gift
Programs". However, they all incorporate the same methodology
of "gifting" you money based on and provided you, the
Seller "participate" in their program. This Seller's participation
requires that you give back to the Non-Profit an amount equal to
the gift funds that the Non-Profit gave to your Buyer, plus a "service
fee" (generally equal to 1% of the purchase price). This "seller
participation" money comes out of your net proceeds at the
closing of the property sale to your Buyer. Therefore, the reality
is that you, the home seller, are giving up a portion of your net
profits from the purchase price and your Buyer ends up financing
the "gift funds" down payment assistance into his/her
loan! The Non-Profit claims that these are "true gift funds",
that there is "no repayment". In reality, your home buyer
ends up paying interest (based on a 30 year amortization) on these
"gift funded amounts", which are included in his/her mortgage
loan until they are paid off! In addition, you (the Seller) end
up with less profit!
These Non-Profit "seller participation" assistance programs
do help the home buyer get into the home with little or no money
out-of-pocket. However, their programs fall short when it comes
to being the best available option for the majority of home buyers
and home sellers.
The "lose-lose" negatives to both Buyer and Seller are as
follows:
1.
The Seller gives up a portion of his/her profit in the transaction.
2. The Buyer is financing into his/her loan amount the down payment
assistance monies, resulting in a less affordable monthly payment.
WHAT
N.O.A.H. DOES THAT THE OTHERS DON'T, CAN'T OR WON'T DO:
- PROBLEM:
How can we eliminate these "lose-lose" negatives
to both Buyer and Seller?
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- SOLUTION:
If the down payment assistance funds were not required to
be provided by the Seller and the Buyer did not have to
increase his/her monthly payment by financing the down payment
assistance funds in to his/her loan amount, the ideal "win-win"
scenario could be achieved. These "seller participation"
Non-profits fail to mention or comprehensively offer for
your consideration any other existing down payment assistance
program opportunities. They either "don't know"
or worse, "don't care to show"...
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The
reality is that there are other programs better suited and exceedingly
more beneficial to the particular needs of the majority of home buyers
and home sellers in terms of little or no money out-of-pocket. These
programs maximize affordability, enhance the home buyer's real estate
investment value by providing immediate real equity to the home buyer,
and allow the Seller to keep more of his/her profit!
Although,
these Non-Profit "seller participation" programs may accomplish
a degree of success there is a distinct difference between doing
a job halfway and doing a job the right way. . .the way you would
want it done for yourself or a family member! N.O.A.H. "adopts"
you and your Buyer throughout your home selling/buying journey and
treats you like one of our own in our growing family of successful
home sellers/buyers!
PROGRAM
TYPES OFFERED THROUGH N.O.A.H.:
DOWN
PAYMENT ASSISTANCE
GRANT
FUNDS
BELOW
MARKET INTEREST RATE OFFERINGS
The
N.O.A.H. FOUNDATION educates Sellers and helps them to help their
"first-time" and or "next-time" repeat home buyers
to access the following program types that provide "win-win",
Seller/Buyer benefits:
1. State and local government "Down Payment and Closing Cost
Assistance Programs".
2. State and local government "Grant Funds Programs".
3. State and local government "Below Market Interest Rate Programs".
4. As allowed, combinations of all of the above to maximize affordability
to the home buyer!
5. NOAH's Florida New Construction "Down Payment Assistance" Program.
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N.O.A.H.
PROGRAM BENEFITS TO SELLERS
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- Savvy
Sellers benefit by making available these programs to their prospective
Buyers. The Seller increases the demand for his/her home by making
the home more affordable to a greater number of qualified buyers.
Most sellers overlook the importance of creative, "win-win"
financing using DPA, grant funds and below market interest rate
offerings. They need to learn and understand that by helping their
prospective buyers they also help themselves!
- The
use of DPA, grant funds and below market interest rate offerings
to buyers enables sellers to get their best price and or terms.
Seller contributions toward buyer closing costs, reduced purchase
price offers by the buyer are minimal or rendered unnecessary.
Additional "free money" from other sources can replace
and or supplement the funds that a buyer may need to make the
transaction work. By introducing DPA, grant funds and below market
interest rate offerings to buyers, sellers preemptively limit
(or altogether eliminate) buyer purchase offer negotiations that
would greatly reduce the seller's net proceeds.
- Sellers
benefit by being able to more quickly liquidate their property.
The attractive terms afforded to buyers by DPA, grant funds and
below market interest rate offerings make the home more affordable
to a greater number of qualified buyers.
- These
programs do not require the typical "Seller participation"
based on the Seller contributing to the Non-Profit an amount equal
to the amount of gift funds provided to the Buyer. Because Sellers
can participate without having to give up substantial profit funds
to the Non-Profit, more Sellers will be able and agreeable to
working with these types of programs. As a result, the Seller
be able to keep more of his/her profit and still help his/her
Buyer afford to purchase the home.
- These
programs provide the Buyer with "real money" assistance
instead of "Seller manufactured (Seller participated) gift
funds" at the literal expense of the Seller and the additional
monthly cost to the Buyer.
- Piece
of mind for both Buyer and Seller in knowing that they helped
one another achieve "good works" by focusing on a "win-win"
plan.
"The
precious possession of a man is diligence" (Proverbs 12:27)
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