As is often the case the New York Times says it best. Click on the link below for an easy to follow explanation of how we got into trouble:
Housing Busts and Hedge Fund Meltdowns: A Spectator's Guide
As new money loans dry up, sellers may have to consider creative financing to help buyers get in the front door, including; seller financing, land contracts and lease options. These concepts are not new, but feel more difficult to approach as sellers grapple with "the house that sold down the street two months ago for over asking price and closed in two weeks." As part of our service to sellers, we hope to expose your home to the largest pool of buyers, sell your home for the most money possible, and do our best to ensure that you never have to look back. Creative financing might help accomplish the first two tasks, but may keep your purse strings tied to the picket fence.