“Free and clear” is a common real estate term that may not be familiar to investors that are just beginning to get their feet wet. Free and clear simply refers to another way of reinforcing that a property is free of any legalities that could potentially affect its transfer.
Fort Lauderdale, FL -- (SBWIRE) -- 03/29/2019 -- For a prospective homeowner, free and clear means that the property has no liens and the mortgage obligations have been fully taken care of. These types of properties are highly regarded among buyers and investors wishing to purchase an investment that isn't attached to another loan. Considering most investors require a loan to begin with (i.e.: hard money loans), these properties make sense so as to avoid having to make payments on a pair of different loans.
Free and clear properties also retain a strong interest among cash buyers. Should the property not be free and clear, it creates a barrier of sorts as the buyer cannot pay for the home until the mortgage obligations have been satisfied. With a free and clear home, a cash buyer owns the home without the fees or legally binding contracts that are usually attached to properties with a mortgage.
For any investors or buyers looking to purchase free and clear properties, Monroe Funding Corporation provides flexible loan programs.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on hard money loans Miami, please call 954-816-0388 or fill out the application.
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