Robinson & Henry, P.C. has inaugurated the Bankless Financing Program, or BFP for short to help increase home sales in Colorado. The buyer can buy and the seller can sell, without need for a bank or mortgage company.
The Castle Rock, CO Law Firm of Robinson & Henry P.C. has announced that they are inaugurating the Bankless Financing Program also known as the BFP® to increase home sales in Colorado. The Bankless Financing Program® allows a Home owner to sell his property and a Home buyer to buy the property without need for a bank or mortgage company to be involved.
"We have seen the need for a new method to allow homes to be sold and we believe that the Bankless Financing Program® will satisfy that need. In Douglas County, Colorado, the number of real estate conveyances has dropped to only one third the volume of a few years ago. This can't go on. The current mortgage backed system is obviously broken and we want to be part of the solution," Mike Robinson, Sr. Partner at Robinson & Henry said.
Under the BFP®, the buyer makes payments to a Licensed Escrow Corporation which in turn makes all required payments to the underlying encumbrances on the property. Because of recently passed federal legislation, a working couple can make the purchase down payment with funds from their tax sheltered account such as an IRA without penalty and have the income tax issues satisfied with a federal tax credit. The BFP® addresses current difficulties caused by appraisal and credit issues for both buyer and seller.
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