No money down may mean no down payment. That’s what most people think it means. A seller actually agreeing to get nothing at closing is rare, though. Most sellers need something as a down payment. They want a little bit to show for the sale, and may even need it just to cover their closing costs, like paying the real estate agent.
Also, most banks won’t finance the entire purchase price of a property. This is especially true of real estate that is purchased as an investment. The bank won’t loan you 100%, and the seller needs something as a down payment, so how do you buy real estate with no money down?
By understanding what the parties involved really want, and giving it to them. The bank wants a secure investment, meaning the property is worth more than what they are loaning on it. The seller may want enough money to move, or may want a to finance the property to get a good return on his equity. He may just want all of his money out of it now. The point, then, is to find a way to give him (and/or the bank) what he wants, while putting none of your own money into the deal.
You see, no money down just means that the down payment won’t...
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