| Author |
Message |
smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
|
Post subject: |
|
|
Hi nutben!
Welcome to forums!
As you don't have the required credit scores, owner financing will be a good option to buy a property. However, you should find out whether or not there is an existing mortgage on the property. If there is an existing mortgage on the property, then you should ask the seller to pay off that mortgage in full.
Feel free to ask if you've further queries.
Sussane |
|
 |
Copycat
Guest
0.10 Dollars($)
|
|
Post subject: year to year contract |
|
|
| I owner/financed my home on a year to year contract, because they said they were not sure when they would be able to finance the home, Am I to renew the contract every year, since it is just a yearly contract and not a specified time. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
|
Post subject: |
|
|
Welcome Guest,
As it is a yearly contract, you can renew it on a yearly basis. There won't be any problem with it. In case you get a buyer who will immediately buy the property, then you can decide not to renew the contract any more and sell off the property to that person.
_________________
Procrastination is the enemy of your financial success |
|
|
frustrated
Guest
0.10 Dollars($)
|
|
Post subject: buying a house |
|
|
| i want to buy a house for 135,000 and the home seller wants 3900 down with a 1290 monthly mortgage payment and is seller said there would be no banks involved its gonna be between the seller and buyer and a contract would be made plus seller said it would carry the buyer is that safe to do |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4833
Location: New Jersey
508.71 Dollars($)
|
|
Post subject: |
|
|
The seller has offered you the option of owner finance. It is a good option provided you are satisfied by the terms and conditions mentioned in the agreement. You should read through the document and check out whether or not you will be able to afford it.
_________________
Good is the Enemy of Great. |
|
|
tletilschu
Guest
0.10 Dollars($)
|
|
Post subject: Owner Financing when owner owns home free and clear |
|
|
| How does it work to buy house from owner (on a contract) if owner owns home free and clear. |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
|
|
Post subject: |
|
|
Hi tletilschu!
Welcome to forums!
If the property is free and clear, then you can definitely go ahead with the option of owner financing. You will have to sign an agreement with the owner regarding this financing. This agreement will mention the required terms and conditions of the financing. You can get more information in this regard from the given page: http://www.mortgagefit.com/owner-financing.html .
Feel free to ask if you've further queries.
Sussane |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
|
Post subject: |
|
|
tletilschu:
Owner financing works the same whether there is an existing lien on the property or not. If you're being given reasonable terms for the repayment of your loan to purchase the property, then it's up to you to act accordingly.
Be sure you have legal counsel to review all documents for you, to ensure that all your rights and responsibilities are covered.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
Pamela382000
Guest
0.10 Dollars($)
|
|
Post subject: can an owner finance when owner has a bank mortgage |
|
|
| We want to buy the house we've been renting for the past 3.5 years. The house is in the middle of many acres of orchard. We don't want the orchard, just the house. The owner has a mortgage through a bank that includes our house and another house and the many acres of orchard. Can the owner do an "owner finance" for our house and the immediate property it is on (about an acre) in Washington State? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
|
Post subject: |
|
|
Hi Pamela,
It can be very difficult to owner finance only the house. Moreover, if there is an existing mortgage on the property, then it will be illegal for the homeowner to owner finance the property. You should first speak to a real estate attorney and then take a decision in this matter.
_________________
Procrastination is the enemy of your financial success |
|
|
gizmo
Guest
0.10 Dollars($)
|
|
Post subject: Owner trying to evict us like a renter. |
|
|
| I have an owner finance agreement and the term ends July 2, 2012 if we dont refinance. We are 1 month late and now the owner says we have an illegal agreement and are just renters. He posted a 15 day notice to vacate. Do I have rights? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
|
|
Post subject: |
|
|
Hi gizmo,
You should go through the owner finance agreement and also take the help of a real estate attorney in this regard. He will let you know whether or not the agreement will be considered as illegal. You can also check out with the attorney as to what steps you need to take.
Thanks |
|
|
Previous 1, 2, 3, ... 15, 16, 17