| Author |
Message |
brian1
Community Expert
Joined: 14 Jun 2008
Posts: 448
Location: Northern California
15.61 Dollars($)
|
Post subject: |
|
|
Donna if you are one of the principals in that scenario seek out a RE atty what it sounds like is the seller is trying to double the money and is creating a fraudulent note. If you are the buyer I would be leery as it sounds like you could end up owing on 2 notes. I am not sure as I have read multiple times and still am not clear on what is taking place... a few hundred now or thousands later?
Get an Atty.
Brian
_________________
Licensed Broker 50 states
http://www.aimwithfocus.com Live Chat available
Need quick advise email or PM Glad to help
Pre-approvals www.applyonlinesecure.com |
|
 |
help
Guest
0.10 Dollars($)
|
|
Post subject: owner financing |
|
|
| We have been leasing a house for 2 years, we do not have the down payment nor the credit to purchase the home,yet.......can the owners, Owner Finance, if they have a loan on the home? If so, how would that work and what would we be expected to do? What would be the best way to get in this home? |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
|
|
Post subject: |
|
|
Welcome Guest.
In this financial turbulence, if you don't have very good credit, then I would suggest you not go for the loan. Try to improve your credit first. How bad is your credit? Check out the Credit Repair Tool to analyze and repair your credit.
Hope it helps. Ask the community if you have any more questions |
|
|
Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.65 Dollars($)
|
|
Post subject: RE: owner financing - alternative to traditional loans |
|
|
Hi guest,
Owner financing is a good alternative to traditional loans especially when you credit isn't good enough and you need to have a home of your income. But when it comes to owner financing, you're dealing with a seller and not a third party lender. So, make sure that you sign on all required legal documents and read the fine print prepared by the seller's attorney. It's best if you can get the contract reviewed by an attorney.
Since the seller has a loan on the home, does he intent to pay it using your rent payments or does he want you to assume the loan later on? verify this because as it is chances are less that you'll be allowed to assume the loan by the lender who've provided it. This is because your credit isn't good. Moreover, ask the seller if his lender has no problems if you enter into an owner financing contract with the seller. This is indeed important as the lender may ask the seller for the unpaid balance if he violates terms and conditions stated on the loan contract.
I hope you understand there are legal complications here. So, you need to know everything about the seller's transaction with the lender before you make a deal with him.
Regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
|
|
beverly gordy
Guest
0.10 Dollars($)
|
|
Post subject: sell of commercial land with a vineyard located on property |
|
|
My client has this land that he has, wanted to sell and needs to create a(an)
owner-finance or exchange for paper. What is the process? Do you do this service |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
Welcome beverly.
The seller goes for Owner financing if the buyer doesn't have good credit and cannot get the loan to purchase the property. It helps the owner to sell the property quickly.
This is a community which helps people with answer and suggestions to myriads mortgage related and other financial questions. So I feel you should contact with a real estate agent to do the service for you.
_________________
Good is the Enemy of Great. |
|
|
Sue
Guest
0.10 Dollars($)
|
|
Post subject: owner finance / lease to buy |
|
|
| What if what you give to the seller they don't make the mortgage paments that I am paying towards the house - how do you protect against that? |
|
|
helping_user
Joined: 31 Mar 2006
Posts: 806
Location: Hawaii
158.49 Dollars($)
|
|
Post subject: RE: |
|
|
Welcome Sue.
In an owner financing transaction, if the seller isn't making mortgage payments, well then you need to talk to the lender, though you may not have directly dealt with him. I think you need should have a straight talk with your seller and see what he's trying to do. If he doesn't pay down the mortgage, he may lose the home to the lender and then all your cash payments to the seller will be simply wasted!
Check out your owner financing contract and find out if it speaks of any such protection or legal step that you be able to take. You may contact an attorney for any further course of action.
Thanks. |
|
|
desperate
Guest
0.10 Dollars($)
|
|
Post subject: need options |
|
|
| we are selling our house(we had to relocate), but we had gotten a 2nd mortgage 3 years before we put it on the market because we needed things done on the house. So our asking price is more than what are house is worth. We have a lot of offers for what the house is worth. What are some of our options. |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
|
|
Post subject: RE: |
|
|
Hi guest,
You'll have to look out for a buyer who is ready to assume the second mortgage. If you aren't getting such a buyer, the only way to get rid off the second loan is to pay it off. Does your second lender know that you're relocating?
_________________
Know how to compare lenders with mortgage booklet |
|
|
mr archie
Guest
0.10 Dollars($)
|
|
Post subject: I want to do seller finance then sell the note |
|
|
| So what kind fo contract should i do. for owner finance to flip the note? |
|
|
Ryan
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| I think you should contact an attorney as to what legal document needs to be drafted. |
|
|
presario1
Guest
0.10 Dollars($)
|
|
Post subject: seller financing |
|
|
| what would be the benefit as a buyer to buy a home with owner financing then turning around and refinancing this home ( i have excellent credit dont need to do this but have heard of it being done and was wondering why I think I know the answer but need it explained to meby a pro |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
|
|
Post subject: |
|
|
Hi Presario!
As far as I know, there are 3 benefits of owner financing:
1. More Buyers.
2. Long term profit.
3. More Money.
Thanks,
Jerry |
|
|
lindy g
Guest
0.10 Dollars($)
|
|
Post subject: equity withdrawel by seller |
|
|
| Can the seller take all the equity out before the transaction! |
|
|
Previous 1, 2, 3, 4, 5, ... 15, 16, 17 Next 
