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brian1
Community Experts
Joined: 14 Jun 2008
Posts: 299
Location: Northern California
51.80 Dollars($)
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 Posted: Sun Jul 06, 2008 1:25 am Post subject: |
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Donna if you are one of the principals in that scenario seek out a RE atty what it sounds like is the seller is trying to double the money and is creating a fraudulent note. If you are the buyer I would be leery as it sounds like you could end up owing on 2 notes. I am not sure as I have read multiple times and still am not clear on what is taking place... a few hundred now or thousands later?
Get an Atty.
Brian
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Licensed Broker 47 states
http://www.aimwithfocus.com
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help
Guest
0.10 Dollars($)
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| Posted: Fri Aug 15, 2008 5:44 am Post subject: owner financing |
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| 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? |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.77 Dollars($)
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| Posted: Sat Aug 16, 2008 2:13 am Post subject: |
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Welcome Guest.
In this financial turbulence, if you don't have very good credit, then I would suggest you not go for the loan. Try to improve your credit first. How bad is your credit? Check out the Credit Repair Tool to analyze and repair your credit.
Hope it helps. Ask the community if you have any more questions |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 673
Location: OHIO
117.47 Dollars($)
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| Posted: Sat Aug 16, 2008 5:18 am Post subject: RE: owner financing - alternative to traditional loans |
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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
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Home buying made simple with Community booklet |
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beverly gordy
Guest
0.10 Dollars($)
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| Posted: Mon Aug 25, 2008 12:31 pm Post subject: sell of commercial land with a vineyard located on property |
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My client has this land that he has, wanted to sell and needs to create a(an)
owner-finance or exchange for paper. What is the process? Do you do this service |
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Niicss
Joined: 03 Oct 2005
Posts: 1047
156.15 Dollars($)
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| Posted: Tue Aug 26, 2008 5:31 am Post subject: |
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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.
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Good is the Enemy of Great. |
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Sue
Guest
0.10 Dollars($)
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| Posted: Tue Aug 26, 2008 7:38 pm Post subject: owner finance / lease to buy |
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| What if what you give to the seller they don't make the mortgage paments that I am paying towards the house - how do you protect against that? |
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helping_user
Joined: 31 Mar 2006
Posts: 722
Location: Hawaii
135.04 Dollars($)
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| Posted: Wed Aug 27, 2008 3:00 am Post subject: RE: |
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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. |
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desperate
Guest
0.10 Dollars($)
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| Posted: Thu Sep 04, 2008 6:48 am Post subject: need options |
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| we are selling our house(we had to relocate), but we had gotten a 2nd mortgage 3 years before we put it on the market because we needed things done on the house. So our asking price is more than what are house is worth. We have a lot of offers for what the house is worth. What are some of our options. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1490
Location: MASSACHUSETTS
128.70 Dollars($)
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| Posted: Fri Sep 05, 2008 5:31 am Post subject: RE: |
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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?
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Know how to compare lenders with mortgage booklet |
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