Owner Financing: Why a Buyer should opt for it

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Guest

Posted: Sun Oct 12, 2008 8:04 am Post subject:

ineed the equity out of my home to finance the home i 'm moving into,but can help a buyer not have to come up with downpayment or bank financing

Chris CC

Guest

0.10 Dollars($)

Posted: Sun Oct 12, 2008 9:10 pm Post subject: Poor Credit, High Income, Need tax write off

I make at least 130k per year but have poor credit. I need the tax write off of mortgage interest. Is Seller Financing the best way to go? Do I get the tax write off on all SF deals?

jerry

Moderator

Joined: 17 Oct 2005
Posts: 1036
Location: MICHIGAN

125.94 Dollars($)

Posted: Mon Oct 13, 2008 3:43 am Post subject:

Hi Chris C! Yes, your mortgage can be written off if you go for itemized tax deductions. However, you will have to pay certain other taxes. Thanks, Jerry

ashley renee

Guest

0.10 Dollars($)

Posted: Fri Oct 17, 2008 1:27 pm Post subject: home selling with mortgage

hi, i was wondering if it is legal to sell your home yourself (due to the buyer doesn't have credit to purchase through the bank) either lease purchase where the buyer has X amount of years to get financed by them selves, IF the home has a mortgage on it. thanks. ashley

Niicss
Niicss

Joined: 03 Oct 2005
Posts: 1260
Location: New Jersey

188.81 Dollars($)

Posted: Mon Oct 20, 2008 3:59 am Post subject:

Hi ashley renee! I think you are speaking about seller financing or owner financing. Yes, you can go for it. But it will be better if you could consult a lawyer in this regard. Thanks. _________________ Good is the Enemy of Great.

Jossie

Guest

0.10 Dollars($)

Posted: Tue Oct 28, 2008 7:03 am Post subject: Owner financing

I am a first time home buyer. I have been pre-approved for a first time home buyer loan and have a very good credit rating. However, the property I am interested in is the first condo unit to be sold in a 6 unit building. The building owner is offering financing. Is this a good idea and would I run into problems getting a loan in a few years from a bank?

jerry

Moderator

Joined: 17 Oct 2005
Posts: 1036
Location: MICHIGAN

125.94 Dollars($)

Posted: Wed Oct 29, 2008 2:09 am Post subject:

Hi Jossie! Owner financing is a good idea from the point of view of a buyer. A buyer gets a lot of facilities with owner financing. This type of loans do not require closing costs. Moreover, owner financing is not a lengthy process like the conventional loans. I don't think you will be facing any problem in getting a loan from the bank later on. Thanks, Jerry

Joined: 20 Nov 2008
Posts: 1

1.29 Dollars($)

Posted: Thu Nov 20, 2008 10:25 am Post subject:

Moving from Scotland we went with owner finance(no credit history) after renting the property for 2 years..After a hurricane we had some repairs to do. Who should get the insurance claim to fix repairs? Any help is appreciated

jerry

Moderator

Joined: 17 Oct 2005
Posts: 1036
Location: MICHIGAN

125.94 Dollars($)

Posted: Fri Nov 21, 2008 3:44 am Post subject:

Hi piriesrus! I think the seller will have the claim on the insurance to fix the repairs. Moreover, I guess, it is the sellers name which is mentioned in the insurance papers. Thanks, Jerry

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