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Guest
0.10 Dollars($)
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Post subject: |
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| ineed the equity out of my home to finance the home i 'm moving into,but can help a buyer not have to come up with downpayment or bank financing |
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Chris CC
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0.10 Dollars($)
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Post subject: Poor Credit, High Income, Need tax write off |
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| 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? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Chris C!
Yes, your mortgage can be written off if you go for itemized tax deductions. However, you will have to pay certain other taxes.
Thanks,
Jerry |
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ashley renee
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0.10 Dollars($)
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Post subject: home selling with mortgage |
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| 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 |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi ashley renee!
I think you are speaking about seller financing or owner financing. Yes, you can go for it. But it will be better if you could consult a lawyer in this regard.
Thanks.
_________________
Good is the Enemy of Great. |
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Jossie
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0.10 Dollars($)
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Post subject: Owner financing |
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| 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? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Jossie!
Owner financing is a good idea from the point of view of a buyer. A buyer gets a lot of facilities with owner financing. This type of loans do not require closing costs. Moreover, owner financing is not a lengthy process like the conventional loans.
I don't think you will be facing any problem in getting a loan from the bank later on.
Thanks,
Jerry |
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piriesrus
Joined: 20 Nov 2008
Posts: 1
1.29 Dollars($)
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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 |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi piriesrus!
I think the seller will have the claim on the insurance to fix the repairs. Moreover, I guess, it is the sellers name which is mentioned in the insurance papers.
Thanks,
Jerry |
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Ms. Erica Hawkins
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0.10 Dollars($)
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Post subject: Is refinancing for me? |
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| Previously, I was on ADSW (Active Duty Special Work) until my orders ended in September 2008. My civilian employer closed his doors and I was w/o civilian employment for 30 days. I need help. I am purchasing my home through owner financing. Would refinancing be the right way for me to go? If so, what type of refinancing would I qualify for? I need help. |
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Guest
0.10 Dollars($)
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| If you are unemployed at present, then I don't think the lenders will be ready to help you in refinancing the property. |
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constantine
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0.10 Dollars($)
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Post subject: owner financinig |
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| Question: I have $380,000 equity. No money for down. Want to buy apartment complexes. How do I ask a seller to agree a purchase price agreement to buy the units? |
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constantine
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Post subject: owner financing |
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| I thought owner financing means I do not go through a lender. A note is through the seller and buyer to negotiate a deal. Right? |
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.89 Dollars($)
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newmom
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0.10 Dollars($)
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Post subject: land w/ owner financing |
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| My mother wants to buy some land and move her mobile home on it. The seller offered to sell it to her with owner financing. The seller says she will sell it for the price that she purchased it for (years ago). Can my mom use her mobile home as collateral if she is still making payments on the mobile home? Also, if she has collateral does she have to make a down payment? |
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