| Author |
Message |
merlincvma
Guest
0.10 Dollars($)
|
Post subject: existing mortgage |
|
|
| $2000,000 land Pickens sc owner owes $ 80,000. 14 acres. he will sell me 2acres for $35,000. has well septic and elec. can he do owner financing with existing loan balance on the 14 acres? |
|
 |
merlincvma
Guest
0.10 Dollars($)
|
|
Post subject: existing mortgage |
|
|
| $200,000 land pickens, sc owner owes $80,000, (14 acres)he will sell me 2 acre , with existing well, septic and elec. for $35,000. owner financing how can this be done |
|
|
Tex SP
Guest
0.10 Dollars($)
|
|
Post subject: Owner Finance Question |
|
|
| In an owner finance scenario, what if the deal is done, and the seller goes bankrupt? Does the buyer lose the house? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
|
|
Post subject: |
|
|
i don't have an answer to that, tex. but it appears from what i read from other posters, that's a common problem.
it's way too simple to advise everyone to have legal representation, but look what happens when they don't. all too many of these issues could be rectified with counsel watching out for the parties involved.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
|
|
|
anonymous08
Guest
0.10 Dollars($)
|
|
Post subject: I want the lump sum..no more payments |
|
|
| I am a seller who is tried of wondering when the payments are going to come in and the hassle of keeping up with when and how much is paid. How could i get out of receiving payments |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
|
|
Post subject: |
|
|
Hi anonymous,
I need to know a few things before I can answer your query. What sort of agreement did you have with the renter? Lease purchase or a normal rental agreement?
Thanks,
Jerry |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
|
|
Post subject: |
|
|
wow...a seller/financer who is tired of keeping track of payments received.
why not just tell your borrower to stop making payments? that will make for a happy homeowner and it will solve your bookkeeping problem.
gee, maybe i should call my mortgage company and see if they're tired of keeping track of my payments. maybe they'd tell me to stop bothering them. i could handle that.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
|
|
|
anon
Guest
0.10 Dollars($)
|
|
Post subject: Rent to own question |
|
|
I have a rent to own with a person who just died. There was no power of attorney granted to any of his heirs. My contract does state that the heirs must honor it.
My question is who do I make the check out to now? One of the daughers says make it to her but I'm not doing that since she has no legal standing. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
|
|
Post subject: |
|
|
anon, you may want to set up a meeting with all of the heirs to discuss this. i suppose you could, at least temporarily, make your checks out to the estate of the person. if you know who might be handling the estate - administrator, probate court, etc., that would be a good source of information on what to do next.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
|
|
|
anon
Guest
0.10 Dollars($)
|
|
Post subject: Thanks |
|
|
I had already thought about making it to "Estate of [name]. This just happened so it's hard to bring it up with the family at this point. We're friends as well as having this business arrangement. The viewing is tomrrow and I may be able to broach it then. Have to play it by ear.
And let me say I am not one to ever confuse friendship with business and I urged his daughter to get power of attorney when he became ill as he has many rental and owner financed propeties.
Thank you for the adivice and I will certainly pursue the avenues you suggested. |
|
|
kdd
Guest
0.10 Dollars($)
|
|
Post subject: do i still qualify for a first time buyer loan |
|
|
| if my name is on a deed through a owner finance contract. I would like to get out of this house since it has become a major MONEY PIT but i am not sure how to tell other mortgage companies about my prior home ownership. Am I a home owner or not?? |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
|
|
Post subject: |
|
|
Hi kdd,
Are you listed on the title to the property? If you are, then you definitely are a owner of the property. But I would like you to explain the situation in detail so I can provide you with a better answer. |
|
|
anonymous24
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| My fiance and I are looking at a home that owner financed. I have reservations about it even though I know of someone that has gone through the process. Is owner financing a good of a deal as advertised and can we get the seller to make repairs to the property before we buy? |
|
|
debrrahl@yahoo.com
Guest
0.10 Dollars($)
|
|
Post subject: Owner Financing |
|
|
Hello,
I am not clear on a question about owner financing. I have a property in Georgia, and I have a buyer. However, I still have a mortgage balance on the property, but the potential buyer wants to owner finance. I bought this property using this same method. Yhe seller had a balance. Is this legal and how do Iowner finance with a mortgage balance. Thanks |
|
|
Dannyzr1
Guest
0.10 Dollars($)
|
|
Post subject: owner carry |
|
|
| im looking at a 500K house worth 725K Owner owns it free and clear....Could i take out a loan against the house for 150K and have the owner carry the rest |
|
|
Previous 1, 2, 3, ... 6, 7, 8, ... 15, 16, 17 Next 
