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Faye
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0.10 Dollars($)
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Post subject: Owner finance |
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| Please "hook me up" with someone who is interested in owner finance. I would like a minimum of four acres in Bexar County with either 2 or 3/1 or 2. I have no problem with some repairs needed. I have horses and donkeys and I want them with me and not out in someone else's pasture. Because of where I work--mainly out of the northside of SA, I would prefer to be live maybe out Bandera Road. However, I am open to other areas. I am "really desperate" due to my new neighbors. I need a FOREVER home@ |
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Faye
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0.10 Dollars($)
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Post subject: Forever Home |
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| I am able to pay between 500-800 a month. |
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naxi
Guest
0.10 Dollars($)
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Post subject: financing by owner |
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| how do i know if anyone near my town is financing their home? |
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renee
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0.10 Dollars($)
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Post subject: owner financing |
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| Im looking to buy a house with the owner financing. Im not exactly sure how this works but from what he told me is, the purchase price of the home is 60,000. I will leave a deposit of 5,000 and my monthly rate will be 750. i have the option to do a one year or two year and then i would refinance the home in my own name. Is this correct? How would the deed read before i refinance, would the owner still be on it until i refinance? or is the home all mine? my other question is will i still be able to recieve the tax credit for first time home owners? |
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tdditto
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0.10 Dollars($)
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Post subject: owner financing gone bad |
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| we have been doing a owner finance on a house for the past 7 months.. we pay the owner our payment on time everytime... come to find out he hasnt been making the payments to the bank... now the house is in foreclosure... he's trying to get it out question is... he broke the contract... do we have to continue to pay him since it's in foreclosure and he hasnt been paying the bank? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hi renee,
I think what the seller is talking about is actually a rent-to-own type of Owner financing agreement with you. Under this type of agreement, you make a certain amount of deposit, as you do in a renting agreement, and pay a monthly rent to the seller. The agreement specifies a certain time period within which the buyer has to refinance the loan. Once the terms of the agreement are fulfilled, the seller signs over the free and clear title to the buyer. Your name will not appear on the deed until you refinance the loan. Thus, you will not be able to qualify for the tax credit till the time you get the clear title to the property.
Hi tdditto,
There is no reason why you should be making the payments to the owner. He has breached the contract and the house is in foreclosure. He should consult with an attorney and sue him for having violated the terms of the agreement. Do you have good credit and a decent income? If you have and can afford the mortgage payments, you can talk with the bank and purchase the house in your name. If you can make the purchase before Dec. 1, you can take advantage of the $8k tax credit. |
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marcella
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0.10 Dollars($)
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Post subject: home insurance |
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| We bought a house which is financed through a bank and we pay the man we bought it from and he pays the bank. The bank is ok with this and we own the house until we buy it. Who is paying the insurance on the house should we? Do we go find private insurance? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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you'd better find out if the current owner has a current policy. if not, you're all in jeopardy.
how can it be that "we own the house until we buy it"??? frankly, i don't see any sense in that statement.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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kristenk
Guest
0.10 Dollars($)
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Post subject: buyer credit score with owner financing |
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| I am purchasing a home with seller financing. I will make the monthly payment directly to the seller's bank account. Will this payment show up on my credit history and can this increase my FICO score? HOW will this affect my credit? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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it won't have the least bit of impact on your credit history, kristen. for all anyone knows, you are simply depositing money in the guy's bank account. be certain that you have an amortization schedule and that you will be provided some sort of receipt for all monies paid to you. i think you're on one of those slippery slopes we continue to read about if you're just going to be making deposits. you'd better do it by check, and you'd better be certain that you have copies of those checks, and evidence that they've been cashed.
you seem to be lacking protection here.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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jl
Guest
0.10 Dollars($)
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Post subject: owner financing |
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| can the buyer use the home to borrow money before it is paid for |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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i'd have to say "no" to that last question.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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luvbugz
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0.10 Dollars($)
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Post subject: Wanting to do owner finance |
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| We do not have good credit, but have found some people who would consider doing owner financing. They are saying that at this time they have a 3 arm. They are talking about maybe 2 yr of owner finance and then we get our own financing. We dont want to put alot of money and time into fixing up a house and down money if we wont qualify after 2 yrs. Is the rent to buy something that could still be an option for us and them. ?? They are open to options as are we. This is in Arkansas. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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luvbugz if there's any chance you think that your opportunity to qualify in two years is in jeopardy, then i would suggest you think extra-hard about this owner financing scenario.
nobody can predict what the market will be like in 2 years; nobody can predict how your financial situation will be in 2 years; all you can really do is to make a plan to do what you need to do to get qualified and work at it as best you can. if it works, wonderful; if not, well you tried. that's about as good an answer as i can provide at this point. however, be encouraged and work to resolve the credit issues of the past so you can move forward when the time comes.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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brian giantfan
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0.10 Dollars($)
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Post subject: buying a house fsbo |
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| I would like to buy a house with no money down and no closing costs from a fsbo assuming I found one can the seller and buyer agree on a price paid as a home loan with interest possibly with any closing costs coming out of earnest money and taxes being paid by buyer and of course closing being handled by a title agent would seller have deed and right to rent property and in agreed upon timeframe to remortgage with a bank or lender or to sell property and payoff original seller holdig the note? |
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