Owner Financing

suzanne4230 · Joined: 29 Apr 2008 Posts: 1 1.35 Dollars($)

My daughter is 23 yrs old, has a good job, but recently divorced - her ex husband turned in a leased vehicle which has put a black mark on her credit as she was a co signer - she has fell in love with a charming house - the owner has stated he will owner finance for her until she gets her credit cleaned up - she can afford the payment and has an acceptable down payment - what should she ask for to protect her investment ?

adonis · Posted: Tue Apr 29, 2008 10:01 pm Post subject:

Welcome suzanne,

There should be some kind of legal documents prepared for the owner financing to be executed, I suggest you involve an attorney in drafting such documents.

larry · Joined: 27 Jun 2007 Posts: 3311 471.00 Dollars($)

Hi suzanne,

Welcome to the forum.

I think owner financing is a good option if your daughter does not have good credit. She can get varieties of option to choose the right program like interest only or balloon mortgage and even can negotiate for rates.

You can take help from an attorney regarding this.

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

Looks like you got some pretty good advise here. Sounds like you will go fine, please keep the forum updatel.

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