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Guest
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 Posted: Thu Oct 15, 2009 12:00 pm Post subject: |
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Leigh,
You could contact a title company to assit you with drawing up the documents (note, deed, sales contract, things like that). You can even hire a third party servicer to make a payments, witch will help with the accounting.
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 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Fri Oct 16, 2009 10:17 am Post subject: |
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a third party servicer? for what reason? to take the profit away from the deal to begin with? in a private matter such as this (person to person), i can't believe that hiring anyone to service such a loan would be worth the trouble. it's not even worth the internet space used to suggest it, i don't think.
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George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Oct 17, 2009 8:53 am Post subject: |
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Agree with George
All ti is goign to do is make them spend more money |
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The Bryce
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| Posted: Thu Oct 29, 2009 3:09 pm Post subject: |
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| Is it legal to owner finance a home if we still owe on it? We have a home we owe $90,000 on. Our tenants would like to buy it for $140,000. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Fri Oct 30, 2009 12:17 am Post subject: |
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Hi Bryce,
I believe owner financing is possible even though there is an existing mortgage on the property. A rent-to-own option would be suitable in such a situation. The buyer can rent the property from you. You can make your mortgage payments using the monthly rent. Then after a certain period of time, the buyer can refinance the property and get the full title to the property. You can consult a lawyer regarding this and get a rent-to-own agreement drafted by him. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Fri Oct 30, 2009 11:54 am Post subject: |
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i agree in part with your theory, jenkin, but not fully. we've seen instances in which people have rented with an option to purchase later on, with part of the rental payments being credited toward down payment money. however, the renter is not going to be able to refinance later on; in fact, the two parties would have to enter into a purchase and sales agreement, and the renter would then have to obtain a new mortgage for that purchase.
i agree that a lawyer is imperative, for all parties involved.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Ann Chandler
Guest
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| Posted: Fri Nov 13, 2009 10:15 am Post subject: paperwork |
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| i am selling my house to a young lady who will be marrying my son next year. i want to owner finance for her. Can I do everything myself? I have my clear deed with me. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Fri Nov 13, 2009 11:49 am Post subject: |
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yes, ann, but take heed that unless you know all the legalities involved, you'll need assistance, we firmly believe.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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